Loan Manager – Latest Posts
How to change the Windows Short date format
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) […]
Can we email an amortization report to each borrower when interest rates change?
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 […]
Early payoff – How to do this in Margill Loan Manager
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
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 […]
Margill Loan Manager: Is there an audit trail that can be printed to show transactions / changes to records on a daily basis?
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 […]
How to obtain the daily interest amount (per diem) in Margill Loan Manager
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 […]
Interest-only: Regular monthly interest vs. Exact day interest
Question: My company does interest-only 12 month bridge loans calculated in two ways. Payments are based on the number of days in a month with a balloon payment at the end (so payments change depending on the month) Each of the 12 payments is equal with a balloon payment at the end. Can these two […]
Can Margill Loan Manager be used to manage rentals (rent)?
Question: Our company does loans and rentals. Can Margill Loan Manager be used to manage rentals (monthly rents)? Answer: As strange as this may sound for a loan servicing software, yes Margill Loan Manager can manage rentals. The difference between a loan and a rental is that loans begin with a principal amount borrowed that […]