LOAN MANAGER CALCULATIONS

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 […]

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 […]

Early payoff – How to do this in Margill Loan Manager

Q: How to do an early payoff in Margill Loan Manager A: For example, the loan term was originally for 5 years or 60 months (so end date was in June 2020). The borrower calls you, the creditor, and wishes to payoff his/her loan early, on October 12, 2018. Original payment schedule:   I first […]

How to obtain the daily interest amount (per diem) in Margill Loan Manager

Q: How to obtain the daily interest amount (per diem) in Margill Loan Manager? A: This can be added very easily through a simple Mathematical Equation.  Go to Reports > Equation Management and click on   Name the Equation Select the two required fields (balance and interest rate) from the various themes on the left Add […]

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 […]

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). […]

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 […]

How to extend a loan once the loan has reached a maturity? Term is to be extended by 48 months.

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 […]

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 […]

How to setup weekly or biweekly payments

Question: How to setup weekly or biweekly payments in Margill Loan Manager? Answer: When creating a new record, set up the Period of Payments at ”By day(s)” and input 7 for weekly or 14 for biweekly payments. We also suggest that you setup the Compounding Period to match the Period of Payments.

How can we obtain the loan-to-value (LTV) in Margill Loan Manager?

Question How can we obtain the loan-to-value (LTV) in Margill Loan Manager?

Why am I not getting the right amount of interest for a month?

Question: Why am I not getting the right amount of interest for a month? I’ve created a payment schedule for my client for a $250,000 loan with these dates (my date format is Day/Month/Year, so the first payment is one month after May 5).

How do you enter the record to write off a loan in Margill Loan Manager

Question: How do you enter the record to write off a loan in the MLM?

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