Margill Loan Manager – Ageing report – with refinanced loans

Q: If a loan was refinanced and the payments revised based on the refinanced balance, can the loan account still be in arrears?  Doesn’t the refinancing and revised payments take into consideration any prior arrears? 

A: Arrears are always a little tricky with refinanced outstanding amounts since a human must take a decision as to whether the new payments to be added are simply extra payments or are to compensate for the unpaid payments in the past. The examples will help…

A most important column in the schedule is the “Expected Pmt” column. This column indicates how much was expected for this line and subtracts the actual payment amount from this amount to generate the Outstanding amount.

  • On 07-06-2018 I was expecting 439.58 and got a 439.58 payment so Outstanding = 0.00.
  • On 10-06-2018 I was expecting 439.58 and got 0.00 so Outstanding = 439.58 and so forth

If an extra payment (unexpected in the normal scheme of things) is made, then the Expected Pmt should be 0.00 and the Outstanding is thus reduced.

If a loan is refinanced, you must make sure that as of this moment, your Outstanding amount gets progressively reduced to 0.00 and you do this with the Expected Pmt column in which you would put the Expected Pmt to 0.00 for the new payments that are added or changed to give 0.

In the above example, the loan is refinanced with lower payment amounts since the 439 was too high for the borrower – 6 payments were added and these now become 175.20 to reach 0.00. One could argue that these payments are extra and thus the Expec. Pmt should be 0.00 for each, so we manually change the Expect. Pmt to 0.00.

NOTE: In order to be allowed, to change the Expected Pmt amount, this must be allowed by the Margill Administrator in Settings:

As these new payment become paid over time, the Outstanding amount gets reduced…

If on the other hand, a second amount (new Advance) was lent to the borrower and extra payments were added, then I would not change my Expected Pmts to 0.00 since these new payments become part of the normal payments, in the normal scheme of things. So Outstanding is quite subject to interpretation…

I actually cheated below by entering 3 of the 12 new payments with Expected Pmt of 0.00 to bring my Outstanding back to 0.00. Outstanding must be 0.00 or greater, never less than 0.00 even if one could argue the borrower overpaid.

Is there an Alert that we can add that will pop up when we attempt to add more principal than what we have set as the maximum credit?

Q:  Is there an Alert that we can add that will pop up when we attempt to add more principal than what we have set as the maximum credit?

A: Yes, this is called a Conditional Alert.

In the Main window go to Tools > Settings > Set Alerts > Conditional:

When the window opens, click on “New” and the window below will appear allowing you to name the Alert and its condition.

Your condition is quite simple: warn the user when Initial Principal + any additional Principal (as a Line status) added is greater that the amount entered in the Maximum Credit field. Go to the themes on the left to get the proper fields.

You then enter the message that should be displayed to the user when this condition is met.

Save the Alert and you will get back to the list of Conditional Alerts page. Highlight the newly created Alert (the one in blue) and press on both buttons: Apply to existing Active Records and the Apply to Records as they become Active.

You could also use Custom fields for extra criteria and even Equations to, for example, “add these 4 fields” that must be less than this other field.


Now, in this example, we have Credit limit of 2 million and the user tried adding another million to the existing 1.5 million and got this warning when saving…

Another maximum credit tool allows you to set a maximum by Borrower – this is useful if a Borrower has multiple loans in the portfolio:

 

Mass data entry / Global database changes / Adding new data in the database in bulk / Mass database changes in Margill Loan Manager

Q:  We have added some custom fields for additional loan information.  Is there a way we can mass import only those specific custom fields in Loan Manager?

A: Yes you can mass import data into Margill Loan Manager. This is with what we call “Global changes”.

This can be done for the loan, mortgage, line of credit, lease, etc. (the Record) or for the Borrower.

For adding new information or changing data in many Records at once, sort these in the Main window, choose the desired Records, highlight these and right click with the mouse. Choose Global changes:

This window will appear showing the various fields that can be changed.

There are over 30 fields that can be changed plus all Custom fields.

