LoanMaster™ Lite: Free Loan Servicing Software
LOANMASTER (tm) Lite is a software application for
servicing multiple portfolios of loans, notes, or other financing contracts.
This system is based on 30 years of experience in development of loan servicing,
tracking, and accounting software for banks and S&Ls.
If you have five or five thousand loans,
LOANMASTER (tm) Lite will help you organize them and service them. It will
organize and service all types of simple interest loans. Examples include:
- Single payment loans. (Notes)
- Monthly, annual and other installment loans
- Retail installment sales contract loans
- Loans for land sales contracts
- Automobile loans ( simple interest only )
- Residential mortgage loans - first, second or third liens.
- Contracts for deed.
- Secured or unsecured personal loans
- Construction loans
- Virtually any simple interest loan
What Will a Loan Servicing Software System do for You?
LOANMASTER (tm) Lite is a general loan servicing
software system. Its design is similar to the loan accounting systems used by
most banks for accounting operations and tracking of loan payments due and past due.
LOANMASTER (tm) Lite stores all the data about the loans
and the borrowers in a database in an organized manner. It will then perform all
the calculations necessary on this data and display the data and or the
calculations to you on screen or via printed reports.
For each loan, there is a borrower. Information about each borrower is stored in
the database. Each borrower may have multiple loans, multiple addresses and
multiple telephone numbers.
From this store of information, LoanMaster Lite (tm) is able to calculate the
interest for each loan as it becomes due. It calculates each payment date and
determines if the payment has been made. If the payment has not been made, it
marks the loan as past due. If late charges are specified, it calculates and
assesses the late charge.
When payments or late charges are paid, it determines if the amounts paid were
less than, equal to, or greater than the amounts due. If the amounts paid are
greater of less than the amounts due, it keeps up with the past due or prepaid
Every day, the software checks every loan in the file to see if interest has
accrued or if a payment is due. If you prefer not to use the software on a daily
basis, it will catch up. Most private lenders and small loan companies update
the loan files weekly. Some individuals update the files monthly. Regardless of
the frequency of the updates, LOANMASTER (tm) works on a daily basis and updates
every loan one day at a time.
For each calendar date during the year, the LOANMASTER (tm) loan software performs
- Check for loan payment due today
- Calculate interest on each loan
- Calculate late charges due
- Calculate accrued interest for each loan
- Calculate interest due and unpaid for each loan
- Calculate principal due for each loan
- Calculate days past due for each loan
- Calculate date next due for each loan
- Calculate number of payments matured for each loan
- Calculate number of payments paid for each loan
- Calculate Interest paid YTD for each loan
- Calculate Late Charges Paid YTD for each loan
- Calculate number days 10,30,60,90,120 days past due
- Calculate default date
- Check for final maturity
- Determine if billing or past due notices are due
Upon request by the operator, it will print any of these reports:
- Trial Balance
- Past Due Loan List summary
- Cash Payments Received
- Daily Cash Balancing
- Loan Payoff Report *
- Loan Statements *
- Billing and Past Due Notices *
- Payment Receipt
- 1098 Forms
- Year End Loan Status Report *
- Loan Payoff Report (for current or future date)*
* (Formatted and ready to mail - Columbia Window
Reports are printed via the Windows print driver and can be directed by the
operator to any printer on the system at print-time. Since Windows handles the
printing the reports may be printed to any print device on your system,
including fax, and PDF document print drivers.
How do I Post Loan Payments?
The loan payment posting screen will allocate the payment amount received to
interest, principal, and late charge according to your choice of several preset
rules. Each loan can use a different allocation rule. If for any reason, you
don't like the way the system allocated the payment amount to interest,
principal and late charge, you can change it manually before posting. The actual
posting is done by a single mouse click. The posting procedure performs the
following functions in the"...blink of an eye."
- Update the loan balance.
- Update the interest accrued for the loan
- Update the loan interest due
- Update the loan principal due
- Update the interest paid YTD for the loan
- Update the late charges due for the loan
- Update the late charges paid if any, for the loan
- Update the days past due for the loan
- Update the date the next loan payment is due
- Update the date the next loan notice is due.
- Update the date the last payment was made.
- Update the number of payments paid
Will LoanMaster Lite Work on My Network?
LOANMASTER (tm) Lite is a single user system. The means that only one user at
a time can use it. It is however completely compatible with most networks
and can be installed on the server.
What if a Loan Payment Check Bounces?
The automatic payment reversal function will with a single click reverse the
entire loan payment. This procedure will immediately perform the following functions.
- Reverse the principal payment
- Reverse the interest payment
- Reverse the late charge payment.
- Restore the interest due
- Restore the principal due
- Restore the late charges due
- Restore the dates due
- Restore the days past due
- Restore the number of payments paid
- Restore the date of last payment
- Assess a returned check charge
How do I Post an Early Loan Payoff?
Payoff's are a lot of work. There is a considerable amount of calculation and
posting involved. LOANMASTER Lite will do it all for you. To pay off a loan
early. You simply display the Payoff Report, print it, then click the "Post
How do I Calculate Terms for new Loans?
The software includes a full featured loan calculator that calculates every
thing you ever wanted to know about a loan. It calculates:
- Loan payment Amounts
- Maturity Date
- Finance Charge
- Odd Days Interest
- Balloon Payments
- Days to First Payment
- Net Amount Financed
- Lots of other 'stuff' you don't really want to know about.
What is a Loan Portfolio?
The term portfolio as used in this system means something like group, or
subtotal. You assign loans to a portfolio by giving them a user defined
portfolio code. You can have as many portfolios as you like. All of the reports
will be subtotaled by portfolio code with a grand total at the end. Real estate
developers may use portfolio codes to group loans by development or by the
owning partnership. Retailers may use portfolio codes to segregate furniture
loans from jewelry loans. etc.
Alternate free download LoanMaster