Q: How can I enter multiple payments and advances in a loan without having to enter them one by one? I have over 100 in one loan. I have the data in Excel. A: Very easily, in seconds with a simple 4-column Excel sheet. Go to Tools > Post Payments. On the top of the […]
Q: Can Margill software be used for HOA (Home Owners Association) collections along with the interest calculation? A: Yes, very easily without needing an agency to do these calculations. Many law firms and accountants are tasked with collecting HOA assessments and find it time consuming with a risk or error when this is done by […]
Question: I have a question regarding interest accruing on unpaid payments. We have a franchise that is working on their cash flow right now and we wanted to give them an updated statement on what is owed to us for their franchise loan. How can I see interest that accrued on unpaid payments? So for […]
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) […]
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 […]
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 […]
How an obscure legal document called a “Confession of judgment” turned New York’s court system into a debt-collection machine that’s chewing up small businesses across America. Source: Bloomberg, November 20, 2018 Story by Zachary R. Mider and Zeke Faux Although not allowed in most states, a “confession of judgment” signed by the borrower allows a creditor, without proof, […]
Q: How to do an early payoff in Margill Loan Manager A: For example, the loan term was originally for 5 years or 60 months (so end date was in June 2020). The borrower calls you, the creditor, and wishes to payoff his/her loan early, on October 12, 2018. Original payment schedule: I first […]
Loan Servicing with Excel? Pitfalls and Alternatives I’m a great fan of Excel. I think it is the most important and useful software ever developed. I first started using spreadsheets many years ago with Lotus 123 which was a great tool that lost the spreadsheet war to Microsoft. Excel can be used in so many […]