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Andy

Andy Morrise

LoanPro Telephony Integration Example

Published April 1st, 2024 by Andy Morrise

General LoanPro enterprise clients have often created their own custom application in order to facilitate servicing for their employees. This custom application often includes an integration with telephony services—automated systems which use inbound phone data to locate a customer's loan. Locating a customer's loan and making it easily findable by

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Intro to Defaults

Published September 16th, 2022 by Andy Morrise

Complexity:        Audience: Upper Management, Administrator Introduction There are several different types of defaults that can be set in LMS. In this article we'll be explaining the basics of what defaults are and why they're useful. We'll also go over what types of defaults are available in the system, though we won't go into too much detail abou

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Intro to AutoPays

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction AutoPays can reduce your workload and help your borrowers make their payments on time. In LMS you can set up payments that will process automatically on specific dates

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CFPB Small-Dollar – Next Steps

Published June 14th, 2022 by Andy Morrise

As of 10/19/22, the United States Court of Appeals for the Fifth Circuit has ruled that the Consumer Financial Protection Bureau is in violation of the constitution and invalidated the Small-Dollar Rule. That decision was in turn appealed and heard by the Supreme Court, though they have not yet made a ruling.   Introduction This article gives specif

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Intro to Delinquency Categories (formerly known as Delinquency Buckets)

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction One of the most valuable metrics in loan servicing is delinquency — how far behind a borrower is in terms of payments, days, or dollars. You can use brackets to track d

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Intro to Servicing Queues (formerly known as Collector Queues)

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction The servicing queue lets you group loans together and assign them to agents for servicing. The queue makes their tasks more manageable by cutting out the need to search

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Labeling Types

Published June 14th, 2022 by Andy Morrise

Complexity:        Audience: Loan Servicing/Collections Managers, Administrator, Data Introduction If you have 100,000 loans in your portfolio, you'll need a way to organize them. Without organizing them, they'll be hard to find and you won't be as efficient as you could be. LoanPro is powerful enough to hold all your loans and it also has labeling

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What Loans Does the CFPB Small-Dollar Rule Apply to?

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Upper Management, Loan Servicing/Collections Managers, Administrators, Compliance As of 10/19/22, the United States Court of Appeals for the Fifth Circuit has ruled that the Consumer Financial Protection Bureau is in violation of the constitution and invalidated the Small-Dollar Rule, though this decision is likely to be

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OFAC InstaCheck

Published June 19th, 2022 by Andy Morrise

Introduction As a lender in the United States, there are many regulations and statutes that you must comply with. One of those is not doing business with specially designated nationals (SDN). The SDN list is compiled by the United States Department of Treasury.  This article will give you some background on Office of Foreign Assets Control (OFAC) co

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Which Laws do Lenders Need to Comply With?

Published September 14th, 2022 by Andy Morrise

Complexity:        Audience: Upper Management, Loan Servicing/Collections Managers, Administrator, Compliance, Data Introduction In the same way governments inspect food packaging plants and restaurants to keep consumers safe from food poisoning, they also regulate the lending industry to protect consumers from deceptive loan terms or unfair treatme

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Import vs API: What's the Difference?

Published June 14th, 2022 by Andy Morrise

Complexity:        Audience: Developers, Data Introduction At first glance, the import tool may seem similar to the LoanPro API: both tools allow you to circumvent the normal user interface and interact with the system more efficiently. Still, these tools have different uses and will be best-suited to different situations. This article specifies the

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APR

Published June 14th, 2022 by Andy Morrise

Introduction An Annual Percentage Rate (APR) is a metric used to compare different loans. The APR is a percentage telling you how much interest will accrue in a year. If you take out a loan for $100 and $20 of interest accrues in a year, you've got a 20% APR. It's not the same as the interest rate, though—APR also includes charges, fees, and some es

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How the Database Works

Published June 14th, 2022 by Andy Morrise

Introduction This article explains databases for people who are unfamiliar with them. It may also be helpful for anyone who understands the basic concept of databases, but wants to make sure they have a full understanding of the fundamentals. What is a Database? In short, a database is any structured system that holds electronic data. Think of a dat

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Intro to LoanPro Calculations

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction LoanPro originally built its Loan Management System (LMS) to solve two problems. First, to make sure the calculations are accurate and second, to bring transparency to

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Intro to User Access

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Upper Management, Developers, Loan Servicing/Collections Managers, Administrators, Compliance   Introduction LoanPro's access tools provide you the ability to configure how your personnel use the software. Since all of your users will have varying levels of expertise and experience, creating access configurations will hel

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Access LoanPro Help Materials

Published March 22nd, 2023 by Andy Morrise

Introduction Most of our help documentation requires login access. If you are already a customer, you can log in through LMS. The process described below will create a user account for you, if you don't already have one. If not, it will log you in to view the help materials. You must be a LoanPro user to automatically have access to our help materia

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Intro to Secure Payments

Published June 14th, 2022 by Andy Morrise

Complexity:        Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction Secure Payments is a LoanPro product that integrates with both LMS and third-party payment processors to facilitate payments. We developed it as a separate software so

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Intro to Portfolios

Published June 14th, 2022 by Andy Morrise

Introduction Portfolios (previously known as portfolios) help your company specify groups of accounts. They can be used to group things like location, account size, investor, servicing company or any other category you choose. Once accounts are assigned to Portfolios, you can filter the account search and reports so that you can more easily track pe

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How NACHA Files Work

Published June 14th, 2022 by Andy Morrise

Introduction The National Automated Clearing House Association (NACHA) manages and governs the Automated Clearing House (ACH) network in the United States. To facilitate ACH transactions, they use NACHA files, which are specially formatted .txt files holding information about each transaction. These files are sent between financial institutions, who

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Write-Off Accounting

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data This article was written to explain the basics of accounting behind write-off. It should in no way be used as accounting or legal advice.   Introduction When collections efforts are

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Amortized Loan Overview

Published June 14th, 2022 by Andy Morrise

An Overview of How Amortized Loans Typically Work Most people are familiar with some of the jargon associated with giving loans, and might understand what principal and interest are in a general sense. Principal is money given as a loan, interest is additional money assessed as the cost of getting a loan. People also understand that when you pay bac

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Intro to Mail House

Published June 22nd, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction Smart Mail House Communications sends first-class mail to borrowers. It's one of the important customer communication options that can be an invaluable part of a lender

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Intro to Payment Processing

Published June 23rd, 2022 by Andy Morrise

Introduction Payments are the lifeblood of any lending business. Most lenders want to be able to collect payments in a way that won't require considerable cost or effort. Payment processing involves initiating payments, moving money, recording payments against the appropriate loans, and tracking failures and chargebacks to ensure the payments were t

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LoanPro Glossary

Published June 14th, 2022 by Andy Morrise

This is a auto-generated Article of all your definitions within the glossary. Glossary This is a auto-generated Article of all your definitions within the glossary. All A B C D E F G H I L M N O P R S T U V W Account Statement On a line of credit account, a statement is an account of transactions, total balance, minimum payment, etc. that is issued

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Importing into LoanPro

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Upper Management,Loan Servicing/Collections Managers, Developers, Administrators, Data Introduction When you have an existing body of data that you’d like to migrate into LoanPro's Loan Management System (LMS), the import tool is an elegant means of moving that data into the system in bulk, while maintaining accuracy. To

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LoanPro Vision, Values, and Commitments

Published August 31st, 2023 by Andy Morrise

Vision Statement The Platform to Innovate the Future of Finance Slogan Imagine. Build. Become.®   LoanPro Commitments Customer Delight Team Member Becoming Journey Sustainable Growth LoanPro Core Values & Beliefs We believe that we can build a world of "how it ought to be" by keeping our actions consistent with our beliefs. We believe in these p

