Setting Up Loan Defaults

In Version 2.0 we have included a new function that will allow you to set defaults for new loans. Setting the defaults is completely up to you and/or your company.  When you are entering a new loan into the program these will assist you in completing the new account more quickly, if set.  Below is a breakdown and instructions on what defaults can be set and what their meaning. Please note: These items can be changed during the entering of a new loan and are fields that may be changed in the program.

To set the loan defaults please follow the directions below:

From the main screen Click on System>Parameter Options>System Defaults

A new window will open that displays three sections.  The top section deals with the type of loan, city, and state.  The bottom  left deals with the Late Fee, and the bottom right deals with the service fee.

The TOP SECTION – TYPE OF LOAN

This section has four selections:

   The portfolio is the main type of account, and can be set by clicking on the down arrow at the right.  Select what type of account you wish to use, then click on it.

   The loan type is the "sub" type of account, and can be set by clicking on the down arrow at the right.  Select what type of account you wish to use click on it.

   Select the country you are located in or service the most loans from.

   Select the state you are located in or service the most loans from.

The BOTTOM LEFT SECTION – LATE FEE

This section sets the default late fee and has four sections:

   This is the number of grace days you wish to allow.

   This is the dollar or percentage figure that you wish to charge if the grace period is passed before a payment is received.

   This is the type of charge, dollar or percentage, which you set in the above option as the fee.

   If you wish not to charge a late fee by default click on the box at the bottom.

The BOTTOM MIDDLE SECTION – SERVICE FEES

This section sets the default service fee and has three sections:

   This is the dollar or percentage figure that you wish to charge as a service fee.

   This the dollar or percentage figure that you wish to charge.  You have three options:

               Flat Dollar

               Percent Of Payment

               Percent Of Balance

   If you wish not to charge a service fee by default click on the box at the bottom.

The far right section – IRS 1098 filter

This section sets the filter used when printing the IRS 1098 forms and generating the IRS file.

The EDI Linking

As of June 1997 the firs Electronic Data Interchange (EDI) link was established with various national origination software companies.

With this link you are now able to link our program with:

For specific loan origination file information and automatically input approximately 90% of the needed for setting up new loan and instructions on Creating the EDI file, please refer to the following sections: Establishing EDI Link with origination software

If you want to transfer loans from an existing servicing software system, Please refer to:Transferring loans from an existing servicing system