Margill Loan Manager – Principal and Interest forecast

/in /by

Question: 

I need to break down the due payment for the next fiscal into Due payment interest portion total and Due payment principal portion.

Answer:

If you are on version 4.3 and above (go to https://www.margill.com/get to download) go to Reports > Personalized Reports > Record List (Customized) with Period Breaks.

1) Report template

Click on New, name your report and select the fields from the left.

In the example below I selected the Borrower Business and Loan ID to identify each loan.

Then I selected, under the “Interest” theme, the “Interest Accrued (for period)”. We call it “Accrued” but in fact, for projections it is TO BE accrued. I will rename my column header to “Interest – Forecast” (see below).

Finally, select, under the “Principal’ theme “Principal Accrued (including any transaction on the report Start Date)(for period)” – renamed to “Principal – Forecast”.

Report template is now complete.

2) Actual report

First select the desired Records from the Main window and go to Reports > Personalized Reports > Record List (Customized) with Period Breaks.

This report will break down the principal and interest by month, quarter or year. So you can do short and long term projections – short term for 12 months broken down by month and short/medium/ long term over 5 years.

Now run the report which may take  few minutes (thousands of calculations are done!). You then get results that can be shown in a variety of ways (horizontal, vertical and summaries). You can even show Totals.

Summary view below:

 

Margill Loan Manager Webinar 4.3 new features

/in /by

Here is the documentation regarding the webinar of version 4.3 of Margill Loan Manager:

PDF presentation

If a client makes a payment, how do I feed that into the program?

/in /by

Question:

Hi – I’ve been giving your software a trial, and really like it.

The only thing I haven’t been able to do is feed information into the ledger. For example, if a client makes a payment, how do I feed that into the program? How does it know when a payment hasn’t been made? And if someone makes a partial payment, does it automatically adjust the remaining payments?
Answer:
You will notice that when a schedule is created, the “Line status” for each line is “Due Pmt.” You then manage the payments as they are paid (or not paid) by changing this Line status to Paid, Unpaid, Partial payment, etc.

You can do this loan by loan. Or, a much much faster way, is to use the Post payment tool, probably the most important tool in software where you can batch update payments.

Post payment tool to batch update Due payments

The software usually does not recompute payments – it recomputes the interest for the remaining of the loan automatically. Fees can also automatically be added for unpaid payments for example – you create the rules (Tools > Settings > Administrator settings > Column Fees Automatic).
When a borrower does not pay, the loan will show a balance. You could also decide to recompute the payments, or you can extend the loan (after an agreement with the borrower). This can all be done with the powerful right mouse click.

Margill Loan Manager version 4.2 webinar

/in /by

We did a Margill Loan Manager webinar back in December regarding version 4.2

If you missed it, or you would like to see its content, you can refer to the following video and document:

PDF presentation

Video presentation

 

 

Margill Law Interest Calculator – Washington Interest Rate

/in /by

To all Margill Law Interest Calculator users, we have updated the 4.56.110(3)(b) interest rate table to correct the error discovered.

In March 2017, while reporting the Historical Judgement Rates to the Office of the Code Reviser, they discovered an error in the rate from February 2016 through March 2017.

If you want the latest version, please update your interest tables.

The Margill Team

Margill Loan Manager – General Ledger (GL) Accounts

/in /by

Questions:

1. In terms of the accounting report and accounting identifiers, are these captured at the borrower level,  or the record level? How is this selection made and where is it used/displayed on the accounting report?

2. In our accounts we split interest accrued and other fees by product type, i.e. a separate GL account by product, is it possible to do this in the accounting report or would we need select and run it for each product type?

Answers:

1. You can have as many General Ledger (GL) accounts as you want in Margill and report for  each. These can be assigned to the Loan (Record), the Borrower and/or the Creditor.

These can be included as Custom fields by checking the “#GL” column. You can even create a scroll menu if there aren’t hundreds of these.

You can populate these very quickly with the Global changes (select Records in the Main window, right click with the mouse).

The GL accounts created are then used in the Accounting Entries report (only one Record has an account below…).

When you run the report, the GL number will show up here:

This detail can then be exported to Sage, QuickBooks, Excel, CSV, TXT. Or you can get a summary – “By Account” tab.

2. Yes you can have a GL account by product type. If each Record (or loan) is for one product type, then you would create a scroll menu for the GL by product type and assign to each Record individually. You can then run one report with all your records and the proper GL number will be assigned for each debit and credit.

How to setup weekly or biweekly payments

/in , /by

Question:

How to setup weekly or biweekly payments in Margill Loan Manager?

Answer:

When creating a new record, set up the Period of Payments at ”By day(s)” and input 7 for weekly or 14 for biweekly payments.

We also suggest that you setup the Compounding Period to match the Period of Payments.

New Margill Loan Manager client in South Africa

/in /by

flag-south-africa

We already mention on our website that we sell in 38 countries, but it is always interesting to see our software at work overseas.

Its flexibility and powerful mathematics make our Loan Servicing Software useful for our new client in South Africa, Forward Finance.

Welcome from the Margill team!

For more testimonials: https://www.margill.com/en/client-testimonials/

 

Typical questions before software purchase – Margill Loan Manager

/in /by

Questions:

  • We are a secured lender, our loans are secured against properties. Does the system allow us to input details of the property and loan to value against each loan? How do I do this?
  • Will the system give me an overview of our loan book as a whole?
  • Some clients pay monthly, some clients we deduct the interest payments from the loan on completion. Can I input these options?
  • From an Excel spreadsheet can I input the loan book /data how do I do this /what information is needed?
  • How do I start is there someone I can speak to (I am based in the UK)? Read more