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Offer of Credit

Published October 7th, 2022 by Andy Morrise

Introduction After completing the customer acquisition and underwriting process, lenders provide their potential borrowers what is referred to as an "offer of credit". This is a proposed loan or line of credit that the lender offers to a borrower based on their financial history and needs. Some lenders specialize in several specific offers of credit

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Intro to Tools

Published September 15th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction In LMS, the tools tab serves as a hub for various features that make it easier to perform certain tasks in the system. In this article, we'll be going over the basic in

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Repossession Compliance in Automotive Lending

Published June 14th, 2022 by Andy Morrise

Complexity:        Audience: Administrator, Compliance Introduction The field of lending is pretty heavily regulated, as you probably already know. So it won't surprise you to know that there's a lot of regulation regarding the repossession of property, including cars. In this article, we go over how the repossession process works and how it's regul

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Typical Lease Calculation

Published June 14th, 2022 by Andy Morrise

Introduction A lease is a payment to cover the rental and depreciation of an asset that is being used by the lessee. Leases are different than loans; a loan involves supplying money so that an asset can be purchased or for a number of other reasons. Ownership of the asset never changes hands, and at the end of the lease, the asset is returned to the

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CCPA/PIPEDA Compliance

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Upper Management, Loan Servicing/Collections Managers, Administrators, Compliance Introduction CCPA or California Consumer Privacy Act is intended to protect privacy rights for residents of the state of California, United States. The act allows customers to know what information data companies have regarding them. It give

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Intro to Collateral Tracking

Published June 14th, 2022 by Andy Morrise

Introduction Lending is inherently risky—you're giving someone money (or maybe a car) on their commitment that they'll pay you back. Securing a loan with collateral is one way of mitigating that risk. A collateral item is something that the lender can take and resell if the borrower fails to make payments. For example, most auto loans are secured by

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Intro to the New Account Manager

Published June 14th, 2022 by Andy Morrise

Introduction With our most recent update, LoanPro is adding a New Account Manager to LMS. This new tool simplifies the appearance of the search bar, allows you to save multiple searches, and streamlines the process for initiating servicing actions — plus, countless other small changes to make the New Account Manager a smooth, intuitive tool. For the

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Intro to Note Manager

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction Within the servicing section of a loan, Note Manager/Alerts are a record of past servicing efforts on the account. You can add notes, which will be stored here to creat

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Zero Principal Balance

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Loan Servicing/Collections Managers, Administrators, Data Introduction If the repayment of a loan goes roughly according to plan, it's likely that the principal balance will eventually be $0. This article covers what happens when the principal balance is zero on loans servic

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Curtailment Templates

Published June 14th, 2022 by Andy Morrise

You can use curtailment templates in the loan terms area when setting up a loan.   Introduction A curtailment is a payment on a flooring loan. Since flooring loan payments often come due with an irregular frequency and in irregular amounts, curtailment templates let you create a repayment schedule in a manual way instead of letting the system calcul

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Intro to Escrow Management

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction Suppose you're a a mortgage lender, and you issue a loan on a property. In addition to making payments on their mortgage, the borrower also has to pay property taxes, a

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USPS Address Validator

Published June 14th, 2022 by Andy Morrise

Introduction These tools will allow you to both validate an address is a deliverable USPS address, and standardize the address format consistent with the USPS database (Validate). These tools are accessible in a few areas of the software. You can find them on:  The Contact & Personal Information summary page of a customer file, you can click on

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Intro to Charges

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction Charges are fees added to a loan, like late fees and convenience fees. In LMS, they can be assessed in many ways, suiting your companies' needs and purposes. This artic

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Intro to the Customer Website

Published June 14th, 2022 by Andy Morrise

Complexity:        Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction The customer-facing website is a simple tool that can serve as a customer portal in lieu of your own website integration. We should stress this out front: our website

