Loans
How do I get the Payoff Calculator to include a Penalty Fee for my Loan Payoff Calculation?
PRE-REQUISITE: A Payoff Penalty Code must be configured within Administration > System Setup > Codes & Types How to Use the Payoff Calculator: 1. Ensure that your Contract has a Payoff Penalty Code set on the Contract Main > Billing screen prior to ...
Loan Payoff Immateriality Amount setting in Accounting Options > Loans - Video
The video discusses the "Loan Payoff Immateriality Amount" setting that is held within the Administration > Accounting > Accounting Options > Loans tab. This setting will allow the user to process a Loan Payoff within the Tasks > Cash Management ...
How do I apply a check payment to a Loan Payoff as well as to additional invoices, such as a Prepayment Penalty Fee?
Due to limitations within older versions of ASPIRE (prior to 5.20.41), upon processing a check payment receipt for a Loan Payoff, you are unable to process that same check across any other invoices at the same time. You must first process the check ...
Loans: Same as Cash Period
What does the Loans "Same as Cash" functionality do? When utilizing the Loans Module, you can turn on the Loans "Same as Cash" functionality which will allow you to process the payments and have ASPIRE apply 100% of the payments toward Principal Only ...
ADB Loans
See attached document for more details. ADB: Actual Daily Balance. A type of loan where the date of payment received affects the amount of interest paid each period. Earnings schedule of interest set at time of booking The date of payment received ...
Loan Items Video
A 9 minute video that walks through setting up Loan Items and adding them to a loan contract. Click the Full Screen button to view in full screen.
Partial Payoff - Loan
1. Do a quick search for the contract ID, and double click the icon for Payoff Calculator. 2. Click the “Loan Items” tab at the top, and select the assets to payoff. 3. Go back to the Payoff tab, and input the Payoff Date. This is the date interest ...
Full Payoff - Loan
See the attached document for complete details. The attached document walks through the process of fully paying off a loan.