Glossary

LoanPro Glossary

This article is the complete LoanPro Glossary, all in one convenient place.

Updated 6 months ago by Brinley Bushman

Total Sales Price (definition)

This variable is meant to reflect the total price of the collateral being financed. This is the Net Amount Down + Total of Payments.

Updated 2 years ago by Cole

Advanced Configuration (definition)

This article defines Advanced Configuration and provides a link for more information.

Updated 1 year ago by Cole

Loan Settings (definition)

Settings that do not directly affect the calculations of a loan. The loan settings generally affect the classification of an account (e.g. Loan Status, Credit Status, EBilling, etc.). Loan settings a…

Updated 2 years ago by Cole

Delinquency (definition)

Period of time when a customer has failed to pay the amount due on their account.

Updated 2 years ago by Sloan

Custom Query (definition)

Report that allows users to pull any information tracked by LoanPro into an excel sheet.

Updated 3 months ago by Cole

Custom Forms (definition)

Custom Forms are a tool in LMS that merge loan, customer, and company data with user-created templates to create individualized documents.

Updated 3 months ago by Jackson Stone

Curtailment (definition)

Within the context of flooring loans, payments are referred to as curtailments.

Updated 1 year ago by Jackson Stone

Delinquency Buckets (definition)

Amount of payments that a loan is past due, each delinquency bucket represents a missed payment on an account.

Updated 2 years ago by Sloan

Rules Applied (definition)

LoanPro tool that allows users to create rules to perform specific actions on accounts when accounts meet a specified set of criteria.

Updated 2 years ago by Sloan

Book Value (definition)

Book value is the actual value of a collateral item.

Updated 1 year ago by Jackson Stone

Escrow Calculator (definition)

Tool within LoanPro that is designed to help you compute the per-period escrow amount for a loan account.

Updated 2 years ago by Sloan

Promises (definition)

LoanPro tool that allows you to record commitments made by customers to take a certain action on their account on a certain date (e.g. make a payment, update insurance info, etc.).

Updated 2 years ago by Cole

Grouping (definition)

Advanced search restrictions that allow you to filter accounts based off of several classification systems available within LoanPro (e.g. Portfolio, Source Companies, Checklists, etc.).

Updated 2 years ago by Sloan

Shortcut (definition)

Quick access button available in the loan summary of an account. You may edit user shortcut groups in Settings > Company > Access > Shortcuts.

Updated 2 years ago by Sloan

Agent User (definition)

This is the definition for agent users in LMS.

Updated 1 year ago by Cole

Credit (definition)

A transaction that forgives a portion of a loan.

Updated 1 year ago by Jackson Stone

Finance Charge (definition)

Amount that the customer will pay for the loan, apart from the actual loan amount. Depending on settings, this will include scheduled interest, escrow, and the underwriting fee at loan origination. T…

Updated 2 years ago by Sloan

Credit Limit (definition)

Credit limit refers to two similar ideas in different contexts.

Updated 1 year ago by Jackson Stone

APR (definition)

This article gives the definition of APR.

Updated 1 year ago by Cole

Tenant (definition)

A tenant is your company's account with LMS. Normally we'd call this an "account" or "user," but both of those terms refer to something else in the software. Additionally, any number of agents can be…

Updated 1 year ago by Sloan

Import (definition)

Tool that allows users to quickly update, edit, or delete large amounts of information in LoanPro, using excel files. The Import tool is found in Settings > Company > Import.

Updated 2 years ago by Sloan

Payoff (definition)

The amount remaining to be paid on an account to completely close out the loan. This would be the sum of all accrued interest, fees, escrow and principal remaining on an account.

Updated 2 years ago by Sloan

Process Date (definition)

The date that funds are actually transferred to complete a transaction on an account.

Updated 2 years ago by Sloan

Suspend Interest (definition)

Stops new interest from accruing on an account starting from a specified date.

Updated 2 years ago by Sloan

Between Transactions (definition)

A method of specifying how interest accrues.

Updated 1 year ago by Cole

Roll Payment (definition)

Roll payment is a contract matching tool that tells the calculator to adjust a loan's values to match a specific payment amount. You tell the system what you want the payment amount to be, then it wi…

Updated 9 months ago by Brinley Bushman

Advancement (definition)

This article defines what an 'advancement' is.

Updated 1 year ago by Cole

Sub-Portfolio (definition)

Further classification available within primary and secondary portfolios. Primary and secondary portfolios may contain several sub-portfolios. Sub-portfolios cannot be shared between multiple primary…

Updated 2 years ago by Sloan

Stoplight (definition)

Classification system designed to give you an idea of the overall “health” of an account at a glance.

Updated 2 years ago by Sloan

Customer (definition)

Customer. This refers to current or potential borrowers and lessees inside of LoanPro.

