Published: March 22, 2016
Learn to configure loan templates.
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In today’s video I’m going to show you how you can configure a loan template and add a new loan using that template. So let’s get started; we’re going to go into the Setup, we’ll expand Loan Setup, and go down into Loan Template. So in Loan Template, I have a default template already in the system and a template for XYZ Loan so let’s just delete this one. We don’t need it and we’ll add a brand new template. I’m going to call this a 30 Year Fixed Loan. I’ll copy and paste the template name into the description. Okay, so this is a 30 year Fixed Rate Loan that we’re going to be adding a template for. The purpose for creating a template is you can pre define some of the parameters for adding the new loan and have those parameters automatically applied when entered into the new loans screen. This will save you time when entering a new loan and will also likely reduce the amount of entry errors that you have typing in the values into the respective fields. So the type of loan we’re going to be adding is a term loan so we’ll leave it as Term but we’re going to change the interest method from Simple Interest to Fixed Amortization. We’ll give an interest rate of 10% and we’ll leave the monthly period on the loan. So this is a 30 year fixed rate loan we’re going to change the term from 12 months to 360 and the term due to 360 as well. We have some other options in the other tabs that are available to us for some preconfiguration of the loan. So we can choose what loan portfolio we’re going to automatically sign to this loan and also which loan group we will assign to this loan. We can select the loan class we would like to add for both loan class 1 and 2 along with the loan officer or collection officer that would be associated with this loan. The next tab is the Statements tab so we can choose a billing cutoff and attach a statement code to this loan template we can also associate a late fee or a NSF fee code to this loan. Last is the Repayment tab. This is where we can configure the payment distribution that loan added with this template will follow.
Okay, if we need to configure more on this loan template we do have some additional areas where you can place a check in the checkbox and it will add another tab for you. So if you would like to create a custom payment schedule just once and have any loans added with the loan template apply this custom payment schedule to that loan you can do so which will save you a significant amount of time. We can also set up a reoccurring transaction and attach that to this loan template. So if you’re going to set up; let’s say some sort of fee; a servicing fee or origination fee that’s going to be automatically applied to loan when is loan is added you can configure that here.
You can set up an interest only term on the loan and you can also create the credit bureau reporting tab so you can assign a credit bureau header and you can select a portfolio type and an account type for this loan. Once we’re done with the configuration we can click ok and we’ll be prompted for a restart.
Now that I have that template that’s been created, I’m going to add a new loan. I’ll find a contact and now under Loan Template I’m going to select out 30 Year Fixed Loan. Notice some of the fields have changed now so the interested method has switched to Fixed Amortization and we can see that we have a term of 360 months. Anything that we have configured on the template will now apply to this loan. Once the loan has been added its relationship with the template is severed. So any changes to the template will then no longer apply to that loan only new loans being added to that template. We’ll give this loan a loan number and click okay.
Okay, that’s how you create a loan template and use that loan template to add a new loan