Loan Manager – Latest Posts
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 […]
Importing batch payments in Margill Loan Manager (CSV, Excel)
Question: Our company collects weekly (bi-weekly or monthly – no matter) payments drawn directly from their bank accounts in some cases and in others as payroll deductions. We receive CSV files from the bank and processors. Can these transactions then be imported back to Margill Loan Manager? Answer: As you guessed, since I blogged this, […]
Margill Loan Manager: Is there a way for me to see if users are logged on to the system?
Question: Is there a way for me to see if users are logged on to the system? Answer: Go to Tools > Users and see this: