LoanPro Glossary

This is a auto-generated Article of all your definitions within the glossary. Glossary This is a auto-generated Article

Total Sales Price (definition)

This variable is meant to reflect the total price of the collateral being financed. This is the Net Amount Down + Total

Advanced Configuration (definition)

The advanced calculation settings on a loan that adjust the type of calculations being made such as Calculation Type, Fi

Loan Settings (definition)

Settings that do not directly affect the calculations of a loan. The loan settings generally affect the classification o

Delinquency (definition)

Period of time when a customer has failed to pay the amount due on their account.

Custom Query (definition)

Custom Query Report that allows users to pull any information tracked by LoanPro into an excel sheet. Custom Queries may

Custom Forms (definition)

Custom Forms Custom Forms are a tool in LMS that merge loan, customer, and company data with user-created templates to c

Curtailment (definition)

Curtailment Within the context of flooring loans, payments are referred to as curtailments. For the most part, it's just

Delinquency Buckets (definition)

Amount of payments that a loan is past due, each delinquency bucket represents a missed payment on an account. 

Rules Applied (definition)

LoanPro tool that allows users to create rules to perform specific actions on accounts when accounts meet a specified se

Book Value (definition)

Book Value Book value is the actual value of a collateral item. Most lenders will calculate this as the actual cost of t

Escrow Calculator (definition)

Tool within LoanPro that is designed to help you compute the per-period escrow amount for a loan account.

Promises (definition)

LoanPro tool that allows you to record commitments made by customers to take a certain action on their account on a cert

Grouping (definition)

Advanced search restrictions that allow you to filter accounts based off of several classification systems available wit

Shortcut (definition)

Quick access button available in the loan summary of an account. You may edit user shortcut groups in Settings > Comp

Agent User (definition)

Agent User This refers to users that have access to a tenant (company-level account) inside of LoanPro. You can create n

Credit (definition)

Credit In the software, "credit" refers to a transaction that forgives a portion of a loan. Not to be confused with a li

Finance Charge (definition)

Amount that the customer will pay for the loan, apart from the actual loan amount. Depending on settings, this will incl

Credit Limit (definition)

Credit Limit Credit limit refers to two similar ideas in different contexts. In an installment loan (where a borrower ha

APR (definition)

APR Annual Percentage Rate. Calculated rate that helps customers assess the actual cost of a loan. The APR is also used

Tenant (definition)

A tenant is your company's account with LMS. Normally we'd call this an "account" or "user," but both of those terms ref

Import (definition)

Tool that allows users to quickly update, edit, or delete large amounts of information in LoanPro, using excel files. Th

Payoff (definition)

The amount remaining to be paid on an account to completely close out the loan. This would be the sum of all accrued int

Process Date (definition)

The date that funds are actually transferred to complete a transaction on an account.

Suspend Interest (definition)

Stops new interest from accruing on an account starting from a specified date.

Between Transactions (definition)

Between Transactions Between transactions is one of two methods for specifying how interest accrues, when it comes due,

Roll Payment (definition)

Roll payment is a contract matching tool that tells the calculator to adjust a loan's values to match a specific payment

Advancement (definition)

Advancement Transaction placed on an account that raises the principal balance (you can set up a specific date for the a

Sub-Portfolio (definition)

Further classification available within primary and secondary portfolios. Primary and secondary portfolios may contain s

Stoplight (definition)

Classification system designed to give you an idea of the overall “health” of an account at a glance.

Customer (definition)

Customer This refers to current or potential borrowers and lessees inside of LoanPro.  

SMS Message (definition)

Text messages that are sent to customers within LoanPro. These texts may be sent manually or automatically based off of

Actions & Results (definition)

A tool within LoanPro that allows agent users to quickly record when they have performed a certain action on an account

Document (definition)

File that has been saved within LoanPro that may be downloaded for later use. There are multiple locations for storing d

Collateral (definition)

Collateral is an item that can be repossessed if the borrower fails to make payments. In an automotive loan, for example

Interest Application (definition)

In LoanPro, the interest that a payment will apply to can be calculated in one of two ways: It can either be the total i

Role (definition)

Set of access settings available for users within LoanPro. Roles can be viewed and edited by tenant admins in Settings &

Change Due Date (definition)

Change Due Date is a Setup Tool that allows you to change or update due dates on an account.  

Modification (definition)

Tool with which you may update settings, numbers, and calculations on an account. Performing a modification on an accoun

Discount (definition)

The difference between the face value of a loan and the cost of acquiring the loan.  For example, if a $5,000 loan was a

Custom Field (definition)

Custom fields are user-created fields for many entities within LMS (e.g., loans, customers, collateral, etc.). When you

Due Principal (definition)

Due principal, simply put, equals the amount of principal that has come due on a loan minus the amount that has been pai

Computation Field (definition)

Computation fields are custom fields that compute values from a Clojure rule. With these, you can easily get complex inf

Reversed Payment (definition)

Payment (marked red in Servicing > Payments inside of an account) that is no longer applying to an account.