Updated 1 year ago by Cole

SMS Message (definition)

Text messages that are sent to customers within LoanPro. These texts may be sent manually, or automatically based off of triggers or events.

Updated 2 years ago by Sloan

Actions & Results (definition)

A tool within LoanPro that allows agent users to quickly record when they have performed a certain action on an account and select an associated result of that action. Actions and results can be set…

Updated 1 year ago by Cole

Document (definition)

File that has been saved within LoanPro that may be downloaded for later use. There are multiple locations for storing documents throughout LoanPro, one example is Loan Documents. Loan documents can…

Updated 2 years ago by Sloan

Collateral (definition)

The item securing a loan.

Updated 1 year ago by Cole

Interest Application (definition)

In LoanPro, the interest that a payment will apply to can be calculated in one of two ways. It can either be the total interest that will accrue in a payment period (between periods), or it will be t…

Updated 2 years ago by Sloan

Role (definition)

Set of access settings available for users within LoanPro. Roles can be viewed and edited by tenant admins in Settings > Company > Access > Roles. See also these related articles: Creating a Role. Ro…

Updated 1 year ago by Sloan

Change Due Date (definition)

A Setup Tool that allows you to change or update due dates on an account.

Updated 1 year ago by Cole

Modification (definition)

Tool with which you may update settings, numbers, and calculations on an account. Performing a modification on an account is essentially writing a new contract for the account while saving the origin…

Updated 2 years ago by Sloan

Discount (definition)

The difference between the face value of a loan and the cost of acquiring the loan. E.g. if a $5,000 loan was acquired for $4,000, the $1,000 difference is the discount. This refers to an amount of p…

Updated 9 months ago by Sloan

Custom Field (definition)

Custom fields are user-created fields on many entities within LMS (e.g., loans, customers, collateral, etc.).

Updated 1 year ago by Jackson Stone

Due Principal (Definition)

Due principal, simply put, equals the amount of principal that has come due on a loan minus the amount that has been paid. $$ Principal That Has Come Due - Principal Paid = Due Principal$$ When a pay…

Updated 2 years ago by Andy

Computation Field (definition)

Computation fields are custom fields that compute values from a Clojure rule.

Updated 1 year ago by Jackson Stone

Reversed Payment (definition)

Payment (marked red in Servicing > Payments inside of an account) that is no longer applying to an account.

Updated 2 years ago by Sloan

Escrow Buckets (definition)

System for classifying escrow on an account. Escrow buckets may be created in Settings > Loan > Escrow > Buckets.

Updated 2 years ago by Sloan

Underwriting Fee (definition)

Fee associated with the creation of a loan. The Underwriting Fee field in the initial setup of an account is added to the principal amount for most loan calculations. However, using the field properl…

Updated 2 years ago by Cole

Payment Method (definition)

This is the means used to make a payment (e.g. cash, credit card, check).

Updated 2 years ago by Sloan

Process Wizard (definition)

Guided process that helps LoanPro users take actions on accounts without a high possibility of error. Process wizards may be created in Settings > Loan > Process Wizard.

Updated 2 years ago by Sloan

Charge (definition)

Additional fee being applied to an account after origination.

Updated 1 year ago by Cole

VIN (definition)

Vehicle Identification Number. The identifying code for a specific automobile. No two vehicles will have the same identification number.

Updated 2 years ago by Sloan

API (definition)

An application programming interface (API) lets programs or applications interact with each other. They allow you to use a software's code without using its user interface (UI). Not all applications…

Updated 5 months ago by Jackson Stone

Per diem (definition)

Amount of interest that accrues daily on an account (also referred to as Daily Change).

Updated 2 years ago by Cole

Principal (definition)

Money that has been lent to the customer that is used for interest accrual calculation.

Updated 2 years ago by Sloan

Trigger Based Notifications (definition)

Notifications (sms, email, system, mail house, web hook) that are sent based off of rules that have been written by a user. These rules are generally based off of actions that happen on accounts auto…

Updated 2 years ago by Cole

Additional Information (definition)

This article is going to define 'additional information.'

Updated 1 year ago by Cole

Between Periods (definition)

A method of calculating interest accrual.

Updated 1 year ago by Cole

Event Based Notifications (definition)

You can configure your settings in LoanPro so that certain events will trigger notifications (sms, email, system, mail house, web hook). These events are generally user actions on accounts. Event bas…

Updated 2 years ago by Sloan

Payment Profile (definition)

This is a specific credit/debit card or bank account. Note the distinction between similar terms. A 'payment method' is simply cash, card or a check. A payment profile is a specific card or checking…

Updated 4 months ago by Sloan

On-After Process (definition)

A process that occurs automatically within LoanPro after a transaction has been logged on an account (e.g. capturing of numbers, updating numbers, running rules, etc.).

