NLS version 5.25 just released! Among many small updates and enhancements, there’s one new feature we want to note: archiving closed loans.
Archiving Closed Loans
The archiving feature allows lenders with a large volume of loans (and therefore large databases) to optimize storage of closed loans. This frees up the database and system to focus on active loans - making processes like accruals, credit reporting, and generating the ACH file faster.
Archiving uses the status code of loans to decide which loans should be archived - making the switch to and from archived loans easy.
Read the technical documentation here: Archiving of Closed Loans
Primary Employer Next Pay Date for Representments
Added a new option for ACH and card representments to only use the next pay date of the designated primary employer.
Force System Date on Manual Receivable Trans Code
Added a new option to the Payment Processing Controls tab of the transaction code setup to force the use of the system date when manually adding a receivable transaction.
Trustee Security for Campaigns
Added trustee level security privileges for individual campaigns to manage user and group access.
Importing loans with “End of Day” accrual and an end of month accrued through date will not be reported on Metro 2 for the month that the loan was accrued through.
Consumer Info Indicator codes I through P and Z will become obsolete as of April 21, 2021. The affected codes are no longer available for use and all existing usage of the affected codes will be replaced with code Q.
Metro 2 reporting for restructured loans
Removed the Loan Defaults option “Source of Original Balance in Metro 2.” Metro 2 reporting for restructured loans will now:
a) If reporting on the new loan, the Original Loan Amount is transaction codes that increases Loan Amount PLUS transaction code 360 (Restructure Principal Transfer) where amount > 0 PLUS transaction code 110(Pre Compute) where“Include Pre-Compute Interest in Metro2” is set in Loan Default.
b) If reporting on the old loan, the Original Loan Amount is transaction codes that increases Loan Amount PLUS transaction code 110(Pre Compute) where “Include Pre-Compute Interest in Metro2” is set in Loan Default.
API and Scripting
Added RiskRatingEffectiveDate attribute to element for XML import.
Loan Configuration - Branch Lenders
Added a new option to the branch loan detail components to select an item for inclusion in the amount financed during calculation.