LOAN MANAGER – PRODUCT FEATURES

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 […]

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 […]

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 […]

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 […]

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…  

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 […]

Margill Loan Manager: Is there an audit trail that can be printed to show transactions / changes to records on a daily basis?

Q: Is there an audit trail that can be printed to show transactions / changes to records on a daily basis? A: Yes very easily. Go to the Main Margill window, select all the loans (probably only Active loans) , Tools > Various > Display the history of changes for selected Records. You can then […]

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:

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, […]

Intercompany Loan Management with a Loan Servicing Software

Intercompany loans Very often, when a company has many subsidiaries, branches or franchises, the head office will afford loans to these other entities. These subsidiaries in turn can lend to other entities and so forth. These intercompany loans often represent quite a challenge to the accountants and controllers since the loans are not part of […]

Can Margill Loan Manager do progressive Advances to my clients?

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 […]

Margill Loan Manager – Principal and Interest forecast

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 […]

Margill Loan Manager – General Ledger (GL) Accounts

Questions: 1. In terms of the accounting report and accounting identifiers, are these captured at the borrower level,  or the record level? How is this selection made and where is it used/displayed on the accounting report? 2. In our accounts we split interest accrued and other fees by product type, i.e. a separate GL account […]

Typical questions before software purchase – Margill Loan Manager

Questions: We are a secured lender, our loans are secured against properties. Does the system allow us to input details of the property and loan to value against each loan? How do I do this? Will the system give me an overview of our loan book as a whole? Some clients pay monthly, some clients we […]

How can I set up multiple Global Initial Fees in Margill Loan Manager?

Question: How to set Global Initial Fees which are a) a flat $100, b) a Dealer Fee of 7% of the loan amount and c) an Admin one time initial fee of 7% of the loan amount. These fees are financed, not paid up front… How and where do I set the Initial 3 fees […]