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.
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 window, far right, you will see the “Bulk Payment Import” button. Of the two options, choose “Import new payments” (payments can be actual paid payments, upcoming payments, advances (additional principal), etc.)
The window will then show you the required Excel file format with the 3 required data columns and others that are optional:
- Column A is the loan ID (this can be the MLM ID or your unique ID)
- Column B is the Date
- Column C is the amount (always positive)
- Column D, in this case required since you are importing payments and advances, will specify what the amount is (a payment, what type of payment or an advance)
You can add additional information such as a line comment, a check number, other data, even that the payment should be a fixed principal payment (see the ?).
For Column D of the Excel file, you would specify what the amount is:
A Paid Payment would be a 4 in column D, and an advance would be a 14. If an amount is due but not yet paid, then this would be a 1 (so something in the future, not in the past).
Here is a sample Excel sheet with 2 advances (12,000 and 15,000), 5 Paid payments and 10 Due payments in the future:
The result is all good since no errors are shown. Errors would be shown in red with descriptions of whey they are in error (wrong dates, illogical scenarios, loan is not Active, etc.): To import press on “Insert lines”:
See also: Importing batch payments in Margill Loan Manager (CSV, Excel)
Can Margill software be used for HOA (Home Owners Association) collections along with the interest calculation?
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 hand or in a spreadsheet.
Option 1 – Low volume
Margill Law Interest Calculator can be used to do these calculations when there is a low volume (less than 20-25). You can even import the assessment amounts and dates as well as the payments made with a very simple 2-3 column Excel sheet.
Example of a HOA collection table where assessments are included as well as payments and attorney fees:
Nice need reports can also be produced in PDF formats that show how payments are applied.
Option 2 – Higher volume
If your volume if greater than twenty or so cases (and can go to the hundreds or thousands), then Margill Loan Manager would be a better solution since all data is stored in a nice-neat database in which assessments, payments, attorney fees and costs can be added in bulk though a spreadsheet. You can also manage payments and collect through ACH payments – so you can actually service the HOA assessments. Furthermore, you can instantly provide your client with balances for all outstanding assessments.
For more information, please contact us at 1-877-683-1815 or by email [email protected]
Setting up automatic emails (reminders) to your borrowers
Margill Automatic Emails…
- Allow you to have Margill send out emails automatically a few days before a payment is due, to remind your borrower to pay.
- You can send reminders to all your borrowers or only the ones that don’t pay so well or on time…
- The system can automatically email your borrower that a payment was returned NSF
- The system can automatically email your borrower that the last payment of the loan is coming up and that the renewal date is close
- Or emails can be sent based on any other “Line statuses” that you have set up
Total Flexibility in your Payment Schedules
Loan servicing made easy
Completely adapt a payment schedule to your borrower’s needs and real life such as irregular payments, seasonal cashflow, interest-only, principal-only, partial, late, unpaid payments, lump sum, automatic fees, negative balances in intercompany loans, interest rate changes, residual value…
How can I see interest that accrued on unpaid payments?
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 example if their payment was due back in March of last year and they want to make a payment. How can I show them the interest that accrued on that payment?
Answer:
This is found in the “Outstanding” columns:
The interest is a very close approximation since uses a slightly different way of calculating interest than the normal method (really not a big difference, so no need to worry about this).
In the reports see under the Outstanding theme:
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) […]
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.