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Function
Enter, edit, print, or delete data related to loans. Operating Instructions From RLSS Main Menu, select Loan Master files. If a new loan is to be added, select New and enter data pertaining to the borrower and loan. If information is to be edited, use the combo box to select the appropriate loan and then click on Edit. It is important that Save be selected once data is entered or edited to retain the information. It is also important to tap enter after data is entered or edited; this allows the program to recognize and properly record the information. Borrower Information Required fields are identified by an asterisk (*). Loan Number * The next loan number is automatically assigned; however, user has the option to override if desired. The loan number cannot contain alpha or non-numeric characters. Status * Select the appropriate Status from the combo box, or manually enter the first letter of the appropriate code. If you select the status of default, write-off, or repaid, you must enter a date also. Deferred status should have the date payments are set to resume entered. The date is optional for all other status types, however, it will automatically default to the current calendar date. If you do not want to have a date associated with the status, be sure to remove the checkmark in the date field. Be certain your cursor is no longer in the status or date field before clicking on save. Borrower Type *
Select the appropriate Borrower Type from the combo box, or manually enter the first letter of the appropriate code. Company Information If the Borrower Type is Corporation, Limited Liability Company, Partnership, or Sole Proprietorship, enter the appropriate information in this section. Company * - Enter the company name as it appears on the closing documents. If this company has previously received a loan, you may select their name from the drop down. You will then be asked if you wish to copy the borrower information from the original loan into this loan. Contact - Enter the First and Last name of the contact person. Position - Enter the contact person’s position at the company. Fed ID - Enter the Federal Identification Number of the company. If the borrower is a Sole Proprietorship entry of a social security number is acceptable. Because this field can hold numbers of varying format, it is necessary to enter dashes as appropriate. Personal Information - If the Borrower Type is Individual/Personal, enter the appropriate information in this section. Salutation - Select the appropriate salutation from the combo box. First Name - Enter the first name of the borrower. Last Name * - Enter the last name of the borrower. MI - Enter the middle initial of the borrower. SSN - Enter the Social Security number of the borrower with dashes. Address - Enter the address of the borrower. City Enter the appropriate city. If this city has been entered before, it may be available from the combo box. As new cities are entered, exiting Loan Master files and then selecting Loan Master again will result in the city being added to the appropriate combo box for selection. County Enter the appropriate county. If this county has been entered before, it may be available from the combo box. As new counties are entered, exiting Loan Master files and then selecting Loan Master again will result in the county being added to the appropriate combo box for selection. State Select the appropriate state from the combo box. You may also enter the 2-character state abbreviation manually. Zip Enter the 5-digit or 9-digit zip code. If using 9 digits, it is necessary to type the dash. Phone Enter the area code and phone number. If entry is 10 digits, it is necessary to type the hyphens. Fax Enter the area code and fax number. If entry is 10 digits, it is necessary to type the hyphens. Cell phone Enter the area code and cell phone number. If entry is 10 digits, it is necessary to type the hyphens. Enter the email address of the company contact. Property Address If the property address is not the same as the borrower's address you may enter it here and it will then be included on your 1098 forms if you use the RLSS 1098 supplement. Address is limited to 39 characters per IRS guidelines. Review the IRS Guidelines for further information. Property Description If the property description is different than the borrower's address you may enter it here and it will then be included on your 1098 forms if you use the RLSS 1098 supplement. This description is limited to 39 characters per IRS guidelines. Review the IRS Guidelines for further information. Multiple Borrowers Enter up to four additional borrowers. Information that may be entered is salutation, first, middle initial and last name, address, city, state, zip, phone number, Social Security number, date of birth, ECOA, Primary Borrower (Y/N), CB II (Y/N), CII Code and CII Date. Information entered here will print on the Loan Master and will be used when selecting Multiple Borrowers within Supplement 831 Credit Bureau Reporting. Loan Statistics
Loan Number This field will carry automatically from Borrower Information and cannot be edited. Borrower This field will carry automatically from previous screen and can only be edited in Borrower Information. Loan Officer Select the appropriate loan officer from the combo box. If the loan officer being entered has not yet been established through Loan Officer setup, exit Loan Master and select Codes, Loan Officer setup. Loan Type * Select the appropriate loan type from the combo box. If you wish to enter a loan type that has not yet been established through Loan Type set up, exit Loan Master and select Codes, Loan Type to set up the new selection. Jobs Information Enter the appropriate jobs information related to the loan. In most cases, jobs are counted as FTE (full time equivalent) positions. Your internal policies will determine whether you use FTE’s or count part-time positions as a job. Projected This job information is anticipated or expected to occur. PreLoan/Retained Enter the number of jobs in place prior to the borrower receiving the loan. The count will include