Published: March 21, 2016
Watch this training video learn more about the statements feature in NLS and how you can get started on generating statements to your borrowers today!
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In this video I’m going to show you how you can create a statement code, how you can attach that statement code to a loan, and how you can generate a statement on a loan, and then how to view statements that have already generated on a loan sometime in the past.
Well let’s get started. The first step is to go into the Setup. We’ll expand Loan Setup and find Statements towards the bottom of the list. Here we can create a Statement Code. I already have one entered into the system but I’ll add another one and I’ll call this one Periodic Statement. Now that I have a Statement Code I can begin to configure this statement. We have a couple different statements files you can select Loan Statement 1 to Loan Statement 4. We also have a Mortgage Statement should you be offering Mortgage Statement loans. Next we can choose where we would like these statements to be stored. These are comment categories that can be configured in the Comment Category section of NLS. I’ve already created a comment category called Statements. So when I’m creating this periodic statement, I can find Statements here in my Category drop down. Now I already have a billing statement; I’m creating a periodic statement so I’m going to change this from Billing to Periodic and the difference between these two is what is going to trigger the statement to generate. Is the statement going to generate when there is something due on the loan or is it going to generate periodically so a set number of days, weeks, months, or any of these periods. Okay since we’re doing a periodic statement I want to statement to go out once a month and I can choose what day of the month I would like the statement to go out. I’ll choose the 1st and I can choose to have this statement generate after the loan’s maturity or to even generate a statement when the loan has a zero balance. I can also choose to generate Card Act Data on the statement. After we have everything configured on this tab we’ll move over to this Statement Addresses tab. Notice we have a Statement Address Mail Name field and a Remittance Address Mail Name field. So this is where your company’s address will go. Since I put in a fictitious; it didn’t’ like it. Next we’re going to fill out the Remittance Address Mail Name. This is going to be the address at which you actually receive your payments at. So this is going to be your company’s primary address and the remittance is going to be where ever you’re borrowers are mailing where ever you are receiving your checks and payments from your borrowers.
So this is the address that will appear through an envelope’s window should you be using windowed envelopes. We’ll click ok and save your changes.
Now that we have a statement code created, we’re going to query a list of loans, find a loan that we would like to associate our new statement code to and go into Loans Setup. We can then go to the Statements tab and select the statement code we created in this drop down. We can choose when the next statement date is going to be. I’ll set it to the 1st of 2016. When we’re done here we’ll click Okay and our changes have been saved. Now I can either wait till January 1st of 2016 or I can force a statement to generate by going to Action Query On-Demand Statement. So I’ll get to choose which statement code I’m going to choose. I’ll use my Periodic Statement and now that statement has been sent to the statements pool. So we can go to the reports, click on Statements, and we can find our periodic statement under Loan Statement 1. Notice that we have one unprinted statement. So let’s print that statement / process that statement. We’re going to do it without printing it. So I’ll click that button and the statement has processed and has been removed from this pool. So now there’s two locations where we can view this statement. The first area is on the loan, comments tab, where we saved the statement in the Statements folder. So we can see a little paperclip icon on here; that means that we can see the statement. I’ll double click on it and we can see that Adobe reader has opened and it will display our statement. Here’s the statement a little bit bigger and we can see XYZ Lending appears on the statement in the top left portion and the remittance address is down here at the bottom. So this is the part the borrower would tear off and mail back to you with their check and we also have a section for the billings; so what’s due on this loan and we can see that there was four separate billings of principle and interest which totals up to $3,516. I’ll close this down Another location where we can see this statement is in the reports area under reprints statements. So we know that the statement was run using Loan Statement 1 so we’ll select Loan Statement 1 and we can see all the different print runs that have occurred with this loan statement and then the actual loans that were included in each run. So this is the most recent run; the run that we did today and this is that loan that was included in it. So if I want to display this statement here, I have additional fields where I can change some of the display options when viewing the statement. We’ll click ok and now we can see that statement as we did before. So that’s how you create a statement code, how you attach a statement code to a loan, and how you generate a statement and view historical statements on a loan.