Select the field you wish to add data to (or change data) and press on Refresh. You can only add data to one field at a time.

Your can then highlight the Records and with the right mouse click add/change the data in bulk. Case being, you will see existing data and can replace these or not. Use the Ctrl or Shift key and mouse to pick and choose the desired lines.

Below is the option when a scroll menu exists for the Custom field. If the field was a Text field for example, you would simply enter any text (no menu).

If the data is never the same, for example, adding the date of birth for Borrowers, you can add the data line by line.

Once the data is entered or changed, press on Save (bottom right). The changes will be made.

Adding data via spreadsheet (Sorry not yet… but coming soon):

  • In version 5.0.x coming up in a few weeks, you will be able to make these Global changes with a spreadsheet (Excel). All you will need are two columns (a loan Identifier – our “MLM Record ID” or one of the two “Unique Identifiers”. “File”, “File Number” and “Accounting ID” are not allowed since these may not be unique identifiers). It is strongly recommended to start using the Unique Identifiers offering much more versatility.

This is not the same as adding a new loan or Borrower in the database – this can be done through Tools, Settings, Special and:

See http://www.margill.com/en/mass-importing-existing-loans-and-borrowers-in-margill-loan-manager/


You can also use the Global changes for these practical changes:

  • Change Active Records to Closed after your fiscal year end
  • Activate Automatic fees
  • Enable or disable the sending of email reminders to your Borrowers
  • Activate the Electronic Funds Transfer for a bunch of Records at once
  • Add banking data to your Borrowers
  • Make corrections in bulk
  • Add Metro 2 credit reporting compulsory data to the loans and Borrowers
  • Update and change most Borrower data and their Custom fields

 

Mass importing existing loans and borrowers in Margill Loan Manager

Q: I wish to change from my current loan servicing platform to Margill Loan Manager. Can I import my existing loans or will I have to enter these one by one?

A: Mass import can be done easily with simple spreadsheets (Excel).

You can import:

  • Borrower data
  • Creditor data
  • Employer data
  • Basic loan information (loan type, loan amount, interest rates, dates, amortization, method, custom fields, etc.)
  • Individual historical payments (paid, partial and late payments, additional advances, etc.)

Go to Tools > Settings > Special section >

Your Excel sheet must list all the data column by column. This is a sample spreadsheet for importing loan information.

Select the spreadsheet and then map the spreadsheet columns to the proper Margill fields:

You could have one single spreadsheet with Loan and Borrower information and map some columns but not others depending on where the data fits (Loan or Borrower).

You can save this format to use over and over to add more loans and Borrowers in bulk.

Please contact Margill Support to obtain a sample sheet with more import information…


You can also import individual transactions with an Excel sheet:

 

The Transaction type columns uses a number to identify the transaction type: payment, advance, etc. Comments and a host of other data can also be added such as Check number…


Importing loans and Borrowers takes no time at all. The challenge lies in getting the proper information from your existing system into the Excel sheet. The Margill team is there to help in this transition.

See also how to add data in bulk once the loan or Borrower is entered in the database: https://www.margill.com/en/mass-data-entry-global-database-changes-adding-new-data-in-the-database-in-bulk-mass-database-changes-in-margill-loan-manager/

PS: Good idea switching from your other system to Margill 😉

Margill Loan Manager 5.0 now available!

After a two-year process, Margill Loan Manager 5.0 is now available for download! A new look, but without changing the way you work, a host of new features to make your lives even easier. See the Release Notes: https://www.margill.com/en/margill-loan-manager-release-notes.

To download go to https://www.margill.com/get

Stay tuned for our 20 minute Webinar on what’s new in 5.0 for early October. We will send our clients an email with the date, time and link… Time well invested!

 

Margill Loan Manager latest version 4.4 and upcoming 5.0 – New features now on web site

Margill Loan Manager latest version 4.4 and upcoming version 5.0 – Release notes (new features) now available on our web site.

See www.margill.com/en/margill-loan-manager-release-notes

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 support@margill.com

 

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…