any jobs that are expected to be retained as a result of the loan. New Enter the appropriate number of new jobs that are expected to be created by the loan. Minority - Enter the appropriate number of jobs that are expected to be filled by minority employees. Female Enter the appropriate number of jobs that are expected to be filled by female employees. FHOH Enter the appropriate number of jobs that are expected to be filled by female, head of household employees. Handicapped Enter the appropriate number of jobs that are expected to be filled by handicapped employees. Actual This job information can only be completed after the loan takes place. PreLoan/Retained Enter the actual number of jobs that were retained as a result of the loan. New Enter the actual number of jobs created by the loan. Minority Enter the actual number of jobs held by minority employees. Female Enter the actual number of jobs held by female employees. FHOH Enter the actual number of jobs held by female, head of household employees. Handicapped Enter the actual number of jobs held by handicapped employees. Collateral Click on Edit. Use the combo box to select the appropriate type of collateral used to secure the loan, then tap enter to move that collateral into the collateral grid. Enter the dollar valuation of this collateral item. Select Save and Exit to return to the Loan Master file input screen. Multiple types of collateral may be selected. If the collateral is not listed as an option, additional forms of collateral may be established by exiting Loan Master files, selecting Codes, Collateral setup. Deleting collateral from the Loan Master file may be accomplished by selecting Collateral, Edit, then double click on the box to the left of the description and confirm the desire to delete. Then select Save and Exit to return to Loan Master file. Once Collateral has been entered and saved, the Collateral button on the Loan Statistics tab will be green. Funding Usage This is used to track how the loan funds were utilized. % Fixed Assets Enter the percentage of the loan that will be used to purchase fixed assets. % Working Capital Enter the percentage of the loan that will be used as working capital. Note: The percentages entered for fixed assets and working capital cannot exceed 100%. Ethnicity Select the appropriate ethnicity of the borrower from the combo box, or manually enter the first letter of the desired selection. Gender Select the appropriate gender of the borrower from the combo box, or manually enter the first letter of the desired selection. Veteran Status Select the appropriate status from the combo box, or manually enter the first letter of the desired selection. Income Level Select the appropriate income level of the borrower from the combo box, or manually enter the first letter of the desired selection.. SIC/NAICS Code Enter the appropriate SIC or NAICS code. Census Tract: Enter the appropriate census tract related to the loan. Zoning Code Select the appropriate zoning code from the combo box. If you enter a zoning code that has not yet been established through Zoning Code setup, exit Loan Master files and select Codes, Zoning to do so now. Head of Household Select the appropriate response from the combo box, or manually enter the first letter of the desired selection. Handicapped Select the appropriate response from the combo box or manually enter the first letter of the desired selection. Loan Terms
Loan Number This field will carry automatically from Loan Statistics and cannot be edited. Borrower This field will carry automatically from previous screen and can only be edited in Borrower Information. Approval Date - Select the date from the calendar. Closing Date - Select the date from the calendar. First Due Date - Select the date from the calendar. Maturity Date - Select the date from the calendar. Payment Frequency * - Select the payment frequency from the combo box or enter manually. Payment Dates * If payment frequency selected is Monthly, Semi-monthly, Quarterly, Annual, or Semi-Annual, enter the date(s) of the month (1-31) payment is due. If payment frequency selected is Weekly or Bi-weekly, select the day of the week payment is due from the combo box. Note: The program will review the First Due Date to ensure it coincides with due day and a screen message will appear if it does not. Sometimes during the term of a loan the actual day of the month the payment is due will differ from what was originally planned. It may be edited at that time. However, the first time loan activity is posted after the due date is altered, the “new paid-thru date” will not automatically calculate based on the edited information. Override the automatically calculated paid-thru date with the correct date. The program will then carry that date forward into subsequent activity. Interest Rate Enter the annual interest rate as a percentage. Example: Five and one-quarter percent would be entered as 5.25. Entry may include up to 4 decimal points. Note: When repayments are posted, interest will be calculated based on the interest rate as it is recorded in the Loan Master file at the time the activity is posted. Editing this field will not result in automatic recalculation of activity that has already been recorded on the loan history. Daily/Amortized Select the method to be used for interest calculations. Daily is the automatic default. Daily Interest Days/Yr If Daily Interest has been selected as the method to be used for interest calculations, select the number of days in a year used to calculate daily interest. 365 is the default. Optional Fees & Amounts: Enter any pertinent withholdings from repayments. Late Fee If late fees are to be applied to payments, enter the amount to be applied to each late payment. For flat amount late fees, they must be entered as a number greater than .99. Should your late fee be a percentage of the regular payment amount, it must be entered as an amount less than 1.00. For example, if you wish to collect 5.25% of the regular payment this should be entered as .0525. Do not enter either a % sign or a $ sign. Collect Multiple Late Fees If this box is checked, late fees will be withheld from repayments based upon number of payments the client is late. For example, the Next Payment Due is April 1. You've elected to collect multiple late fees of $7.00 each after the payment is 10 days late. If the payment is not received until May 11, the late fee collected will be $7.00. On June 11 the late fee would be $14.00, etc. Days If late fees are to be applied to payments, enter the day on which the late fee is to be applied. For example: entering 10 in this field will result in the late fee being automatically withheld from any payment received more than 10 days late based upon the Next Payment Due field. |