Escrow Buckets (definition)

System for classifying escrow on an account. Escrow buckets may be created in Settings > Loan > Escrow > Bucket

Underwriting Fee (definition)

Fee associated with the creation of a loan. The Underwriting Fee field in the initial setup of an account is added to th

Payment Method (definition)

This is the means used to make a payment (e.g. cash, credit card, check).

Process Wizard (definition)

Guided process that helps LoanPro users take actions on accounts with a lower possibility of error. Process wizards may

Charge (definition)

Charge Additional fee being applied to an account after origination (e.g. Late fees, Convenience fees, Repossession fees

VIN (definition)

Vehicle Identification Number. The identifying code for a specific automobile. No two vehicles will have the same identi

API (definition)

An application programming interface (API) lets programs or applications interact with each other. They allow you to use

Per diem (definition)

Amount of interest that accrues daily on an account (also referred to as Daily Change).  

Principal (definition)

Money that has been lent to the customer that is used for interest accrual calculation.  You can see a loan's principal

Trigger-Based Notifications (definition)

Notifications (SMS, email, system, mail house, web hook) that are sent based on rules that have been written by a user.

Additional Information (definition)

Group of numeric fields on an account such as (net amount, taxes, warranty, sales price, GAP) that can be updated manual

Between Periods (definition)

Between periods is one of two methods for specifying how interest accrues, when it comes due, and how payments apply whe

Event-Based Notifications (definition)

Notifications (SMS, email, system, mail house, web hook) that are sent based on LoanPro-native events that occur on a lo

Payment Profile (definition)

This is a specific credit/debit card or bank account. Note the distinction between similar terms: A 'payment method' is

On-After Process (definition)

A process that occurs automatically within LoanPro after a transaction has been logged on an account (e.g. capturing of

Additional User (definition)

A user associated with a loan account that is neither the primary or secondary customer. Additional users have access to

Escrow (definition)

Functionality that is designed to let you add additional amounts to regularly scheduled payments that don’t apply to any

Payment Breakdown (definition)

Specified application of a payment to different components of a loan (e.g. interest, principal, fees, etc.).

Tools (definition)

Section within LoanPro containing useful advanced loan servicing tools.

Cross-Tenant Access (definition)

Cross-tenant access grants a single agent user access to multiple tenants in LoanPro using the same login credentials fo

GAP Insurance (definition)

Guaranteed Asset Protection (GAP) Insurance. Since traditional insurance covers only an asset's market value, GAP insura

Portfolio(s) (definition)

A classification tool available within LoanPro that allows companies to specify groups of loans.

Archived Account (definition)

In LoanPro, if an account is archived it means that the information on the account can no longer be updated and LoanPro'

Checklist (definition)

Checklists help you track multi-step processes. Checklists are useful in classifying loans, and automating loan processe

Resume Interest (definition)

Starts interest accrual again on an account after a Suspend Interest has been placed on the account.

Roll Schedule (definition)

This refers to a customized payment schedule where payment periods or groups of payment periods can have different payme

Log Date (definition)

The date that a transaction or charge was created in the system. This is often used when discussing payments, but could

Customer Website (definition)

Through LoanPro, you can set up a customer-facing website where borrowers can login and view their account. From the cus

Brackets (definition)

Brackets are used when searching in the loan manager, and let you filter the results to a narrower ranges of system-calc

Context Engine (definition)

The Context Engine is a large database of retrievable variables, available for use throughout LoanPro Software (e.g., Cu

Merchant Services Provider (definition)

This refers to any company that provides payment processing services for another company through credit/debit card, eChe

Sales Price (definition)

Sale price of the loan collateral. This is the initial cost of the collateral to the borrower. This amount is static and

Activate/Activated (definition)

Activating a loan causes a loan's calculations to take actual dates and payment history into account. A newly created lo

Next Payment Due Date (definition)

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

AutoPay (definition)

A tool that allows users to schedule payments to be processed and applied at a date and time in the future. Payments tha

Data Options (definition)

This refers to the available options for data displayed within sections of LoanPro (e.g. Excel Data Dump, Schedule Repor

Interest (definition)

Amount of money that is equal to a percentage of the principal amount that accrues daily on a loan account based off of

Warranty (definition)

Guarantee that the seller of a product will repair damage or defects of the product for a certain period of time. The Wa

DocuSign (definition)

Service that facilitates the signing of documents online in a legally binding way.

Dealer Profit (definition)

Capital gained by the dealer in the sale of loan collateral. This amount is static and does not take into account any lo

Apply Date (definition)

The date that a transaction or charge will begin to affect the calculations of an account.

Human Activity (definition)

Actions taken by an agent user on an account in LoanPro. In order for the Last Human Activity Date to be updated on an a

IP Restrictions (definition)

Restriction settings that allow or prohibit login to your company from specific IP addresses (login locations). IP Restr

Restriction Group (definition)

Group of restrictions that can be applied to a user if the account they are working on meets a specific set of criteria.

NSF Fees (definition)

An NSF (non-sufficient funds) fee is assessed when there is not enough funds in a bank account to cover a payment.