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

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

Create a new Configurable Payment Schedule

To create a new Configurable Payment Schedule in LMS, 

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

Create a schedule line

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

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

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

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

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

Configurable Payment Schedule templates

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

Create a new template

To create a new template, 

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

Default templates

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

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

1. Prorate 1st pmt long only: Use this if you have a longer first term.
2. Prorate 1st pmt short only: Use this if you have a shorter first term.
3. 1st pmt all: Use this if you want the software to calculate accordingly.

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

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

Payment history

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

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

There are four action options indicated by icons: 

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

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

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

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