Loan Manager – Transactions

General


The “Transactions” tab gives a live amortization schedule for a loan. This report will show the remaining balance on the loan, payments made and their breakdown, charges incurred, credits, advancements, forecast payments, and the current date. In essence, it gives you a complete view of the entire loan terms both past and future.

As a result, the transactions report is one of the most powerful tools in AutoPal, since it gives you one simple way to view almost all of the information for a loan. To help with understanding the report, this article will cover the different sections of the transactions report and how to interact with it.

How To

To open the transactions tab, navigate to the loan in question, and then select “Transactions” option from the column on the left side of the page. Once you have accessed this page, the transactions list will open automatically.

Loan Manager - Transactions

The tab itself gives you a quick view of the amortization schedule of a specific loan. In the image above, the amortization schedule is outlined. Please also notice there is a PDF icon located in the upper right-hand corner of the page offering a download of the amortization schedule.

Amortization Schedule

The Amortization Schedule is the primary purpose of the Transactions Tab. The schedule is live and up-to date, allowing you to see where payments are applied and the current state of the loan. It also allows you to expand and hide information, and it forecasts what should be applied in the future (if the customer makes their payments on time).

To toggle the expansion of any scheduled, forecast payment, or processed payment, click directly on the payment itself.

Scheduled Payments

Scheduled payments show the due components of a loan. This includes interest, principal, discount, and escrow. The scheduled payment lines show historically what was due on a specific due date and what will be due in the future. Forecast payments, by contrast, show what must be paid in order for a loan to not be past due.

Scheduled payments are shown in white on the transactions report, and by default are not expanded.

Loan Manager - Transactions2

By selecting a scheduled payment, the field will automatically expand. Scheduled payments are comprised of the following fields:

  • Interest: The interest that was accrued from the last due date through the new due date.
  • Principal: The pre-calculated principal portion of the payment.
  • ADB (Average Daily Balance): The average principal balance of the loan over the course of the payment period. This value is calculated by taking the principal balance for each day in the period, totaling them up, and dividing by the value in the # Days field. This number is then utilized in the calculation of interest over the period.
  • # Days: The number of days in the payment period.

Forecast Payments

“Forecast Payments” are predictions of how future payments will be applied to the loan. These payments are calculated assuming that the borrower pays only the payment amount on the correct due date in the future. In other words, when a payment is paid early or late, the application of the actual payment may not match the application breakdown on the original forecast payment. Additionally as payments are made on the account you may notice your forecast payments, and scheduled payments no longer match.Finally, it is important to note that forecast payments will be removed from the Transactions tab as due dates pass.

Forecast Payments are shown in a faded yellow color and are expanded by default.

Loan Manager - Transactins - Forecast Payments

For further information concerning the application of payments, please review the following article: Payment Waterfall Application.

Logged Payments

Logged payments show the application of actual payments made by the customer. This allows you to see how much a borrower paid, the date the payment was applied, and the breakdown of the payment. If a payment made by a customer applies to several scheduled payments (common on loans setup with “Between Periods” interest application), then the applied payment will be broken up to help show how much applied to which amount. The fragments of a payment will all share the same title and the same transaction ID, as shown in the image below. It should be noted this will only affect loans using the Between Periods Interest Application. For further information on interest application please review the following article: Interest Application.

Loan Manager - Payments Posted

Credits

Credits apply like a principal only payment on loans as far as the interest and principal balance are concerned. Credits are shown in blue on the schedule, and are expanded by default. Again, it needs to be reiterated that credits apply only to the Principal balance when applied.

Loan Manager - Credit

Advancements

Advancements increase the principal balance of the loan. They are represented by a light pink color and are not expanded by default. Because they add directly to the principal balance, you will see an increase in interest accrual subsequent to the application date of the advancement.

Loan Manager - Advancement

Today

The current date is shown in black text within a yellow bar. This listing gives options to show or hide history and forecast payments, which may be helpful if you want to see only the past or future of the loan.

Loan Manager - Today

It should be noted that you will not see forecast payments prior to the current date. After a payment due date has passed, they are no longer forecast.

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