Search found 92 matches

by wtech_josh
Thu Jan 19, 2023 1:41 pm
Forum: Other Options
Topic: Form 1098 Principal in Box 2 is wrong!!
Replies: 0
Views: 64

Form 1098 Principal in Box 2 is wrong!!

Why is the principal balance in Box 2 wrong on the 1098 forms that Moneylender is generating? It's not! The balance is at the start of the calendar year on the form, not at the end of the year. Here's what it says in the IRS instructions for Box 2: Enter the amount of outstanding principal on the mo...
by wtech_josh
Wed Jan 11, 2023 2:10 pm
Forum: Configuring Loans
Topic: How to do an Interest Only loan
Replies: 0
Views: 86

How to do an Interest Only loan

The only different in the set up is that the regular payment is the Interest Only payment amount instead of the amortized payment amount. Literally everything else is the same. When collecting the payments, you might choose to mark the payments as "Interest Only" instead of "Regular P...
by wtech_josh
Wed Jan 11, 2023 1:36 pm
Forum: Statements and Servicing
Topic: Form 1098 incorrectly labeled as "2021 Form 1098 - Printable" instead of 2022
Replies: 0
Views: 75

Form 1098 incorrectly labeled as "2021 Form 1098 - Printable" instead of 2022

If you used Moneylender for your 2021 Form 1098s (or if you created your portfolio during 2022), you might see the printable template says "2021" on it even though you're printing templates for the 2022 tax year. The 2022 form is identical to 2021, and Moneylender uses the <LastYear> tag t...
by wtech_josh
Sat Aug 27, 2022 3:13 pm
Forum: Management and Financials
Topic: How to prevent payments from being applied to late fees
Replies: 7
Views: 2361

Re: How to prevent payments from being applied to late fees

Orly!? 😲 In my mind, I was picturing it in the reverse - telling the borrower they're ahead (box checked) and telling the third party they're behind (box unchecked). I was also assuming there were a lot of late fees - or at least the possibility of a lot of late fees. In your situation, and dependin...
by wtech_josh
Thu Aug 25, 2022 1:03 pm
Forum: Management and Financials
Topic: How to prevent payments from being applied to late fees
Replies: 7
Views: 2361

Re: How to prevent payments from being applied to late fees

I want to start prefacing my posts with "Feel free to think about the situation however you want. Here's how I see it..." I don't want to come off like I'm stating "inflexible facts" or anything, with the exception of the internal mechanics of Moneylender's operation. I know the ...
by wtech_josh
Wed Aug 24, 2022 6:32 pm
Forum: Management and Financials
Topic: How to prevent payments from being applied to late fees
Replies: 7
Views: 2361

Re: How to prevent payments from being applied to late fees

Just uncheck the box and run your report. Maybe check the box again after, depending on whether this hypothetical new set of calculations should become the permanent history on the loan or was just to satisfy a curiosity. Be prepared to explain the change to the borrower. Moneylender lets you change...
by wtech_josh
Sat Jul 23, 2022 3:29 am
Forum: Management and Financials
Topic: How to prevent payments from being applied to late fees
Replies: 7
Views: 2361

Re: How to prevent payments from being applied to late fees

There's a checkbox on the Loan Settings (Settings tab) for "Pay regular payment before fees" which will apply the scheduled amount to interest and principal and then apply any overage towards fees. Also of note is the adjacent checkbox for "Pay regular payment before escrow" whic...
by wtech_josh
Fri Jul 22, 2022 12:48 pm
Forum: Statements and Servicing
Topic: Append a Payment Voucher to a Letter
Replies: 4
Views: 1822

Re: Append a Payment Voucher to a Letter

If the Vouchers can be the first template, you append the cover letter to the voucher template. That'd probably look goofy to the borrower, though.

Sounds like Option 3 is going to be the best way to get it done.
by wtech_josh
Thu Jul 21, 2022 11:35 pm
Forum: Statements and Servicing
Topic: Append a Payment Voucher to a Letter
Replies: 4
Views: 1822

Re: Append a Payment Voucher to a Letter

Appending is limited to the "Statement, Letter, or Contract" template type because all the other template types require additional context to generate. In the case of the vouchers, they require a date range for the vouchers to generate. Since there's no mechanism to feed that extra data in...
by wtech_josh
Fri Mar 04, 2022 1:15 pm
Forum: AutoPay Service
Topic: Pending vs Processing
Replies: 1
Views: 2614

Re: Pending vs Processing

Processing means the transaction instructions have been submitted to the ACH network to debit the funds from the borrower. Pending means the payment is scheduled but instructions to debit the borrower haven’t been submitted to the ACH network yet. Each day at 4:30 I generate the day’s batch of trans...