Payment plans and history

A typical payment schedule is one that has similar payments and a single interest rate throughout. LoanPro offers our Configurable Payment Schedule tool (formerly ‘Schedule Rolls’) to allow you to customize the payment schedule on your loan. Configurable Payment Schedule lets you change the amount, frequency, and interest rate from payment period to payment period. You can also view detailed records of loan payments on the ‘Payment History’ page to maintain awareness of past payments. This article will explain how to use the Configurable Payment Schedule and the ‘Payment History’ page.

If you’re migrating accounts with irregular payment plans from another system, check out our article on verified data imports.

Create a new Configurable Payment Schedule

To create a new Configurable Payment Schedule in LMS,

Click on the specific loan you would like to set up a payment schedule for.
Navigate to Account Setup > Setup Terms. To create a new Configurable Payment Schedule, the loan must be inactive. Click on the ‘Inactive’ button in the top right corner if the loan is active.
In the 'Summary' section at the bottom of this page, you will see five blue buttons. Clicking 'Schedule Tools' will display a drop-down with the options of 'Roll Schedule', 'Force', and 'Round'.
Select 'Roll Schedule' to create a new schedule

Create a schedule line

To create a schedule line, you need to enter lines that include the number of payments the line will apply to, the interest rate, and a payment amount for those lines. You also have the option to enter a principal balance that the loan should be at when the payments in the schedule line are made.

To begin, select 'Roll Schedule', which will open the ‘Transactions History’ page. On this page, click 'New Schedule Line' in the top right of the screen. You can create as many schedule lines as you need to customize the schedule.

For each schedule line, enter values for at least the ‘Term’, ‘Annual Interest Rate’, and ‘Payment Amount fields’. The following table explains the schedule line fields that you can customize.

Field	Description
Term	The number of payment periods for which the rest of the settings for the current schedule line will apply.
Rate	This is the interest rate that will apply over the term for this schedule line.
Solve using	This option works in conjunction with the amount field and will let you choose how the payment amount will be calculated for the payments in this schedule line. See the options below. Payment: If this option allows you to set the payment amount for this schedule line. Balance: This option will let you solve for the payment based on what the balance should be after the payments in this line are made. For example, if you choose ‘Balance’ and then enter $0.00, the payments will be calculated to be whatever they have to be so that the loan will be paid off (have a $0.00 balance) after the term of this schedule line. This works similarly to the smooth advance tool, solving for payment using an iterative method to get as close to the target principal balance as possible.
Amount/Percent/Payment calculation terms	This field works in conjunction with the ‘Solve Using’ field and the ‘Type’. Here you enter the balance, payment amount, or number of payment periods depending on your solve using and type selections.
Type	This option is only available if you choose ‘Payment’ from the ‘Solve Using’ drop-down. Your selection here can change the ‘Amount/Percent/Payment Calc Terms’ field. Advanced schedule: Set the ‘Amount/Percent/Payment Calc Terms’ field to ‘Payment Calc Terms’. It will let you enter a number of payment periods into the ‘Payment Calc Terms’ field. The number entered will become the remaining number of payments on the loan and the loan will be taken to a $0.00 balance after these payments Dollar amount: Set the ‘Amount/Percent/Payment Calc’ field to ‘Amount’. Here you can enter the dollar amount for the payments in this schedule line. Interest only: The ‘Amount/Percent/Payment’ field will no longer appear. Payments will be set to the amount of interest that accrues in a payment period. These payments won’t pay any principal. Interest only plus: Set the ‘Amount/Percent/Payment Calc’ field to ‘Amount’. The payment amount will be the amount of interest that accrues in a payment period plus the amount you enter into the ‘Amount’ field. % of remaining balance: Set the ‘Amount/Percent/Payment Calc’ field to ‘Percentage’. This will calculate payments so that after the payments are made, the principal balance will equal the percentage of the remaining principal balance you entered into the ‘Percentage’ field. % of principal: This works just like % of remaining principal balance, except the balance after the payments will be a percentage of the original principal balance instead of the remaining principal balance. % of principal + underwriting: This works just like % of remaining principal balance, except the balance after the payments will be a percentage of the original principal balance plus underwriting fee instead of the remaining principal balance.
Force balloon payment	Choose to force a balloon payment on the loan after the schedule line. This will mean that the next payment after the schedule line is completed will cover the entire outstanding amount on the loan at that point.

Enter as many schedule lines as you need to complete your payment schedule.
If you don’t enter enough schedule lines to cover the term of the loan, the payment schedule in the last schedule line will continue until the loan reaches a $0 principal balance. You can also set the 'Last as Final' drop-down to 'Yes' to choose to make the last payment for the final schedule line grow or shrink to accommodate late or missed payments so that it will truly be the last payment.

Once you have entered all the schedule lines you want for your Configurable Payment Schedule, click ‘Save’.

Example

Let’s say you want to give a 12-month loan with a 3-month introductory interest rate of 5%; but after the first 3 months, the interest rate will be 15%. A Configurable Payment Schedule can accomplish this.

