Margill prefers a date format that contains 4 digits for the year. This is especially important for calculations that may (if these still are out there!) predate the year 2000. How to change the Windows Short date format: Windows 10 gives you various ways to change the short date format (Control Panel or Settings) 1) […]
Margill Loan Manager – Can we email an amortization report to each borrower when interest rates change? Yes this can be done. First, I guess you updated the interest rates though the Main window with Ctrl Alt Shift i. Ideally you have a custom field that identifies the loans that are tied to the specific […]
Darren Gold, VP at UnitedLex Corp., wrote an interesting article about the London Interbank Offer Rate (LIBOR) which is used all over the world as the reference for a great number of loan contracts. The UK’s Financial Conduct Authority recently declared that it would no longer require banks to submit the data that enabled LIBOR […]
How an obscure legal document called a “Confession of judgment” turned New York’s court system into a debt-collection machine that’s chewing up small businesses across America. Source: Bloomberg, November 20, 2018 Story by Zachary R. Mider and Zeke Faux Although not allowed in most states, a “confession of judgment” signed by the borrower allows a creditor, without proof, […]
Q: How to do an early payoff in Margill Loan Manager A: For example, the loan term was originally for 5 years or 60 months (so end date was in June 2020). The borrower calls you, the creditor, and wishes to payoff his/her loan early, on October 12, 2018. Original payment schedule: I first […]
Loan Servicing with Excel? Pitfalls and Alternatives I’m a great fan of Excel. I think it is the most important and useful software ever developed. I first started using spreadsheets many years ago with Lotus 123 which was a great tool that lost the spreadsheet war to Microsoft. Excel can be used in so many […]
Q: Is there an audit trail that can be printed to show transactions / changes to records on a daily basis? A: Yes very easily. Go to the Main Margill window, select all the loans (probably only Active loans) , Tools > Various > Display the history of changes for selected Records. You can then […]
Q: How to obtain the daily interest amount (per diem) in Margill Loan Manager? A: This can be added very easily through a simple Mathematical Equation. Go to Reports > Equation Management and click on Name the Equation Select the two required fields (balance and interest rate) from the various themes on the left Add […]
Question: I was wondering who I could contact at Margill for help on calculating a rather complex amortization table. Beginning on 6/25/17 – the principal loan amount was $640,000 at an interest rate of 3% – payments of $3,000 to begin on 1/1/2018. However, a payment of $350,000 was made on 7/12/2017 Additional loan amount […]