Updated 2 years ago by Sloan

Additional User (definition)

This article defines 'additional user.'

Updated 1 year ago by Cole

Escrow (definition)

Functionality that is designed to let you add additional amounts to regularly scheduled payments that don’t apply to any other important part of the loan (e.g. interest, principal, discount, fees, et…

Updated 2 years ago by Sloan

Payment Breakdown (definition)

Specified application of a payment to different components of a loan (e.g. interest, principal, fees, etc.).

Updated 2 years ago by Sloan

Tools (definition)

Section within LoanPro containing useful advanced loan servicing tools.

Updated 2 years ago by Cole

Cross-Tenant Access (definition)

Grants a single agent user access to multiple tenants in LoanPro using the same login credentials.

Updated 1 year ago by Cole

GAP Insurance (definition)

Guaranteed Asset Protection (GAP) Insurance. Since traditional insurance covers only an asset's market value, GAP insurance is used to cover the difference between an asset's market value and the tot…

Updated 8 months ago by Sloan

Portfolio(s) (definition)

A classification system available within LoanPro that allows companies to specify groups of loans.

Updated 2 years ago by Cole

Archived Account (definition)

This article provides the definition for 'archived account.'

Updated 1 year ago by Cole

Checklist (definition)

Checklists help you track multi-step processes.

Updated 1 year ago by Cole

Resume Interest (definition)

Starts interest accrual again on an account after a Suspend Interest has been placed on the account.

Updated 2 years ago by Sloan

Roll Schedule (definition)

This refers to a customized payment schedule where payment periods or groups of payment periods can have different payment amounts and interest rates. For example, you could use schedule rolls to cre…

Updated 6 months ago by Jackson Stone

Log Date (definition)

The date that a transaction or charge was created in the system.

Updated 2 years ago by Sloan

Customer Website (definition)

Customer Website. Through LoanPro, you can set up a customer-facing website where borrowers can login and view their account. From the customer website your borrowers can make payments, upload docume…

Updated 1 year ago by Sloan

Brackets (definition)

Brackets let you filter results in the Loan Manager.

Updated 1 year ago by Cole

Context Engine (definition)

The Context Engine is a large database of retrievable variables.

Updated 1 year ago by Cole

Merchant Services Provider (definition)

This refers to any company that provides payment processing services for another company through credit/debit card, eCheck, ACH, or EFT.

Updated 2 years ago by Sloan

Sales Price (definition)

Sale price of the loan collateral. This is the initial cost of the collateral to the borrower. This amount is static and does not take into account any loan information.

Updated 2 years ago by Sloan

Activate/Activated (definition)

This article defines what activating a loan is.

Updated 1 year ago by Cole

Next Payment Due Date (definition)

This refers to the next date on which a loan or lease payment will come due. This date is never in the past; it is often assumed that this refers to the first payment or the last payment that was mis…

Updated 9 months ago by Cole

AutoPay (definition)

This article gives the definition for what an autopay is.

Updated 1 year ago by Cole

Data Options (definition)

Data Options. This refers to the available options for data displayed within sections of LoanPro (e.g. Excel Data Dump, Schedule Report, Email List, etc.). Data options vary between sections.

Updated 1 year ago by Sloan

Interest (definition)

Amount of money that is equal to a percentage of the principal amount that accrues daily on a loan account based off of a mutually agreed upon yearly rate. The borrower will need to pay all accrued i…

Updated 2 years ago by Sloan

Warranty (definition)

Guarantee that the seller of a product will repair damage or defects of the product for a certain period of time. The Warranty field that may be used to track information regarding customer warrantie…

Updated 2 years ago by Sloan

DocuSign (definition)

Service that facilitates the signing of documents online in a legally-binding way.

Updated 2 years ago by Sloan

Dealer Profit (definition)

Capital gained by the dealer in the sale of loan collateral. This amount is static and does not take into account any loan information.

Updated 2 years ago by Sloan

Apply Date (definition)

This article defines 'apply date.'

Updated 1 year ago by Cole

Human Activity (definition)

Actions taken by an agent user on an account in LoanPro. In order for the Last Human Activity Date to be updated on an account, a user must update and save information within the account. Simply open…

Updated 2 years ago by Sloan

IP Restrictions (definition)

Restriction settings that allow or prohibit login to your company from specific IP addresses (login locations). IP Restrictions may be updated in Settings > Company > IP Restrictions.

Updated 2 years ago by Sloan

Restriction Group (definition)

Group of restrictions that can be applied to a user if the account they are working on meets a specific set of criteria. To create a restriction group , navigate to Settings > Company > Access > Rest…

Updated 2 years ago by Cole