Search found 57 matches

by wtech_josh
Thu Oct 22, 2020 3:31 pm
Forum: Configuring Loans
Topic: Prorated Tax Payment
Replies: 1
Views: 2038

Prorated Tax Payment

I have a loan where the borrower owes $1,400 for pro-rated property taxes. This was not collected at closing but is due before December 31st. What is the best way to enter this into Moneylender? My thoughts were to enter it as an escrow charge that’s due on December 31st? I want to be sure that it d...
by wtech_josh
Mon Oct 12, 2020 2:48 pm
Forum: Management and Financials
Topic: Amortized Engine Order
Replies: 3
Views: 3695

Re: Amortized Engine Order

Their lack of understanding does not make them correct. They signed an agreement to pay a debt, and that debt has a written and authorize accumulation of interest and fees. Don’t be afraid that the borrower is upset, it’s not your job to force them to comprehend. You can, by choice offer to help the...
by wtech_josh
Mon Oct 12, 2020 2:45 pm
Forum: Management and Financials
Topic: Amortized Engine Order
Replies: 3
Views: 3695

Re: Amortized Engine Order

Is that default order you described possible to modify? Another way to ask is how is that default order determined? What is the reason it goes First to escrow then fees then accrues interest then principal. The reason I am asking is that I have a borrower who is Behind by several months They are try...
by wtech_josh
Mon Oct 12, 2020 2:12 pm
Forum: Management and Financials
Topic: Amortized Engine Order
Replies: 3
Views: 3695

Re: Amortized Engine Order

The default is payments always pay into the Escrow account first, then pay off any fees on the loan, then pay off any accrued interest, and whatever’s left pays principal. This is the same regardless of whether a loan is current or past due. I recently added (like a week or two ago) an option to hav...
by wtech_josh
Mon Oct 12, 2020 2:12 pm
Forum: Management and Financials
Topic: Amortized Engine Order
Replies: 3
Views: 3695

Amortized Engine Order

In most loans you have Principal, Interest, Escrow & Fees In the amortized engine what is the order in which a payment is applied? If the buyer is late by a few months, and suddenly after 2 or 3 months makes a payment what accounts does that payment get applied to? Does the order in which the pa...
by wtech_josh
Tue Oct 06, 2020 4:41 pm
Forum: Management and Financials
Topic: Overpayment carrying forward even though it shouldn't??
Replies: 1
Views: 1968

Re: Overpayment carrying forward even though it shouldn't??

It’s because the payment is late. If the borrower can’t make their payment within the grace period, Moneylender applies the catch-up rules to the loan. Here’s an example: Borrower is supposed to pay $1000 each month on the 10th. Late on the 20th and the late fee is $100. Borrower sends a check for $...
by wtech_josh
Tue Oct 06, 2020 4:30 pm
Forum: Management and Financials
Topic: Overpayment carrying forward even though it shouldn't??
Replies: 1
Views: 1968

Overpayment carrying forward even though it shouldn't??

In one of my loan's if the buyer pays an extra amount it takes off that amount from the next month's payment. For example if the buyer paid $100 extra it takes $100 off of the next month's regularly scheduled payment. I DO NOT have Overpayments Carry Forward selected on this loan. I wish for the loa...
by wtech_josh
Fri Oct 02, 2020 12:22 pm
Forum: Configuring Loans
Topic: How do I itemize the escrow charges into separate taxes and insurance?
Replies: 1
Views: 1675

Re: How do I itemize the escrow charges into separate taxes and insurance?

No, there isn't a split at the time funds are put into the escrow account. The allocation of funds for various purposes happens when you disburse funds from the Escrow account. That's when we actually know how much is being paid to taxes or insurance. Some lenders get pushed into escrow unexpectedly...
by wtech_josh
Fri Oct 02, 2020 11:39 am
Forum: Configuring Loans
Topic: How do I itemize the escrow charges into separate taxes and insurance?
Replies: 1
Views: 1675

How do I itemize the escrow charges into separate taxes and insurance?

Is it possible to have more than 1 escrow charge per payment? I would like to itemize the charges. I noticed if I enter a property tax charge for example of $500.00 and an insurance charge of $150 with the same start date (10/1/2020) and the same end date 10/1/2023 the program only picks up one of t...
by wtech_josh
Wed Sep 02, 2020 12:53 pm
Forum: Installation / Portfolio Setup
Topic: Setting the currency to Pounds, Euros, Pesos, etc.
Replies: 0
Views: 2046

Setting the currency to Pounds, Euros, Pesos, etc.

The currency symbol is store in the Portfolio Settings. You can find the mechanisms for displaying currency amounts on the Portfolio > Portfolio Settings > Numbers tab. Change the currency symbol, alignment and decimal separator as needed to make money appear how you want it.