To do so, follow the steps above. In a new schedule line, enter 3 for the term, 5 for the rate, and solve using ‘Payment’. For ‘Tye’, select ‘Advanced Schedule’. This will change the ‘Amount’ field label to ‘Payment Calculation Term’. Since we want to calculate a payment amount that will pay off the loan in 12 payments, enter 12 into this field.

Add a second schedule line and enter 9 for the term, 15 for the rate, and solve using ‘Balance’. Enter 0 in the ‘Balance’ field to solve for a $0 balance.

Configurable Payment Schedule templates

Often, custom payment schedules are reused for certain types of loans within your company. You can reusable, custom payment schedules by creating templates.

Create a new template

To create a new template,

Navigate to Settings > Loan > Setup New Loan > Configurable Payment Schedule Templates. Click ‘Add’ and enter a name for your template in the ‘Name’ field.
Click ‘Add Template Line’ to add a new line to your schedule. Enter a term, rate, and other applicable information for the schedule line. Click ‘Save’ to save the schedule line.
Once you have entered all the desired schedule lines for your Configurable Payment Schedule template, click ‘Save’.

If you don’t enter enough schedule lines to cover the term of the loan, the payment schedule after the Configurable Payment Schedule is exhausted will be like it was in the last schedule line for the Configurable Payment Schedule. You can also set the “Last as Final” drop-down to “Yes” to choose to make the last payment for this line grow or shrink to accommodate late or missed payments so it will truly be the last payment.

Default templates

There are some default schedules on every loan that you can access. The loan must be inactivated to see these templates. In your loan, go to Account Set Up > Set Up Terms > Inactivate (If loan is active) > Roll Schedule Templates. The dropdown options will include any templates you have created, along with six default templates.

The first three schedule templates are used to prorate the first payment. These will allow the system to automatically increase or decrease the first payment amount based on irregularity of the first period. These include:

Prorate 1st pmt long only: Use this if you have a longer first term.
Prorate 1st pmt short only: Use this if you have a shorter first term.
1st pmt all: Use this if you want the software to calculate accordingly.

The next three default templates are used to smooth the payment amounts over the life of the loan. These options include:

Smooth payment advance: Distributes the payment amount evenly over the number of periods you entered for the loan. Only works with a whole-number loan term.
Smooth payment basic: Distributes the payment amount evenly over the number of periods in the simplest way for the system to calculate. This option should take less time to process.
Smooth payment advance - no round: Distributes the payment amount evenly over the number of periods you have entered for the loan without applying a schedule round. Only works with a whole-number loan term.

Payment history

LoanPro's payment history functionality allows you to view the entire, comprehensive payment history of a loan. You can find payment history within individual loan accounts. After selecting a loan, navigate to Servicing > Payments to view its payment history. There are two buttons in the top right of the page that allow you to log a payment or download a .csv export of your payment history.

You may notice that payments on this page may be highlighted with a color. If a payment has been edited, it will be listed in beige. Any reversed payments are listed in pink. There will be a note in blue at the top of the recorded payments area if there are active recovery payments on the loan.

There are four action options indicated by icons:

Pencil: Edits the existing payment.
Back arrow: Reverses the existing payment.
Adobe acrobat: Generates a receipt for the payment.
Cloud: Uses Google Cloud Print to print a payment receipt.

You can view information for each payment by clicking the payment title. Here's a breakdown of the additional information shown when clicking on a payment:

Payment info: This is the basic information about the payment profile that is used to process the payment and transaction IDs. If the transaction is being processed with a NACHA type processor, this section will include the Secure Payment’s status of the payment. This information will also include a processor batch ID if the specific payment relates. This information is present only if the payment was made using one of LMS's payment integrations.
Custom Fields: You can create custom fields that are specific to payments. The custom field values are displayed here.
Numbers before: This section includes loan numbers before the payment was logged, including amount past due, days past due, next due amount, next due date, payoff, and principal balance.
Numbers after: This section shows what loan numbers were after the payment was logged, including amount past due, next due amount, next due date, payoff amount, and principal balance.
Loan grouping: This section shows groups that the loan was assigned to at the time the payment was logged.
Server stamp: This section shows the time and date when the payment was logged, the IP address from which it was logged, and the user who logged it.
Reverse/edit stamp: This data is only present for reversed or edited payments. This section shows all of the same data as the ‘Server Stamp’ sections, but while that data comes from the logging of the payment, the ‘Reverse/Edit Stamp’ data comes from the reversal or editing of the payment.
Payment application: This section shows how the payment applied to the different loan segments.

This page also displays some general data at the bottom of the screen, including a breakdown by payment type, number of payments of each type, and the total amount paid for each payment type. The chart displayed shows how the payments have applied to the different loan segments (interest, fees, principal, etc.). Hover over any of the sections of the chart to view which loan segment is represented and the total dollar amount paid. Beneath the chart, you are shown general account information including amount due, current payoff, next payment date, and next payment amount.

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