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Interest (definition)
Published June 14th, 2022 by Andy Morrise
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 interest before an account is closed out.
Suspend Interest (definition)
Published June 14th, 2022 by Andy Morrise
Stops new interest from accruing on an account starting from a specified date.
Next Payment Due Date (definition)
Published June 14th, 2022 by Andy Morrise
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 missed on a loan or lease.
Rules Applied (definition)
Published June 14th, 2022 by Andy Morrise
LoanPro tool that allows users to create rules to perform specific actions on accounts when accounts meet a specified set of criteria.
On-After Process (definition)
Published June 14th, 2022 by Andy Morrise
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.).
Data Options (definition)
Published June 14th, 2022 by Andy Morrise
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.
Reversed Payment (definition)
Published June 14th, 2022 by Andy Morrise
Payment (marked red in Servicing > Payments inside of an account) that is no longer applying to an account.
Days Past Due and Amount Past Due
Published June 14th, 2022 by Andy Morrise
General Amount and days past due are the numbers that are used to calculate delinquency. Amount past due is calculated as the total amount to come due to date minus the total amount paid (excluding principal-only payments). The number of days past due is equal to the number of days since the furthest past payment that has not yet been completely pai
Escrow Calculator (definition)
Published June 14th, 2022 by Andy Morrise
Tool within LoanPro that is designed to help you compute the per-period escrow amount for a loan account.
Customer Overview
Published June 19th, 2022 by Andy Morrise
Introduction A customer in LoanPro is any individual or company that can be associated with a loan. However, customers don’t have to be associated to a loan. While LoanPro's Loan Management System (LMS) may not provide the full functionality of a Customer Relations Manager, customers are well-organized and easy to find. This article covers the detai
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 The mail house tool sends first-class mail to borrowers. It's one of the important customer communication options that can be an invaluable part of a lender's collectio
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 (originally called PCI Wallet) is a LoanPro product that integrates with both LMS and third-party payment processors to facilitate payments. We develop
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, though this decision is likely to be appealed. Introduction This article gives specific information about the updated Consumer Finance Protection
Merchant Services Provider (definition)
Published June 14th, 2022 by Andy Morrise
This refers to any company that provides payment processing services for another company through credit/debit card, eCheck, ACH, or EFT.
Log Date (definition)
Published June 14th, 2022 by Andy Morrise
The date that a transaction or charge was created in the system. This is often used when discussing payments, but could also be used discussing other transactions or changes in the software.
Customer Website (definition)
Published June 14th, 2022 by Andy Morrise
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 documents, create AutoPays, and take other actions on their account. Website access and settings are available in Settings > Website.
USPS Address Verify & Validate
Published June 14th, 2022 by Andy Morrise
Introduction These tools will allow you to both verify an address is a deliverable USPS address (Verify), 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 cl
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
Intro to Notes
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, Notes/Alerts are a record of past servicing efforts on the account. You can add notes, which will be stored here to create a man
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
Total Sales Price (definition)
Published June 14th, 2022 by Andy Morrise
This variable is meant to reflect the total price of the collateral being financed. This is the Net Amount Down + Total of Payments.
Trigger-Based Notifications (definition)
Published June 14th, 2022 by Andy Morrise
Notifications (SMS, email, system, mail house, web hook) that are sent based on rules that have been written by a user. These rules are generally based off of actions that happen on accounts automatically within the software, not user actions. Trigger-based notifications can be created in Settings > Company > Notifications > Trigger Based N
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
Loan Settings (definition)
Published June 14th, 2022 by Andy Morrise
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 are located at Loan Settings > Settings inside of every loan account.
Tools Overview
Published September 15th, 2022 by Andy Morrise
Complexity: Audience: Loan Servicer or Collector, Accounting, Loan Servicing/Collections Managers, Administrator, Compliance Introduction A tool is something that helps you complete a task with more ease than you would be able to without it. In LMS, the tools tab serves as a hub for various features make it easier to perform certain tasks in
Tools (definition)
Published June 14th, 2022 by Andy Morrise
Section within LoanPro containing useful advanced loan servicing tools.
Additional User (definition)
Published June 14th, 2022 by Andy Morrise
A 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 the account contract so they are not fiscally responsible for the account. An additional user is not the same thing as an agent user.
Between Transactions (definition)
Published June 14th, 2022 by Andy Morrise
Between Transactions Between transactions is one of two methods for specifying how interest accrues, when it comes due, and how payments apply when payments are made outside of the regular loan schedule. Loans with interest calculated between transactions will generally see a more noticeable change in interest if a borrower pays late or early.
Delinquency (definition)
Published June 14th, 2022 by Andy Morrise
Period of time when a customer has failed to pay the amount due on their account.
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
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
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
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
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
Delinquency Buckets (definition)
Published June 14th, 2022 by Andy Morrise
Amount of payments that a loan is past due, each delinquency bucket represents a missed payment on an account.