Service Fee
If service fees apply, enter the amount to be deducted from each payment. Service Fees, must be entered as a number greater than .99. Do not enter a $ sign. Escrow 1 Amt If escrows apply, enter the amount to be deducted from each repayment. Escrow 1 Max If an amount was entered into Escrow 1 Amt, enter the maximum to be collected. If the withholding is perpetual, leave max field blank. Escrow 2 Amt If a second escrow applies, enter the amount to be deducted from each repayment. Escrow 2 Max If an amount was entered into Escrow 2 Amt, enter the maximum to be collected. If the withholding is perpetual, leave max field blank. Fund/Amts
Selecting this button will result in another screen in which to enter appropriate loan funds and amounts related to each fund. Loan funds must first be established through Codes, Loan Fund setup. The sum of any fund/amount entered in this secondary screen will carry into Loan Amount on Loan Terms screen when saved. Select funds to be used for the loan from the combo box, tap enter, or click on the Amount field, and then enter the amount related to that fund. Tapping enter at this point will move the entered fund and amount into the table. Once all funds and amounts have been entered, select Save and Exit to return to the Loan Master file input screen. To delete a loan fund/amount from a loan record, select Fund/Amts, Edit, then double click on the description, and confirm the desire to delete. Caution: Deleting a fund/amount once activity has been recorded can result in serious impact on reports. Deleting fund/amount should only be done prior to recording loan activity. To edit the dollar amount allocated to a fund, click Edit, then click on the dollar amount within the grid. Change it to the desired amount, and click Save. Other Public Funds If other public funds are a component of the loan package, enter the amount. Private Funds If private funds are a component of the loan package, enter the amount. Owner Equity If owner equity is a component of the loan package, enter the amount. Total Package An automatic calculation provided by the program and arrived at by summing Loan Amount, Other Public Funds, Private Funds, and Owner Equity. Total Pmts Enter the total payments expected to bring the loan to maturity, keeping in mind the frequency of payments. For example, if a loan is scheduled for weekly payments over a two-year term, the “total payments” will be 104. Total Years Enter the total years expected to bring the loan to maturity. Payment Information Automatic calculations provided by the program. Basic Payment Determined by the terms (payment frequency, interest rate, loan amount, and total payments) this is an automatic calculation provided by the program. The result may be edited if necessary. Note: If loan terms are edited (ex: interest rate, total payments) in a fashion that will create a revised payment amount, it is necessary to tap enter through fields until the cursor is in the Basic Payment field to automatically recalculate the amount. Payment Including Ser Fees + Esc Determined by summing basic payment and applicable service fees and escrow withholdings. L.O.C. Line of Credit Loans. Placing a checkmark in this box will allow for the Basic Payment to be recalculated when the Feature “LOC Payment Recalculation” is performed. (See the Features section of this Help Manual for more information.) |
Special Icons in Loan Master
Edit: Select this button whenever you wish to edit any information within the Loan Master file. Be sure to Save after Editing. Loan Conversation: Allows access to Loan Conversation feature. See Features section for more complete information. Loan Coupons: Allows access to Loan Coupon feature. See Features section for more complete information. Optional Field Details: Once an Optional Master Field has been established on the Tools menu, you may then select this icon within the Loan Master to enter the response that applies to the loan you currently have selected. Your response must be of the same “type” that was assigned to Optional Master Field when it was set up. Attach/Retrieve Files: Documents such as Excel, Word or Pdf files may be named and attached to the loan by selecting the location they reside on your computer or file server. Be sure to Save after doing this. You may then later retrieve them by selecting from the list. To delete the attached document, select it from the list and tap the delete key on your keyboard. Return to Loan Master: Exits any of the three screens accessed with the above icons and returns to the last opened Loan Master file. Things You Should Know
Daily Interest versus Amortized and how the selection influences repayments is a very important field. Computations are as follows: Daily Interest: The loan balance multiplied by the interest rate and then divided by either 360 or 365 (as entered in the Loan Master file) will determine a daily interest amount. The daily interest amount is then multiplied by the days that have elapsed (passed) since the most recent activity was recorded. This makes entry of accurate activity dates vital to the proper calculation of interest to be allocated to the repayment being posted. Amortized Loans: The loan balance is multiplied by the interest rate to determine an annual interest amount. The annual interest amount is then divided by the payment frequency (number of payments expected in a year) to determine the amount of interest to be allocated to the repayment being posted.
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