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 [email protected]