How can we help?

LoanPro glossary


All the terms you need to know about LoanPro and lending.

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.

  • Account Dashboard

    A visualization of loan terms and performance with customized short cuts to perform actions on the loan.

  • Account Manager

    Search for and take action on groups of loans.

  • Account Statement

    On a line of credit account, a statement is an account of transactions, total balance, minimum payment, etc. that is issued at the end of a billing cycle.

  • Activate

    This refers to “turning on” a loan or lease. When an account is activated, the calculations will begin to use actual dates and payment history. An account that has not been activated exists in an abstract piece of time with no sense of past or future.

  • Additional user

    This is a user associated with an account that is neither the primary or secondary customer. Additional users have access to account information, but they are generally not associated with the loan contract so they are not responsible for repayment of the loan.

  • Address Assist

    Automatically lookup zip code and populate the state when entering customer information.

  • Address standardization

    Ensure addresses meet USPS standards by applying a universal format.

  • Address verification

    Confirm that addresses are USPS deliverable.

  • Advanced Card Attribute Lookup

    Look up card information to ensure they are active and whether they are enable for push to card.

  • Advanced Connections

    Create custom triggers with systems outside of LoanPro using business logic and JSON payloads.

  • Advancement

    A transaction that raises the principal balance, typically by extending more money to a borrower.

  • Agent Actions and Results

    A LoanPro tool that lets agents record when they have performed an action on an account, and select an associated result of that action.

  • Agent Walkthroughs

    Tools that guide you through a complex process, helping LoanPro users lower risk when taking actions on accounts. A walkthrough will move the user between pages inside a loan in a specified order. Walkthroughs can also show information pages that will display loan values and other information to guide the user through the walkthrough process.

  • API Calculator

    A speedy, API-based version of the loan calculator to aid in calculating loans at origination or testing scenarios.

  • Apply Date

    The date of when any transaction will be charged on the loan.

  • APR

    Annual Percentage Rate (APR) is a calculated rate that helps customers assess the actual cost of a loan including all fees and extra costs. APR is a number devised by the US government in an attempt to give consumers more accurate numbers to compare loan rates between lenders.

  • APR Match

    Match APR to the fourth decimal using LoanPro's calculator.

  • Archived Loan

    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. This means that when a loan is closed, you can choose to archive it. If you archive a loan, the numbers will no longer be updated every day and no rule evaluations will be run on the loan.

  • Automation Engine

    A LoanPro tool that allows users to create rules to perform specific actions on accounts when accounts meet a specified set of criteria. With this tool, you can create your own list of conditions and then specify how a loan should change when a condition is met.

  • Base Communications Suite

    Custom communication triggered by account events and custom business logic that can be automatically sent to customers.

  • Between Periods

    A method for calculating how interest accrues, when the interest comes due, and how payments apply to the loan when payments are not made exactly on schedule. If a payment is made between periods, the interest from the entire payment period will still be applied. However, when the principal balance is lowered (by making a payment) this lowers the amount of interest paid per day.

  • Between Transactions

    A method of specifying how interest accrues, when that interest comes due, and how payments apply to the loan when payments are not made exactly on schedule. If a payment is made between transactions the payment will pay off the interest. Afterwards, the interest will start accruing again.

  • Billing Cycle

    On a line of credit account, this is the stretch of time between minimum payment due dates, analogous to the payment period of an installment loan.

  • Book Value

    This is the approximated 'actual' value of the loan collateral. It might be the price the lender acquired the car for, or the typical retail value—lenders calculate it differently.

  • Calculated account history

    A computed historical report that reflects current loan numbers and displays values according to actions taken on a loan like reversed payments or adjustments.

  • Calculated interest accrual report

    A data set showing all earned interest on accounts over a specified range of time.

  • Change Due Date

    A LoanPro tool that allows you to change or update due dates on an account, one at a time, at any point during the life of a loan.

  • Click-through Alerts

    Pop-up information when an account is opened inside the software.

  • Collateral Tracking

    Property that secures the repayment of a loan. This property may be repossessed in the event of a default on the account. Within LoanPro, you can secure a loan with up to 50 items of collateral, or none at all.

  • Comprehensive Loan Recasting

    A loan modification is like a new loan that is placed on top of an old loan. This tool lets you update settings, numbers, and calculations on an account. Performing a modification on an account writes a new contract for the account while saving the original loan information and loan history.

  • Context Engine

    A large set of retrievable variables, available for use throughout LoanPro Software. Context engine variables can be used in several sections of LoanPro such as custom forms, notifications, and rules applied.

  • Cross Tenant Access

    Gives agents the ability to access multiple tenants (companies) within LoanPro, without different login credentials for each tenant. The user can then be designated different levels of access depending on the tenant they are working in.

  • Curtailment

    A payment on a flooring loan.

  • Curtailment Dates

    A LoanPro tool that allows you to quickly update curtailments on an account. The curtailment dates setup tool lets you update the curtailment dates for the loan, including curtailment dates that were entered as a part of the loan setup.

  • Customer website

    The customer website is an online platform that allows borrowers to manage their accounts, make payments, update personal information, and access important documents, all within a branded, user-friendly interface.

  • Custom Field

    LoanPro lets you create custom fields to keep track of things that the system doesn't track by default. Custom fields are commonly used on custom forms. This is a user created field that is not native to LoanPro Software.

  • Custom payment schedules

    Configurable payment schedules to vary interest and payment amount over specified portions of a loan.

  • Custom Reporting

    A report that allows users to pull any information tracked by LoanPro into an excel sheet. This lets you export present values and calculated numbers in LoanPro.

  • Daily Snapshot

    A daily snapshot of loan conditions each the loan has existed on the LoanPro platform.

  • Data on Demand

    A custom data set delivered at a specified frequency.

  • Data Options

    The available options for data displayed within sections of LoanPro (e.g. Excel Data Dump, Schedule Report, Email List). Data options vary between sections.

  • Dealer Profit

    The amount the dealership made (gross profit) on the sale of the loan collateral. This amount is static and does not take into account any loan information.

  • Delinquency

    The period of time when a customer has failed to pay the amount due on their account. The delinquency report shows you which of your customers owe you money.

  • Delinquency Categories

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

  • Discount

    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 it is paid, but becomes a revenue to the lender when the principal is paid back.

  • Document manager

    A place in LoanPro dedicated to storing and categorizing documents associated with accounts.

  • DocuSign

    A service that facilitates the signing of documents online in a legally binding way. LoanPro is integrated with DocuSign so you can easily have your customers sign custom forms you have created.

  • Dynamic Templates

    These are forms that have been created within LoanPro that contain dynamic information that may be updated on a per customer basis. These forms pull information from customers, loans, and other items you've saved in LMS. For example, loan contracts can be created as custom forms. Once a contract has been created as a custom form, each time the custom form is generated, the contract information will match the loan information of the account for which the form was generated.

  • Escrow Buckets

    A system for classifying escrow on an account. Each escrow bucket has three main sections (transactions, adjustments, and settings).

  • Escrow Calculator

    A tool in LoanPro that helps you compute the per-period escrow amount for a loan account in the loan setup section.

  • Escrow Management

    A tool that lets you add additional amounts to regularly scheduled payments outside of other parts of the loan (interest, principal, discount, fees, etc.). Adding escrow to an account is similar to adding an additional fee to each payment.

  • Event-based Notifications

    Notifications (SMS, email, system, mail house, webhook) that go out to borrowers and employees when specific events occur in a borrower's account.

  • Filters

    Custom search criteria used to narrow down loans by days past due, loan aging, date, etc.

  • Finance Charge

    The 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.

  • GAP Insurance

    Guaranteed Asset Protection (GAP) Insurance is insurance that can be purchased to make up the difference in the event that collateral is claimed as a total loss, and the amount of compensation received for the collateral from insurance is not enough to pay off the remaining balance on the loan account. This is commonly used in auto lending.

  • GPS collateral tracking

    Records GPS IDs for units installed in collateral that secure a loan.

  • Grouping

    An advanced search restrictions that allow you to filter accounts based off of several classification systems available within LoanPro (e.g. Portfolio, Source Companies, Checklists) most of these options can be selected from a drop-down list.

  • Human Activity

    Actions taken by an agent user on an account in LoanPro. 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. This is the most recent date as of quoted date that activity has been done on the account, excluding activities performed by LoanPro software.

  • Import Tool

    A means of moving data into the system in bulk. Create a .csv file with the data you want to move into LMS, and then the software will ingest it and validate the information.

  • Insurance tracking

    Keeps a record of insurance policies on loans.

  • Interactive SMS

    Custom communication sent via text, triggered by account events and custom business logic.

  • Interest Application

    In LoanPro, the interest can be calculated 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 will only be similar if customers make payments on the correct due dates in the correct amounts. If a borrower pays early with a between periods interest application for example, all the interest from the payment period will still be due. In the same scenario, but with a between transactions interest application, less interest will be due because only the interest accrued since the last payment will be due.

  • IP-Based Access

    LoanPro gives you the option to restrict access to the software by internet protocol (IP) address. These restriction settings allow and prohibit login to your company from specific IP addresses (login locations).

  • Line of Credit

    A loan where a borrower can continue to borrow and pay off money indefinitely. Under a typical arrangement, the borrower agrees to make regular minimum payments, and has an upper limit to how much they can borrow at any given time.

  • Live Amortization Schedule

    A dynamic display of the past, present, and forecast transaction on a loan or lease.

  • Loan Settings

    This section of a loan lets you control all settings that don't directly affect how the loan is calculated. The loan settings generally affect the classification of an account (e.g. Loan Status, Credit Status, EBilling).

  • Log Date

    The date that a transaction or charge was created in the system.

  • Logic-Based Field

    A user-created field that is capable of performing calculations to display or store information, using user defined functions. Computation fields keep track of values that are computed using existing system values.

  • Merchant Services Provider

    Any company that provides payment processing services for another company through credit/debit card, eCheck, ACH, or EFT. In order to process bank card payments, a merchant (any company that accepts cards) will need a merchant services provider.

  • Next Payment Due Date

    The next date 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, which is not correct.

  • Note Manager

    Create and manage notes on individual accounts.

  • Notification Center

    Automatically sends messages to borrowers on accounts according to custom criteria.

  • NSF Fees

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

  • OFAC InstaCheck

    Easily check the OFAC status if any borrower.

  • On-After Process

    A process that occurs automatically within LoanPro after a transaction has been logged on an account (capturing of numbers, updating numbers, running rules, etc.).

  • Payment application waterfalls

    Customize the order payments apply to loan components (interest, principal, etc.).

  • Payment Breakdown

    A specified application of a payment to different components of a loan (interest, principal, fees, etc.).

  • Payment Match

    Using the payment equation to solve for one or more loan terms by entering a specific payment amount.

  • Payment Method

    The means used to make a payment (cash, credit card, check).

  • Payment Profile

    A specific credit/debit card or bank account. So, while credit card is a payment method, Wells Fargo Visa 9999-9999-9999-9999 is a payment profile.

  • Payment return actions

    Automate steps to occur on payment profiles when payments are unsuccessful and returned.

  • Payoff

    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.

  • Per Diem

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

  • Personalized application

    A configurable form to gather data about prospective customers.

  • Portfolios

    Labels that help your company specify groups of loans. They can be used to group things like location, loan size, investor, servicing company or any other form of grouping that your company desires.

  • Process Date

    When funds are actually transferred to complete a transaction on an account.

  • Promises

    A 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). This tool helps you keep track of what your customers tell you they will do, this information is then made available inside of each account and in the promises report.

  • Real-time replicated database

    A read-only copy of a lender's production database for direct data queries and data replication.

  • Restriction Group

    Give you the ability to define the access an agent user has to groups of loans. These restrictions control the permission within a loan, are based on rules, and are created at the company level. These restrictions can be applied to a user if the account they are working on meets a specific set of criteria.

  • Resume Interest

    This starts interest accrual again on an account after a suspend interest has been placed on the account.

  • Reversed Payment

    Any payment that no longer applies on an account.

  • Role-based access

    Unlimited configurable roles to ensure every user has access to what they need and no more.

  • Roll Schedule

    A customized payment schedule where payment periods or groups of payment periods can have different payment amounts and interest rates.

  • Sales Price

    The initial cost of the collateral to the borrower. This amount is static and does not take into account any loan information.

  • Scaling fees

    Dynamic assignment of recurring fee amounts based on loan values like current principal balance.

  • Servicing queues

    Create lists for groups of loans for specific processes, updates, or manual reviews to be completed.

  • Shortcut

    LoanPro makes it easier to perform common tasks inside your account by letting you create a group of shortcuts. These shortcuts appear as a set of icons in the headers of each loan.

  • Smart balance check

    Confirm the customer's bank balance has sufficient funds before attempting to draw a payment.

  • Smart Checklist

    A tool that helps users manage processes for loans that aren't natively supported by LoanPro. When a checklist item is marked as complete, the date and time is recorded in LoanPro so you can see when each item was completed.

  • Smart Mail House

    Automatically send standard, physical mail to customers and sources via LoanPro.

  • Source Tracking

    Tracking of account source data, including companies, contacts, addresses, and even bank accounts.

  • Stoplight

    A classification system designed to give you an idea of the overall standing of an account at a glance using traditional stoplight colors: red, yellow, and green. You can either manually assign a stoplight to an account or you can configure the system so it will assign a stoplight based on your company rules.

  • Sub Portfolio

    Further classification is available within primary and secondary portfolios. Primary and secondary portfolios may contain several sub-portfolios. Sub-portfolios cannot be shared between multiple primary or secondary portfolios.

  • Suspend Interest

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

  • Tenant

    A company-level account inside of LoanPro software. A single company can have more than one tenant inside LoanPro. This is where multiple users share access to the software, you might have dozens of individual agents, each with their own account in LoanPro, but they're all working at the same company.

  • Timestamp

    The time when an event or action happened in LMS. Note that while the UI converts these times to your local timezone, the database and API use UTC.

  • Total Sales Price

    The 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.

  • Trigger Based Notifications

    Automatically send customer communication to borrowers when specified actions are completed.

  • Underwriting Fee

    A 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.

  • Vehicle lookup

    Access to lookup the year, make, and model of a vehicle using the VIN.

  • Verified Data Import

    Transfer bulk information into LoanPro using .csv files.

  • VIN

    A vehicle identification number (VIN) is the identifying code for a specific automobile. No two vehicles will have the same identification number.

  • VPC

    Virtual Private Cloud (VPC), is a standalone, dedicated instance of LoanPro that offers premium features like new feature testing, dedicated resources, increased support, and more.

  • Walkthrough access settings

    Control access for each walkthrough and ensure agents are only able to access walkthroughs that align with your processes.

  • Walkthrough categories

    Tool to create customer labels to organize walkthroughs in your tenant.

  • Warning flags

    Indicators automatically assigned to loans based on business logic to display loan information at a glance.

  • Warranty

    Guarantees 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.