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Using the Source Company Manager

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Upper Management, Loan Servicing/Collections Managers, Administrators Introduction  "Source company" is a flexible label, and LoanPro lets you use them in whatever way best suits your needs. Some users might use source companies to keep track of where their loans originate, such as auto lots, loan brokers, or any other bu

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Calculating Discounts

Published June 14th, 2022 by Andy Morrise

Complexity:           Audience: Loan Servicer or Collector, Upper Management, Loan Servicing/Collections Managers, Accounting Introduction A discount (also known as a lender's fee) is a fee typically charged to a dealership to accept a loan, or the difference between the amount paid for a loan note and the face value of the note. For example, a lend

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Intro to Plugins

Published June 14th, 2022 by Andy Morrise

Complexity:        Audience: Loan Servicer or Collector, Developers, Loan Servicing/Collections Managers, Administrator, Compliance Introduction LoanPro is committed to helping our lenders with all of their lending needs. To make sure we have the best of the best, LoanPro has integrated with companies who specialize in services our lenders might nee

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Intro to Agent Users

Published June 19th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction An agent user is any individual that uses LMS software. LoanPro uses the term ‘agent user’ for every person that is using the software, not just servicing or collection

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Intro to Borrower Bankruptcy

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction Even though you're reading an intro article, you likely understand the basic concept of bankruptcy. Bankruptcy is a legal way to absolve a borrower of debt. After that,

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Intro to References

Published June 19th, 2022 by Andy Morrise

Complexity:       Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction Adding references to your customers’ files is a good way to keep track of people who can vouch for your customer and who may be able to give you information that can ai

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TCN Integration

Published June 22nd, 2022 by Andy Morrise

Introduction TCN is an automated dialing service. LoanPro’s integration with TCN lets you send out groups of phone calls (campaigns) to your customers. You can customize the messages you send through TCN so you can use their service for anything from collections to marketing. Use Case: Performance Use Case: TCN/Collections The Problem: A group of co

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Intro to Tenant-Level Settings

Published June 14th, 2022 by Andy Morrise

Introduction When you want to edit the settings for everything you do in LMS, tenant-level settings are the place to go. These settings will affect your entire ecosystem, changing the options that will be available when creating and editing individual loans, customers, other entities. Having said that, it's important to know what you're doing when y

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Intro to Promises

Published June 14th, 2022 by Andy Morrise

Complexity:        Audience: Loan Servicer or Collector, Upper Management, Developers, Loan Servicing/Collections Managers Introduction Sometimes borrowers are unable to make their payments or send you a document, but make a promise that they will just a couple of days, or by the end of next week. To make tracking these agreements easier, LoanPro ha

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Merchant Services

Published June 23rd, 2022 by Andy Morrise

Introduction In order to process bank card payments, a merchant (any company that accepts cards) will need a merchant services provider. But what is a merchant services provider, and how does it fit into a bank card transaction? The basic transaction works like this: Your customer has a card that they got from their bank. You enter the card data int

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Using Tenant-Level Reports

Published June 14th, 2022 by Andy Morrise

Complexity:       Audience: Upper Management, Loan Servicing/Collections Managers, Administrators, Data Introduction If you're new to LoanPro or just haven't ventured into the Reports tab yet, it might be a bit intimidating at first glance. There are dozens of different reports you can run, and each offers options to filter the data and view differe

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Customer Overview

Published June 19th, 2022 by Andy Morrise

Introduction A customer in LoanPro is an individual or company that can be associated with a loan. This article covers the details of individual customer customization. We explain each section of an individual's customer information and what tools are available.  And if you're looking for information about searching for, sorting, and filtering diffe

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Intro to Dynamic Templates (Formerly Custom Forms)

Published June 14th, 2022 by Andy Morrise

Complexity:        Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction Let's say you want to communicate with dozens of customers about their loans. You want to tell your delinquent borrowers that they are late and how much they owe, but

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