Glossary

API (definition)

An application programming interface (API) is something that the developers of an application make to let other programs or applications talk to their application. When an application communicates wi…

Updated 2 months ago by Cole

APR (definition)

General. This article is going to explain what an APR is. APR. Annual Percentage Rate. Calculated rate that helps customers asses the actual cost of a loan. The APR is also used for the governmental…

Updated 1 week ago by Cole

Actions & Results (definition)

General. This article will explain what Action & Results are. Actions & Results. Tool within LoanPro that allows agent users to quickly record when they have performed a certain action on an account,…

Updated 1 week ago by Cole

Activate/Activated (definition)

General. This article will define what Activate/Activated is. Activate/Activated. When you first create a loan, it is inactive. Even with all of it's settings and loan terms saved, an inactive loan w…

Updated 1 week ago by Cole

Additional Information (definition)

General. This article is going to define additional information. Additional Information. Group of numeric fields on an account that can be updated manually to track information but do not affect loan…

Updated 1 week ago by Cole

Additional User (definition)

Additional User. User associated with a loan account that is neither the primary or secondary customer. Additional users have access to account information, but they are generally not associated with…

Updated 1 week ago by Cole

Advanced Configuration (definition)

Advanced Configuration. Refers to the advanced calculation settings on a loan. These would be settings that adjust the type of calculations being made on a loan (e.g. Calculation Type, First Period D…

Updated 1 week ago by Cole

Advancement (definition)

Advancement. Transaction placed on an account that raises the principal balance.

Updated 1 week ago by Cole

Agent User (definition)

Agent User. This refers to users that have access to a tenant (company-level account) inside of LoanPro.

Updated 1 week ago by Cole

Apply Date (definition)

Apply Date. The date that a transaction or charge will begin to affect the calculations of an account.

Updated 1 week ago by Cole

Archived Account (definition)

Archived Account. In LoanPro, if an account is archived it means that the information on the account can no longer be updated and LoanPro's back-end processes will no longer run on the account.

Updated 1 week ago by Cole

AutoPay (definition)

Autopay. Tool that allows users to schedule payments to be processed and applied at a date and time in the future. Payments that have been scheduled using this tool are often referred to as AutoPays.…

Updated 1 week ago by Cole

Between Periods (definition)

Between Periods. A method of specifying how interest accrues , when that interest comes due, and how payments apply to the loan when payments are not made exactly in accordance with the loan schedule…

Updated 1 week ago by Cole

Between Transactions (definition)

Between Transactions. A method of specifying how interest accrues , when that interest comes due, and how payments apply to the loan when payments are not made exactly in accordance with the loan sch…

Updated 1 week ago by Cole

Book Value (definition)

Book Value. This is the actual value of a loan's collateral.

Updated 1 week ago by Cole

Brackets (definition)

Brackets. Advanced search restrictions that allow you to filter accounts based off of ranges of system calculated amounts (e.g. Loan Aging, Days Past Due, Amount Past Due, etc.). Bracket ranges can b…

Updated 1 week ago by Cole

Change Due Date (definition)

Change Due Date. LoanPro tool that allows you to change or update due dates on an account.

Updated 1 week ago by Cole

Charge (definition)

Charge. Additional fee being applied to an account after origination (e.g. Late fees, Convenience fees, Repossession fees, etc.).

Updated 1 week ago by Cole

Checklist (definition)

Checklist. List found within an account in Servicing > Checklist containing individual items that may be checked off on an account. Checklists are useful in classifying loans, and automating loan pro…

Updated 1 week ago by Cole

Collateral (definition)

Collateral. Individual or company property securing repayment of a loan. This property may be forfeited in the event of a default on the account.

Updated 1 week ago by Cole

Computation Field (definition)

Computation Field. User created field that is capable of performing calculations to display or store information, using user defined functions. Computation fields can be created in Settings > Loan >…

Updated 1 week ago by Cole

Context Engine (definition)

Context Engine. The Context Engine is a large database of retrievable variables , available for use throughout LoanPro Software.