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
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
Discount (definition)
Published June 14th, 2022 by Andy Morrise
The difference between the face value of a loan and the cost of acquiring the loan. For example, if a $5,000 loan was acquired for $4,000, the $1,000 difference is the discount. This refers to an amount of principal that was withheld by the lender when a loan was funded. This amount is, by definition, part of the principal balance on a loan before
Escrow (definition)
Published June 14th, 2022 by Andy Morrise
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, etc.). Adding escrow to an account is similar to adding an additional fee to each payment.
Human Activity (definition)
Published June 14th, 2022 by Andy Morrise
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 opening the account will not update the Last Human Activity Date.
Interest Application (definition)
Published June 14th, 2022 by Andy Morrise
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 the amount of interest that accrued since the last payment was made (between transactions). It may seem like these two concepts are the same, but they w
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
Intro to Escrow
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
Additional Information (definition)
Published June 14th, 2022 by Andy Morrise
Group of numeric fields on an account such as (net amount, taxes, warranty, sales price, GAP) that can be updated manually to track information but do not affect loan calculations. To get to the 'Additional Information' tab, navigate inside a specific loan and click 'Account Setup'. Additional information is included in both 'Setup Terms' and Setup
Per diem (definition)
Published June 14th, 2022 by Andy Morrise
Amount of interest that accrues daily on an account (also referred to as Daily Change).
Event-Based Notifications (definition)
Published June 14th, 2022 by Andy Morrise
Notifications (SMS, email, system, mail house, web hook) that are sent based on LoanPro-native events that occur on a loan. These events are generally user actions on accounts. Event-based notifications can be created and configured in Settings > Company > Notifications > Event Based Notifications.
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
Promises (definition)
Published June 14th, 2022 by Andy Morrise
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.).
GAP Insurance (definition)
Published June 14th, 2022 by Andy Morrise
Guaranteed Asset Protection (GAP) Insurance. Since traditional insurance covers only an asset's market value, GAP insurance is used to cover the difference between an asset's market value and the total amount of the loan. This is commonly used in auto lending.
Intro to Collateral
Published June 14th, 2022 by Andy Morrise
Introduction Lending is inherently risky—you're giving someone money (or maybe a car) on the promise 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 the
Create New Customer Status
Published June 14th, 2022 by Andy Morrise
Complexity: Audience: Loan Servicer or Collector, Developers, Loan Servicing/Collections Managers, Data Introduction In LMS, borrowers and loans are not synonyms. A borrower can have multiple loans, and a loan can have multiple co-borrowers. Most of our labeling options are applied at the loan level—checklists, portfolios, and loan statuses a
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
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
Between Periods (definition)
Published June 14th, 2022 by Andy Morrise
Between periods is one of two methods for specifying how interest accrues, when it comes due, and how payments apply when payments are made outside of the regular loan schedule. Loans with interest calculated between periods will generally see a more subtle change in interest if a borrower pays late or early.
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,
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
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
Tenant (definition)
Published June 14th, 2022 by Andy Morrise
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 users with the same tenant — they all share the same credentials to use the API. Each tenant has its own database. Your data is your own, and no other
Change Due Date (definition)
Published June 14th, 2022 by Andy Morrise
Change Due Date is a Setup Tool that allows you to change or update due dates on an account.
Underwriting Fee (definition)
Published June 14th, 2022 by Andy Morrise
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 properly is necessary for the calculation of the loan APR.
Cross-Tenant Access (definition)
Published June 14th, 2022 by Andy Morrise
Cross-tenant access grants a single agent user access to multiple tenants in LoanPro using the same login credentials for each tenant. The user can then be designated different levels of access depending on the tenant they are working in.
Grouping (definition)
Published June 14th, 2022 by Andy Morrise
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.).
IP Restrictions (definition)
Published June 14th, 2022 by Andy Morrise
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.
Portfolio(s) (definition)
Published June 14th, 2022 by Andy Morrise
A classification tool available within LoanPro that allows companies to specify groups of loans.
Restriction Group (definition)
Published June 14th, 2022 by Andy Morrise
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 > Restriction Groups.
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
Import (definition)
Published June 14th, 2022 by Andy Morrise
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.
VIN (definition)
Published June 14th, 2022 by Andy Morrise
Vehicle Identification Number. The identifying code for a specific automobile. No two vehicles will have the same identification number.
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 date o
Process Wizard (definition)
Published June 14th, 2022 by Andy Morrise
Guided process that helps LoanPro users take actions on accounts with a lower possibility of error. Process wizards may be created in Settings > Loan > Process Wizard.
Activate/Activated (definition)
Published June 14th, 2022 by Andy Morrise
Activating a loan causes a loan's calculations to take actual dates and payment history into account. A newly created loan is inactive by default.
Payment Profile (definition)
Published June 14th, 2022 by Andy Morrise
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 specific card or checking account that you have saved. See also our article on how to Add a Payment Profile.
Sales Price (definition)
Published June 14th, 2022 by Andy Morrise
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.
Escrow Buckets (definition)
Published June 14th, 2022 by Andy Morrise
System for classifying escrow on an account. Escrow buckets may be created in Settings > Loan > Escrow > Buckets.
Resume Interest (definition)
Published June 14th, 2022 by Andy Morrise
Starts interest accrual again on an account after a Suspend Interest has been placed on the account.
