Options
| 1098 Production & Electronic Media for IRS |
The
system produces the electronic file to upload to the IRS, making filing easier
and faster (Depending on your volume of loans, this may be a requirement
from the IRS, not an option. All hard-copy filing is being phased
out, replaced with this electronic requirement). Loans are selected by class, making
it possible to report only those which are tax deductible (i.e. home
real-estate). |
| 1099 Production & Electronic Media for IRS | Produces the 1099
information for interest earned through the sale of real estate, savings,
or CD's. The system creates the electronic media to make
filing quicker and easier (see note above). Accounts are selected
by account class. 1099 forms printing is handled via Relativity, the ODBC option. This allow precise control over page layout, positioning, and printing. See the Client/Server option under Interactive Reporting for details. |
| Amortization | Easy to use set-up screen allows you to solve for any one of four variables: payment amount, term, principal, or interest rate. Great for a loan officer with a PC on their desk. When interfaced to the loan system, loan information can be exported to establish a new loan automatically. Also will print an amortization schedule for existing loans. Now integrated with our Loan Service Plus system at no additional charge! |
| ACH
(Automated Clearing House) Processing
|
The ACH option
allows automated batch processing of electronic payments for applicable
loans. All payment requests are created as unposted transactions,
available for review and revision before the actual debit / payment
records are created. The actual payment request record(s) may be
uploaded via the Internet using any available connection and a standard
web browser. Audit reports are generated by the ACH server for any
NSF or payment refusals, and are available online and by email.
Our ACH process complies with the National Automated Clearing House
Association (NACHA) rules of operation, and specific transaction types
are used to support segregated reporting vs. standard payments.
* ACH Server Subscription and usage fees are separate and not included in the option pricing. |
| A.R.M. (adjustable rate mortgage) | Permits easy handling of loans whose interest rate will change on a scheduled time period (i.e. every 24 months). Rates are based on system indexes. There are provisions for ceiling, base, and limit for any individual change. |
| Calendar Loans | This option provides the ability to define payment dates and amounts (irregular payments). Used most often with construction, agricultural, and seasonal business loans. A calendar is created stating the expected dates and amounts of all payments. |
| Economic
Development Analysis |
Designed with this industry in mind, the option allows for special reporting needs required by the various government agencies. Additional reports provided include: County Location, Minority, Gender, Income Level, Business Type, legal Organization, Loan Purpose, Funding Sources, Jobs Created, and more. There are also 8 user-defined fields and 4 definable loan funds. |
| Escrow Accounting ( up to 4 accounts per loan) | Accounts for the ability to charge for taxes, insurance, or maintenance in addition to the cost of the regular payment. Analysis is provided to cover over or under-charge adjustments. |
| Participation | Used for proper reporting of interest and payments when more than one institution has contributed to monies lent. When payments are received, the system will automatically break down principal and interest according to percentage of ownership (default). This same option applies if your institution handles multiple funds. |
| Payment Coupon Maker | Can be used to print monthly payment notices, or payment coupon books. Will work with different form sizes, works great with adjustable rate mortgages (A.R.M.), and the coupon can indicate possible late charges. Comments or announcements of new services may also be printed on the coupons. Now integrated with our Loan Service Plus system at no additional charge! |
| Pre-Computed
Interest with
Rule 78 Rebate |
Designed to meet requirements for refunds due to early pay-offs, for items such as interest, credit life, A&H insurance, etc.. The refund method uses rule 78 method, simple-interest, or averaging, and this module allows for many options to be added to the system, including additional reports, next review date, cosigner and dealer information, and delinquency tracking. |
| Prime Rate (10 tables) | Prime Rate option is used when loans are tied to prime rate, and are subject to daily changes. Each morning the rates are verified, and changed if appropriate. All loans related to a specific rate index are updated automatically. |