How to change the Windows Short date format

Margill prefers a date format that contains 4 digits for the year. This is especially important for calculations that may (if these still are out there!) predate the year 2000.

How to change the Windows Short date format:

Windows 10 gives you various ways to change the short date format (Control Panel or Settings)

1) With Control Panel

Type a few letters of the word “Control Panel” in Cortana (bottom left):

Go to Clock and Region and click on “Change date, time or number formats”

Then change your Short date format to the format you want that contains yyyy, MM and dd. You decide on the order these appear in. If none of the choices match, click on “Additional settings” on the bottom right in this window.

You can then type in the missing year digits (y – total 4), month digits (M – total 2)  or day digits (d – total 2)

2) You can also use the Windows key  on your keyboard and X and go to “Settings”:

Click on Time & Language

Find “Related Settings” and click on “Date, time & regional formatting”

Click on “Additional date, time & regional settings”

Click on  “Change date, time or number formats”

Now see the instruction in 1) above to enter the proper “Short date format”.

Can we email an amortization report to each borrower when interest rates change?

Margill Loan Manager – Can we email an amortization report to each borrower when interest rates change?

Yes this can be done.

First, I guess you updated the interest rates though the Main window with Ctrl Alt Shift i. Ideally you have a custom field that identifies the loans that are tied to the specific index (Prime, LIBOR, etc.). With this field you can easily select the proper loans to 1) change the interest rates quickly and 2) send the amortization schedule by email.

You could have the scroll menu with “Prime” or to be more precise “Prime +”

To create the statement to send out, go to Reports > Mail/Email Template > New and create a DocX that offers many more options than the older RTF.

You can then structure the template and enter your logo and add the Merge codes to identify the Borrower, etc. You could also create your statement in Word and copy it here afterwards.

Here is what this could look like (the |105| for example, are Merge fields)…

The merge codes to enter the amortization schedule per se are under the General theme. You can try each to see which is best for you. There are 10 templates and we can program others to meet you exact needs (columns included, titles, etc.).

 

Now that your template is created, test to see if all is good (numbers, names, etc.).

Go to Reports > Document Merge.

You will need to select a date range or show the entire schedule (past, present and future payments). I would opt for a date range to see up to the rate change, not the future.

See the circled red settings below. |991| will be the schedule…

Then press on “Save – Print -Send by Email”.

Here are the options:

You can also add an email  Subject and Message when sending the email.

Email sending must be configured in Tools > Settings > Email Connection. Your IT person will usually set this up properly for each Margill user.

The selected Records will all be sent out by email in a batch. Each takes about 10 seconds to create and send out.

Replacing LIBOR – Are you Thinking About This $200 Trillion Dollar Problem With Your Contracts?

Darren Gold, VP at UnitedLex Corp., wrote an interesting article about the London Interbank Offer Rate (LIBOR) which is used all over the world as the reference for a great number of loan contracts.  The UK’s Financial Conduct Authority recently declared that it would no longer require banks to submit the data that enabled LIBOR to be calculated after the beginning of 2021.

Although there will be alternatives such as Secured Overnight Financing Rate (SOFR) in the USA and Sterling Overnight Index Average (SONIA) in the UK, this change does come with significant uncertainty and we must wonder what this will mean for current contracts and how they will be dealt with in the future.

Replacing LIBOR – Are you Thinking About This $200 Trillion Dollar Problem With Your Contracts?