Promises help you keep track of when borrowers commit to make a payment by a certain date, typically outside of their regular payment schedule. By adding a note, you can use this feature to track any kind of agreement you’ve made with a customer. This article will describe how to create promises in LoanPro’s LMS. It will also teach you how to fulfill promises manually or automate them for efficiency. 

Creating and managing promises

To access promises, navigate to the specific loan you want to add the promise to. Within the loan, click Servicing > Promises in the navigation window on the left. This screen will show all the existing promises on the loan. Each promise displays a subject, type, amount, due date, note, and whether it's been fulfilled yet. It will also include some information about how the promise was recorded, namely the user, their IP, and the date. At the top of the page, you can filter by status (pending, fulfilled, or failed) and category. You can also export promises in a .csv file. From this page, click the three dots 'Data Options' button in the top right, and then select 'Excel Data Dump'.

To create a new promise, click 'Add' in the top right corner. Enter the following information about the promise:

• Subject: Enter the subject of the promise.
• Due date: Choose a due date for the promise either by entering a date directly into the field or by clicking the calendar button and selecting a date.
• Type: Choose the type of promise from the dropdown. The promise type can be Payment, Insurance, or Other.
• Note: Enter any additional information about the promise that may be useful later. You can format this information using the formatting options provided.

After you've entered the information, click 'Save'.

Manually fulfill promises

Promises are fulfilled from that same screen within the loan. To mark a promise as fulfilled, click the check box next to the promise you would like to mark as fulfilled. 

Click 'Fulfill' at the top then 'Confirm' in the popup. The promise will now be marked as fulfilled.

Automatic promise fulfillment

While promises can be manually fulfilled by an agent, promises to pay can also be fulfilled automatically when they meet certain criteria that you have specified. Automatic promise fulfillment lets you add an unlimited number of promise fulfillment scenarios. For each scenario, you can use a Clojure rule to specify which loans the scenario will apply to and whether payment and/or credits can fulfill a promise. You can also set specifics about the date range and the payment or credit amount that will determine whether the payment or credit will fulfill a promise. LMS will remind you when the fulfillment date arrives.

Create a new promise fulfillment scenario

To create a new promise fulfillment scenario, navigate to Settings > Loan > Promises > Promise Fulfillment and click ‘Add’. 

Enter the following information about the promise fulfillment scenario:

• Name: Name of the promise fulfillment scenario. This field is alphanumeric and will allow a maximum of 50 characters.
• Fail promise when transaction is reversed and promise due date has passed: When checked, this means that if the payment/credit that caused a promise to move to a fulfilled status is reversed or deleted, then the promise will be moved to a failed status. If the promise due date has not yet passed, promises will be put in pending status.
• Evaluate on: Check the Payments Posted and/or the Credit Posted box to specify whether payments, credits, or both should be considered when determining if a promise should be fulfilled.
• Rule validation: Enter a Clojure rule that will be used to evaluate whether this promise fulfillment scenario will apply to a loan. If this box is left blank, the promise fulfillment scenario will apply to all loans.
• Date range: Enter a number of days before and a number of days after the promise due date as a range that either the apply date or process date of a payment or credit must fall into in order to be eligible to fulfill a promise. For example, if you enter 10 as the days before and 10 as the days after, and the promise is due on January 15th, then any payments/credits that were logged from January 5th to January 25th could potentially fulfill the promise.
• Evaluation date: Specify whether the date used in order to determine whether a payment falls within the date range is the payment's process date or the payment's apply date.
• Amount: Specify how much the amount of a payment can vary and still be considered eligible to fulfill a payment promise. Either a percentage of the committed amount or a dollar amount difference can be entered. Payments/credits that exceed the promise amount will be eligible to fulfill a promise.

Once you have entered the information for the promise fulfillment scenario, click ‘Save’.