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 😉