Andy Morrise
andy.morrise@loanpro.io
andy.morrise@loanpro.io
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
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for general: Name Variable Description Date of First Delinquency [[v('date-of-first-delinquency')]] This is the first date the loan was delinquent (30 days after missing a payment) in the current delinquency. 1st D
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for agent user: Name Variable Description Job Title [[v('agent-job-title')]] Generates the job title of the agent user assigned to the loan for which the variable is being generated. Phone Number [[v('agent-phone')]
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for bankruptcy: Name Variable Description Dismissed Date [[v('bankruptcy-dismissed-date')]] The date the bankruptcy was dismissed. 341 - Meeting of Creditors Date [[v('bankruptcy-meeting-of-creditors-date')]] Date s
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 treatment. But not all laws apply to different kinds of lenders or in different states. This article will explore some of the important
Importing loans or leases into LoanPro can seem very daunting. This article will walk you through the import process and provide comprehensive information on best practices for this type of import. For a better understanding of loan terms and advanced settings, see Loan Terms and Advanced Configuration. For more info on imports in general, see our a
LoanPro makes loan and customer data available so that you can create individualized communications, such as forms, emails, payment receipts, rules, and computation fields that are customized for each loan or customer. This article will help you understand how to use these variables so you can maximize your use of the software. To access a list of a
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for AutoPay: Name Variable Description Next AutoPay Apply Date [[companyFormatDateTime('next-autopay-apply-date')]] Displays the the date for which an account's next autopay is set to run. Next AutoPay Remaining Per
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for calculated: Name Variable Description Next Period Amount next-period-amount The amount a borrower needs to pay in the next period to be current on their loan. Forecast Terms Remaining tx-forecast-terms-remaining
This section is meant to provide examples of how to use each available date range variable. For a better explanation on how the date range variables work see the Date-Range Variables section of the working with variables article. The context engine is a large database of retrievable variables, available for use throughout LoanPro software. Paymen
The import tool is a fast and efficient way to transfer large amounts of data to LoanPro's loan management system (LMS). Instead of manually inputting each individual piece of data into the software, the import tool will upload the information for you in bulk. To ensure the accuracy of the data in your account, imports in LoanPro's system use a proc
Introduction Support requests can now be submitted and tracked in a central location. This will provide all LoanPro users with better visibility into requests they've submitted and the fulfillment of those requests. This article will go over request submission and tracking of requests as they are fulfilled. Submit a Request To submit a request, log
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 then move fu
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for source: Name Variable Description GPS - Longitude [[v('source-company-gps-lon')]] The longitudinal coordinate of the selected source company on an account. GPS - Latitude [[v('source-company-gps-lat')]] The lati
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
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for basic: Name Variable Description Setup ID [[v('setup-id')]] Displays the ID of the loan setup entity. Settings ID [[v('settings-id')]] Displays the ID of the loan settings entity. Stoplight [[v('status-stoplight
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. Because the payment variable includes multiple elements (there is usually more than one payment made on an account), this variable will usually need to be used in a loop. For information on how to select single values out of an array-style
The context engine is a large database of retrievable variables, available for use throughout LoanPro's software. For any collateral variable, you may have noticed that there is a position ID. If you have multiple collaterals on a single loan, you can change the variable's ID number to see the results for a different collateral position ID. If you a
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 Dashboard A visualization of loan terms and performance with customized short cuts to perform actions on the loan. Account Manager Sea
Since the import feature can be difficult to understand and use, this article will go through an example of importing two payments so you can see how the process works. It is important to know that the verified data import is not a real-time import. When you choose to import data, the import is queued and run when it gets to the front of the queue.
