Search found 101 matches
- Mon Dec 28, 2020 4:50 pm
- Forum: Statements and Servicing
- Topic: 1098 Forms for 2020?
- Replies: 1
- Views: 20080
1098 Forms for 2020?
When do you expect to have 1098 Forms for year 2020 available?
- Sun Oct 25, 2020 4:39 pm
- Forum: Installation / Portfolio Setup
- Topic: Tutorial Videos?
- Replies: 1
- Views: 19619
Re: Tutorial Videos?
Here are the videos that come to mind: General Introduction – create portfolio, add loans, add payments, print statements, run reports: https://www.moneylenderprofessional.com/help3/ Details on everything on the Settings tab – all the particulars of what different configuration options will do: http...
- Sun Oct 25, 2020 4:38 pm
- Forum: Installation / Portfolio Setup
- Topic: Tutorial Videos?
- Replies: 1
- Views: 19619
Tutorial Videos?
I saw a video about setting it up. An hour or so, I think. Can you point me in the right direction to find all of your tutorials?
- Thu Oct 22, 2020 3:33 pm
- Forum: Configuring Loans
- Topic: Prorated Tax Payment
- Replies: 1
- Views: 20920
Re: Prorated Tax Payment
This has an easy answer – add an adjustment of $1400 to the EscrowDue account (Settings tab > Adjustments section > New (plus) button > set account to EscrowDue). This tells Moneylender that there’s $1400 scheduled to be collected into the escrow account. Because regular payments always pay any escr...
- Thu Oct 22, 2020 3:31 pm
- Forum: Configuring Loans
- Topic: Prorated Tax Payment
- Replies: 1
- Views: 20920
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...
- Mon Oct 12, 2020 2:48 pm
- Forum: Management and Financials
- Topic: Amortized Engine Order
- Replies: 10
- Views: 57209
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...
- Mon Oct 12, 2020 2:45 pm
- Forum: Management and Financials
- Topic: Amortized Engine Order
- Replies: 10
- Views: 57209
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...
- Mon Oct 12, 2020 2:12 pm
- Forum: Management and Financials
- Topic: Amortized Engine Order
- Replies: 10
- Views: 57209
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...
- Mon Oct 12, 2020 2:12 pm
- Forum: Management and Financials
- Topic: Amortized Engine Order
- Replies: 10
- Views: 57209
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...
- Tue Oct 06, 2020 4:41 pm
- Forum: Management and Financials
- Topic: Overpayment carrying forward even though it shouldn't??
- Replies: 1
- Views: 19561
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 $...