Initial Setup – Overview


Correctly configuring the loan setup is integral to successful loan servicing. AutoPal offers several different configuration methods that can be used to alter a loan’s calculation. On top of configurable options, the “Initial Setup” is used to record loan pertinent information that can be used on custom forms, or simply for your records.

How To

To access the Initial Setup of a loan, access the loan in question, and select the “Initial Setup” tab from the left-hand column. When creating a new loan, you will be redirected to the initial setup for configuration, and data entry. Depending on whether the loan has been activated, your view of this page may be different. The information displayed will be the same, but your ability to edit content is dependent on whether or not activation has occurred.

Pre-Activation View

Loan Manager - Initial Setup - Pre-Activation

Prior to activation, all fields of the initial setup will be accessible for data entry. The Initial setup is broken into seven primary sections:

  • Loan TermsThis section is dedicated to entering basic loan terms necessary for calculation. Examples include: Total Loan Amount, Interest Rate, and Term.
    Loan Manager - Initial Setup - Loan Terms
  • Escrow CalculatorThis section allows you to add an additional escrow to a loan account. In some instances, this section may be used to add a finance fee due by term to a loan.
    Loan Manager - Initial Setup - Escrow Calculator
  • Additional InformationThis section is used to record additional loan values that do not alter the output payment amount, APR, or amortization schedule. If you would like to track a field that is not currently displayed in this section, you can do so by creating your own custom field.
    Loan Manager - Initial Setup - Additional Information
  • Advanced ConfigurationThis section is used to alter calculation and loan setup options. Examples include: Days in year (360, or 365), Interest Application (between transactions, or between periods).
    Loan Manager - Initial Setup - Advanced Configuration
  • Late Fee ConfigurationLoan late fees are an integral part of effective servicing. Use this section to configure your late fees.
    Loan Manager - Initial Setup - Late Fee Configuration
  • Loan ToolsIn certain cases, your loan schedule and payment amounts may need alterations. These tools can be utilized to make custom schedules, and alter payment amounts.
    Loan Manager - Initial Setup - Loan Tools
  • TILA: The output Truth in Lending Disclosure. This section includes the output APR (dependent on loan terms entered), finance charge, total of payments, and others.
    Loan Manager - Initial Setup - TILA

Activated View

In the event a loan has been previously activated, the Initial Setup tab will have a slightly different view as well as some additional tools that were not accessible previously.

Loan Manager - Initial Setup - Activated

Activated loans close all of the previously accessible fields, but allow you to review them. Depending on your user access level, you may or may not have access to some of these tools. If for any reason you need to reopen the initial setup, select the blue “InActivate” button from the bottom of the page.

Additionally, you will notice a series of tools located in the upper right-hand corner of the page.

  • Fund: This tool allows you to directly fund a source company, client, or cash drawer (you must be integrated with an eCheck merchant processor to use this function).
  • Advance / Credit: This tool allows you to directly increase (advancement) or decrease (credit) the principal balance of a loan without changing the payment amount. Please note that these changes may lengthen or shorten the term of a loan.
  • Change Due Date: This tool allows you to change the due date of a scheduled payment. Please note that when changing a due date, all future payments will follow the new date structure.
  • Modify: This tool allows you to modify the structure of a loan from one point moving forward. This can be considered a refinance.
  • Edit / Tools: This section has several tools that allow you to edit a loan such as “stop interest accrual”, and “loan archive.”

Due to the information density on this page, you may find it necessary to review several different articles to gain a solid understanding.

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