About 12 million Americans use high or very high interest loans every year (payday, title loans, etc.). The Trum administration may introduce new legislation that may significantly change the landscape. Here is an interesting article dealing with the subject.
Question:
I have a question regarding interest accruing on unpaid payments. We have a franchise that is working on their cash flow right now and we wanted to give them an updated statement on what is owed to us for their franchise loan. How can I see interest that accrued on unpaid payments? So for example if their payment was due back in March of last year and they want to make a payment. How can I show them the interest that accrued on that payment?
Answer:
This is found in the “Outstanding” columns:
The interest is a very close approximation since uses a slightly different way of calculating interest than the normal method (really not a big difference, so no need to worry about this).
In the reports see under the Outstanding theme:
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 index (Prime, LIBOR, etc.). With this field you can easily select the proper loans to 1) change the interest rates quickly and 2) send the amortization schedule by email.
You could have the scroll menu with “Prime” or to be more precise “Prime +”
To create the statement to send out, go to Reports > Mail/Email Template > New and create a DocX that offers many more options than the older RTF.
You can then structure the template and enter your logo and add the Merge codes to identify the Borrower, etc. You could also create your statement in Word and copy it here afterwards.
Here is what this could look like (the |105| for example, are Merge fields)…
The merge codes to enter the amortization schedule per se are under the General theme. You can try each to see which is best for you. There are 10 templates and we can program others to meet you exact needs (columns included, titles, etc.).
Now that your template is created, test to see if all is good (numbers, names, etc.).
Go to Reports > Document Merge.
You will need to select a date range or show the entire schedule (past, present and future payments). I would opt for a date range to see up to the rate change, not the future.
See the circled red settings below. |991| will be the schedule…
Then press on “Save – Print -Send by Email”.
Here are the options:
You can also add an email Subject and Message when sending the email.
Email sending must be configured in Tools > Settings > Email Connection. Your IT person will usually set this up properly for each Margill user.
The selected Records will all be sent out by email in a batch. Each takes about 10 seconds to create and send out.
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 to be calculated after the beginning of 2021.
Although there will be alternatives such as Secured Overnight Financing Rate (SOFR) in the USA and Sterling Overnight Index Average (SONIA) in the UK, this change does come with significant uncertainty and we must wonder what this will mean for current contracts and how they will be dealt with in the future.
Replacing LIBOR – Are you Thinking About This $200 Trillion Dollar Problem With Your Contracts?
The Margill Team is proud to formally announce the release of Margill Loan Manager 4.4. It is a really impressive version with a host of new features.
Here are the six most important improvements:
A Webinar will be held Wednesday, December 19 at 11:00 AM Eastern time (North America). You can join by following this link : Margill Webinar
If you cannot attend or have missed it, you can still follow the same link and watch it.
See you there!
The Margill team is proud to be one of the Top 10 Retail Banking Solution Providers of 2018 in Banking CIO Outlook magazine.
To help CIOs, CFOs, and CEOs find the right solutions for their retail banking initiatives, a distinguished panel comprising CEOs, CFOs, analysts, and Banking CIO Outlook’s editorial board has selected the top players of this select group.
You will also find, on page 28, an article about the company and its software.
Source: Banking CIO Outlook, November 21, 2018 issue.
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, to accuse a borrower of not paying the expected monthly payment for example and then to legally seize their assets.
Read the full article at : www.bloomberg.com/graphics/2018-confessions-of-judgment