Loan Manager – Latest Posts
Interest-only: Regular monthly interest vs. Exact day interest
Question: My company does interest-only 12 month bridge loans calculated in two ways. Payments are based on the number of days in a month with a balloon payment at the end (so payments change depending on the month) Each of the 12 payments is equal with a balloon payment at the end. Can these two […]
Can Margill Loan Manager be used to manage rentals (rent)?
Question: Our company does loans and rentals. Can Margill Loan Manager be used to manage rentals (monthly rents)? Answer: As strange as this may sound for a loan servicing software, yes Margill Loan Manager can manage rentals. The difference between a loan and a rental is that loans begin with a principal amount borrowed that […]
Importing batch payments in Margill Loan Manager (CSV, Excel)
Question: Our company collects weekly (bi-weekly or monthly – no matter) payments drawn directly from their bank accounts in some cases and in others as payroll deductions. We receive CSV files from the bank and processors. Can these transactions then be imported back to Margill Loan Manager? Answer: As you guessed, since I blogged this, […]
Margill Loan Manager: Is there a way for me to see if users are logged on to the system?
Question: Is there a way for me to see if users are logged on to the system? Answer: Go to Tools > Users and see this:
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!
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 […]
Can I apply a payment only to principal even if there is outstanding interest?
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). […]
Can Loan Manager be used to collect invoices with payments here an there? Each invoice only starts accruing interest after 30 days.
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 […]
Margill Loan Manager – Features inquiry…
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 […]
How to enter loan number, Federal Tax ID, set up automatic late fees, create a line of credit, etc.?
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, […]
Long first payment deferral versus normal one period (month) deferral
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 […]