AutoPal gives you the ability to set defaults for several sections of the software. Default settings are used to assign certain settings to populate during the creation of a loan, and help ensure the correct settings are applied on each loan, from the first step! The “Loan Defaults” are one default category, that makes loan creation both faster and easier.
For an overview of the Defaults tab, please review the following article: Defaults – Overview.
To access the “Loan Defaults” please select Settings > Defaults > Loan Defaults. Once selected, you will be greeted with the following page:
Once on this page you will see the defaults currently set for the “Loan Defaults”. The loan defaults can be set for each available Loan Type (Installment, Flooring, etc.), ensuring that your entire portfolio has the correct defaults. In this example, we will use the “Installment” type loan defaults. To access the defaults, select the Edit Loan Defaults icon.
The following options can be set as loan defaults:
- Underwriting Fees: Use this field to enter a default underwriting fee for your loans.
- Term: Use this field to enter a default term for your loans.
- Discount: Use this field to enter a default discount for your loans.
- Payment Frequency: Use this field to select a default payment frequency. Options include: Monthly, Bi-Weekly, Semi-Monthly, Weekly, Single, and Custom.
- Interest Rate: Use this field to select a default interest rate for your loans.
Once you have made your selections for default settings, select the Save Changes icon to finalize your changes.