These reports are a new feature of LoanPro's updated import process, and although we'll soon have them available at the end of any import, we're starting with just the two most common import types: Customers and Loan Setup. Once these files are ingested into the system, LoanPro verifies that the data lines up with your original .csv file. Then, it g
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for last payment: Name Variable Description Last Payment Secure Payments Status [[v('last-payment-securepayments-status')]] This shows the Secure Payments status of the last payment Last Payment Fees [[v('last-payme
For more information on what each setup term means, see the setting up a loan article. The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for setup terms: Name Variable Description Money Factor [[v('setup-money-factor')]] The money factor of a lease. Residual [[v(
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 The Consumer Financial Protection Bureau (CFPB) has updated the regulations regarding
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
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
This is the first step in the two-part process of importing payment profile information. Here, we describe how to import information into Secure Payments. After completing this step, the information can be imported into LMS. If you are ready for the second step, feel free to skip ahead to our payment profile import – LMS article. Occasionally, you
The follow-up date is a date LoanPro tracks that helps your servicers know when they should follow up with a customer. This date is set in the loan settings, but can be automatically updated when your servicers log actions and results. Set a follow-up date The follow-up date can be set in the header of a loan in the Old Loan Profile. Simply click “
The roll schedule import lets you import a new payment schedule to loan accounts. This import can also edit existing payment schedules or remove any if necessary. The schedule won't be calculated on the loan the minute they're imported, but instead applies during daily maintenance. For more info on imports, see our articles on importing into LoanPro
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. Using the escrow field you may generate various values for each escrow bucket. In this variable, the INDEX should be the ID of the specific bucket you would like to look at, and PROPERTY should be the property of the bucket which you would
The customer information import allows you to import the main information for multiple customers. Whether you're adding information for new or existing customers, using the import tool is a great way to save time. It's important to note that the verified data import is not a real-time import; when you choose to import data, the import is queued and
This is the second step in the two-part process of importing payment profile information. Here, we describe how to import information into the Loan Management System. If you have not completed the steps in the first part of this process, we recommend reading our payment profile import – Secure Payments article. Occasionally, you may need to enter
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for checklist: Name Variable Description Last Updated [[v('checklist.INDEX.last-updated')]] To use this variable, replace "INDEX" with the ID of a checklist item. This will make the variable generate the date that t
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 material. If you are
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for system: Name Variable Description Email Address [[v('system-user-email')]] Generates the email address of the user currently logged in requesting the information. Full Name [[v('system-user-full-name')]] Generat
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for insurance: Name Variable Description Agent Phone [[v('collateral-insurance-agent-phone')]] Displays the Agent Phone, found in the Collateral > Insurance section of an account. End Date [[companyFormatDateTime
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for next payment: Name Variable Description Next Scheduled Payment Fees [[v('next-scheduled-payment-fees')]] Displays the amount of the next scheduled payment expected to go towards fees. Next Scheduled Payment Escr
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for amounts: Name Variable Description Past 24-Month Past Due Table String [[v('status-24-dpd-history')]] Generates the amount past due codes for the same day of the month, per month, for the last 24 months. For mor
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for collected: Name Variable Description Total Of Payments Collected [[v('status-total-paid')]] Displays the total amount that has been paid on an account. Total Collected Principal [[v('status-total-paid-principal'
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. Currently, this is the only variable for payoff: Name Variable Description Payoff [[v('status-payoff')]] Displays the current payoff on the account for which the variable is generated.
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for dates: Name Variable Description Subsequent Due Date [[companyFormatDateTime('subsequent-due-date')]] Generates the due date after the next due date. For example, if the due date is 1/25/2020, the next due date
This article gives specific information about the updated Consumer Finance Protection Bureau (CFPB) Small-Dollar Rule, which goes into effect on June 13, 2022. This is a deep-dive, so if you're unfamiliar with the rule, you may want to start with our article CFPB Small-Dollar Rule Basics. Additionally, we have a whole separate article about What Loa
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. These are the variables for computation fields: Name Variable Description Computation Fields [[v('computation-fields.INDEX.calculated-value')]] Replace 'INDEX' with the ID of the computation field for which you would like to generate a val
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
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