Question: A borrower missed a payment last month. This month he doubles up his payment to compensate. Doubling should get him back on track but I get a higher balance at the end of the loan? Help! Answer: Your borrower will be CLOSE to back on track but there was accrued interest for the month he missed […]
Question: Can I apply a payment only to principal even if there is outstanding interest? Answer: Yes when this advanced feature is activated. In the Trial version, this is not activated by default since a more advanced feature. To activate, go to Tools > Settings > User Settings > “Options: Interest-only and Fixed Principal” (blue link). […]
Q: Can Loan Manager be used to collect invoices with payments here an there? Each invoice only starts accruing interest after 30 days. We are a medium-sized law firm and send out invoices to our clients irregularly. Many of our clients do not pay within the 30 days allotted (invoices are Net 30 days otherwise the […]
Is there a limit on the number of notes that can be tracked at one time? Not really. The number of loans you can enter in the system is based on your license package. Our largest users have 30,000 loans, our smallest maybe 5? Price is based on number of loans and users. Can the […]
Questions: In Margill Loan Manager: 1) How/where do I enter my loan #? Can I change the identifier number automatically assigned by Margill? 2) Most of my clients are businesses, and I do not see a place to enter the Federal Tax ID number. I would also like to add fields for type of company, […]
Question: When we compare a loan using a normal amortization schedule (amortization book or calculation on an online website) we do not reach the same number of payments in Margill as in the on-line calculator. Why is this? Here is an example: Origination Date: July 14, 2017. Original Principal: $ 11,374. 10% interest rate 48 […]
Question: How to extend a loan once the loan has reached a maturity? Term is to be extended by 48 months. Answer: As you may know, Margill Loan Manager is probably the most visual software on the market so this kind of change takes a second. In the payment schedule, simply click on the icon […]
Question: My Margill Loan Manager is installed on a server on the Cloud. It wants to have me input a path and so on, and I was not comfortable starting it. It also said to back up MLM data first, and I am not sure if that is necessary for me given that we have […]
Question: Can Margill Loan Manager do progressive Advances to my clients? For example, my borrower was authorized for a $100,000 loan but this will be disbursed in stages. So 15,000 one day, 10,000 another and so forth… Answer: Short answer… very easily… You first create a new Record. In this case the first advance of […]
Question: I need to break down the due payment for the next fiscal into Due payment interest portion total and Due payment principal portion. Answer: If you are on version 4.3 and above (go to https://www.margill.com/get to download) go to Reports > Personalized Reports > Record List (Customized) with Period Breaks. 1) Report template Click […]