Updated 1 week ago by Cole

Credit (definition)

Credit. In the software, " credit " refers to a transaction that forgives a portion of a loan. Not to be confused with a line of credit , like a credit card, or a charge-off, which writes off the ent…

Updated 1 week ago by Jackson Stone

Credit Limit (definition)

Credit Limit. Closed-ended installment loan with the additional component of a lender-specified, maximum dollar-amount limit, that the borrower may access through additional advancements of funds by…

Updated 1 week ago by Cole

Cross-Tenant Access (definition)

Cross-Tenant Access. Ability to access multiple tenants (companies) within LoanPro. If a user has access to multiple tenants, they are said to have Cross Tenant Access.

Updated 1 week ago by Cole

Curtailment (definition)

Curtailment. A curtailment is a manually specified payment usually used on a flooring loan.

Updated 1 week ago by Cole

Curtailment Dates (definition)

Curtailment Dates. LoanPro tool that allows you to quickly update curtailments on an account.

Updated 1 week ago by Cole

Custom Field (definition)

Custom Field. User created field that is not native to LoanPro Software. Loan custom fields can be found in Settings > Loan > Custom Fields.

Updated 1 week ago by Cole

Custom Forms (definition)

Custom Forms. Forms that have been created within LoanPro that contain dynamic information that may be updated on a per customer basis. For example, loan contracts can be created as custom forms. Onc…

Updated 1 week ago by Cole

Custom Query (definition)

Custom Query. Report that allows users to pull any information tracked by LoanPro into an excel sheet. Custom Queries may be generated in Reports > Administration > Custom Query.

Updated 1 week ago by Cole

Customer (definition)

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

Updated 1 week ago by Cole

Customer Website (definition)

Customer Website. Website provided by LoanPro that gives your customers a portal to login and view their account. From the customer website customers may take many actions on their account such as ma…

Updated 1 week ago by Sloan

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 week 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 1 year ago by Sloan

Delinquency (definition)

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

Updated 1 year ago by Sloan

Delinquency Buckets (definition)

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

Updated 1 year 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 1 year ago by Sloan

DocuSign (definition)

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

Updated 1 year ago by Sloan

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 1 year ago by Sloan

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 6 months ago by Andy

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 1 year ago by Sloan

Escrow Buckets (definition)

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

Updated 1 year ago by Sloan

Escrow Calculator (definition)

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

Updated 1 year ago by Sloan

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 6 months ago by Sloan

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 1 year ago by Sloan

GAP Insurance (definition)

Guaranteed Asset Protection Insurance. Insurance that can be purchased to make up the difference in the event that collateral is claimed as a total loss, and the amount of compensation received for t…

Updated 1 year ago by Sloan

Glossary

General. LoanPro is a very advanced loan servicing platform. As such, we give many options for setting up, servicing, and closing loans that aren’t available in other software packages. Some of the t…

Updated 1 month ago by Sloan

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 1 year ago by Sloan

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 6 months 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 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 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 1 year ago by Sloan

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 1 year ago by Sloan

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 1 year ago by Cole

Log Date (definition)

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

Updated 1 year ago by Sloan

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 1 year ago by Sloan

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 1 year ago by Sloan

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 1 year ago by Cole

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

Payment Breakdown (definition)

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

Updated 1 year ago by Sloan

Payment Method (definition)

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

Updated 1 year 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 specifc card or checking a…

Updated 4 months 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 1 year ago by Sloan

Per diem (definition)

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

Updated 1 year ago by Cole

Portfolio(s) (definition)

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

Updated 1 year ago by Cole

Principal (definition)

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

Updated 1 year ago by Sloan

Process Date (definition)

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

Updated 1 year 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 1 year 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 1 year ago by Cole

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 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 1 year ago by Sloan

Reversed Payment (definition)

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

Updated 1 year 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 month ago by Sloan

Roll Payment (definition)

This refers to using the payment equation to solve for one or more loan terms by entering a specific payment amount.

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.

Updated 1 year 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 1 year ago by Sloan

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 1 year 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 1 year 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 1 year ago by Sloan

Stoplight (definition)

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

Updated 1 year ago by Sloan

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 1 year ago by Sloan

Suspend Interest (definition)

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

Updated 1 year ago by Sloan

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 2 months ago by Sloan

Tools (definition)

Section within LoanPro containing useful advanced loan servicing tools.

Updated 1 year ago by Cole

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 1 year ago by Cole

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 1 year ago by Cole

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 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 1 year 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 1 year ago by Sloan