Innovative Products>Loan System  

The loan module is designed to handle all loan types within a single system. This results in operational uniformity ease of input, faster processing, and simplification of overall customer liability reporting.
 

  • Accrual Methods - accrued interest may be calculated on actual/365, actual/360, 30/360, or an amortized basis.

  • Adjustable-Rate Mortgages - ARM loans may have designated floor and ceiling rates, rate caps and rounding methods. ARMs will automatically re-amortize to reflect new loan payments.

  • Automatic Payments - loan payments, including those for interest-only loans, may be automatically transferred from a deposit account to a loan account.

  • Billed Amounts by Due Date - billed amounts for payments due are retained for the life of the loan. This billing history allows for tracking of customer billing.

  • Charged-Off Loans - the system allows for partial charge off of loans as well as tracking all charged-off and non-accrual loans. Once a loan has a non-accrual status the system will always show the "correct" payoff amount even if the loan is non-accruing for book purposes.

  • Coupon Book Generation - coupon ordering information on magnetic media can be produced for mailing to vendors for pre-encoded coupon books.

  • Credit Bureau Reporting - magnetic media can be produced to conform to all major Credit Bureau reporting formats.

  • Credit History - to facilitate easy on-line credit inquiry, paid loans are tracked by original balance and date, type, date paid, times past due, and collateral used. These records are retained until you purge them from the system.

  • Customer Liability Inquiry - total direct and indirect liability may be displayed through on-line inquiry, or printed on a report.

  • Data Entry - new loan input is edited for validity of all data at the time of entry, thus eliminating rejected new loans.

  • Dealer Floorplans - complete accounting including reports and billing by unit.

  • Dealer Reports - separate trial balances and dealer activity statements provide for a complete dealer accounting system.

  • Effective Dating of Rate Changes - retroactive rate changes can be made to a specific loan or to all loans tied to a master rate. Accrual adjustments are automatically made.

  • Effective Dating of Transactions - payments, advances, and new loans can be backdated and accruals will be adjusted automatically.

  • Escrow - escrowing of loans is provided for with payments for up to 8 funds and 999 distribution points.

  • File Maintenance History - all non-monetary file changes are recorded in a history file that is available for on-line viewing. Specific data includes the date and time of the change, the ID of the person making the change, and the value of the field before and after the change.

  • History Cards - history cards are available for new, past due, paid off loans or any other loan on demand.

  • Insurance Company Reports - periodic reporting for insurance companies includes trials and statements for new premiums, rebates, and reserve summaries.

  • Letters of Credit - tracking for Letters of Credit granted to a customer.

  • Lines of Credit/Commitments - lines of credit or commitments can be tracked at the customer level and/or the account level.

  • Loan Payoff Inquiries - on-line payoff calculations are available for any loan for the current date or a future date. Full details of accrued interest, rebates, late charges and escrow are displayed in a format that may be given to the customer.

  • Loan Pricing - the loan pricing module allows the bank to set up a master record detailing all essential data to price a loan including cost of funds, equity-to-assets ratio, taxes, income and expense, and costs incurred with various account types. Loans can be priced taking into account any or all of a customer’s other accounts and loans with the bank. Suggested rates are displayed on the CRT, printed, or both.

  • Payment Methods- the system supports the following payment methods: interest included in payment; principal plus interest; interest only; principal only; principal and interest at maturity.

  • Payment Reversals  - payments can be reversed at any time during the life of the loan. Adjusting transactions and accrual adjustments are automatically made.

  • Renewals - one data entry screen is used to change the pertinent factors when a loan renews. Renewals can be backdated with automatic accrual adjustments.

  • Transaction History - a history is kept for the life of the loan and includes payments, rate changes, renewals, extensions, date posted, effective and due dates.

  • Variable Payment Schedules - any loan can be set up on a schedule supporting different or seasonal payment amounts, different methods of payment and/or skip payments.

  • Variable Rate Accounts - variable rate accounts may be tied to any of 999 master rates. Rates may change whenever the prime rate changes or at periodic rate review dates or terms, which may range from 1 day to 998 months.