AutoPay (definition)
Published June 14th, 2022 by Andy Morrise
A 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. AutoPays may be scheduled inside of an account in Servicing > AutoPay.
Principal (definition)
Published June 14th, 2022 by Andy Morrise
Money that has been lent to the customer that is used for interest accrual calculation. You can see a loan's principal balance on the Loan Summary page, and also use it as a context engine variable.
Intro to the New Loan Manager
Published June 14th, 2022 by Andy Morrise
Introduction With our most recent update, LoanPro is adding a New Loan 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 Loan Manager a smooth, intuitive tool. For the time
DocuSign (definition)
Published June 14th, 2022 by Andy Morrise
Service that facilitates the signing of documents online in a legally binding way.
Context Engine (definition)
Published June 14th, 2022 by Andy Morrise
The Context Engine is a large database of retrievable variables, available for use throughout LoanPro Software (e.g., Custom Forms, Mail House, etc.).
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
OFAC Compliance
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
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
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
Advanced Configuration (definition)
Published June 14th, 2022 by Andy Morrise
The advanced calculation settings on a loan that adjust the type of calculations being made such as Calculation Type, First Period Days, Interest Application, and more.
Role (definition)
Published June 14th, 2022 by Andy Morrise
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 the following related articles: Creating a Role Role Options Agent Users
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
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
Payoff (definition)
Published June 14th, 2022 by Andy Morrise
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.
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
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
Due Principal (definition)
Published June 14th, 2022 by Andy Morrise
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 payment comes due, any portion of the payment that is allocated to principal will become part of due principal and increase the due-principal amount. When princ
Agent User (definition)
Published June 14th, 2022 by Andy Morrise
Agent User This refers to users that have access to a tenant (company-level account) inside of LoanPro. You can create new users within your company who can access the software and make changes to your company account. Access to areas of the software can be granted to agent users in the form of roles. See, Agent Users.
APR (definition)
Published June 14th, 2022 by Andy Morrise
APR Annual Percentage Rate. Calculated rate that helps customers assess the actual cost of a loan. The APR is also used for the governmental regulation of lending.
Intro to 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
Dealer Profit (definition)
Published June 14th, 2022 by Andy Morrise
Capital gained by the dealer in the sale of loan collateral. This amount is static and does not take into account any loan information.
Checklist (definition)
Published June 14th, 2022 by Andy Morrise
Checklists help you track multi-step processes. Checklists are useful in classifying loans, and automating loan processes. Checklists can be created in Settings > Loan > Checklist. Individual checklist items can be marked complete in Servicing > Checklist within a loan.
Intro to 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
Intro to Loan Statuses and Sub-Statuses
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 Creating loan statuses that will meet your company’s needs is an important step in the process of setting up your company in LoanPro. The purpose of this article is to
Intro to 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 collector queue lets you group loans together and assign them to collections agents for servicing. The collector queue makes a collection agent's tasks more managea
Custom Query (definition)
Published June 14th, 2022 by Andy Morrise
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.
Apply Date (definition)
Published June 14th, 2022 by Andy Morrise
The date that a transaction or charge will begin to affect the calculations of an account.
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
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
Payment Method (definition)
Published June 14th, 2022 by Andy Morrise
This is the means used to make a payment (e.g. cash, credit card, check).
Modification (definition)
Published June 14th, 2022 by Andy Morrise
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 original loan information and loan history.
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
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
Charge-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 charge-off. It should in no way be used as accounting or legal advice. Introduction When collections efforts ar
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
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
Brackets (definition)
Published June 14th, 2022 by Andy Morrise
Brackets are used when searching in the loan manager, and let you filter the results to a narrower ranges of system-calculated amounts (e.g. Loan Aging, Days Past Due, Amount Past Due, etc.). Bracket ranges can be updated in Settings > Company > Brackets.
Warranty (definition)
Published June 14th, 2022 by Andy Morrise
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 warranties can be found in the Additional Information of an account.
Finance Charge (definition)
Published June 14th, 2022 by Andy Morrise
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. This number will not include principal or fees charged after origination.
Custom Field (definition)
Published June 14th, 2022 by Andy Morrise
Custom fields are user-created fields for many entities within LMS (e.g., loans, customers, collateral, etc.). When you want to store information that LMS doesn't natively have a field for, custom fields can create that space for you. Loan custom fields can be found in Settings > Loan > Custom Fields.
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
Process Date (definition)
Published June 14th, 2022 by Andy Morrise
The date that funds are actually transferred to complete a transaction on an account.
Charge (definition)
Published June 14th, 2022 by Andy Morrise
Charge Additional fee being applied to an account after origination (e.g. Late fees, Convenience fees, Repossession fees, etc.).
Shortcut (definition)
Published June 14th, 2022 by Andy Morrise
Quick access button available in the loan summary of an account. You may edit user shortcut groups in Settings > Company > Access > Shortcuts.
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
Archived Account (definition)
Published June 14th, 2022 by Andy Morrise
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. When a loan is closed, you can choose to archive it. If you archive a loan, the numbers will no longer be automatically updated every day and no rule evaluations will be run o
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