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.
Advanced Configuration (definition)
This article defines Advanced Configuration and provides a link for more information.
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…
Period of time when a customer has failed to pay the amount due on their account.
Custom Query (definition)
Report that allows users to pull any information tracked by LoanPro into an excel sheet.
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.
Within the context of flooring loans, payments are referred to as curtailments.
Delinquency Buckets (definition)
Amount of payments that a loan is past due, each delinquency bucket represents a missed payment on an account.
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.
Escrow Calculator (definition)
Tool within LoanPro that is designed to help you compute the per-period escrow amount for a loan account.
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.).
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.).
Quick access button available in the loan summary of an account. You may edit user shortcut groups in Settings > Company > Access > Shortcuts.
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…
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…
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.
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.
Process Date (definition)
The date that funds are actually transferred to complete a transaction on an account.
Suspend Interest (definition)
Stops new interest from accruing on an account starting from a specified date.
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…
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…
Classification system designed to give you an idea of the overall “health” of an account at a glance.
Customer. This refers to current or potential borrowers and lessees inside of LoanPro.
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.
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…
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…
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…
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…
Change Due Date (definition)
A Setup Tool that allows you to change or update due dates on an account.
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…
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…
Custom Field (definition)
Custom fields are user-created fields on many entities within LMS (e.g., loans, customers, collateral, etc.).
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…
Computation Field (definition)
Computation fields are custom fields that compute values from a Clojure rule.
Reversed Payment (definition)
Payment (marked red in Servicing > Payments inside of an account) that is no longer applying to an account.
Escrow Buckets (definition)
System for classifying escrow on an account. Escrow buckets may be created in Settings > Loan > Escrow > Buckets.
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…
Payment Method (definition)
This is the means used to make a payment (e.g. cash, credit card, check).
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.
Vehicle Identification Number. The identifying code for a specific automobile. No two vehicles will have the same identification number.
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…
Per diem (definition)
Amount of interest that accrues daily on an account (also referred to as Daily Change).
Money that has been lent to the customer that is used for interest accrual calculation.
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…
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…
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…
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.).
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…
Payment Breakdown (definition)
Specified application of a payment to different components of a loan (e.g. interest, principal, fees, etc.).
Cross-Tenant Access (definition)
Grants a single agent user access to multiple tenants in LoanPro using the same login credentials.
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…
A classification system available within LoanPro that allows companies to specify groups of loans.
Resume Interest (definition)
Starts interest accrual again on an account after a Suspend Interest has been placed on the account.
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.
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…
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.
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.
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…
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.
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…
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…
Service that facilitates the signing of documents online in a legally-binding way.
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.
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…
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.