MIMICS Loan Processing System Overview
MIMICS Loan Processing System allows you to book new loans, save loan documents, receive payments, book draws, accept loan payoffs, and track loan transactions. The system prints invoices, statements, receipts, coupon books, and a variety of reports.
The system handles any type of loan, including mortgage loans for commercial or individual customers. Loans can be collateralized or un-collateralized, and they can be funded in full or by way of draws.
The loan parameters are very flexible. The term of the loan can be fixed or on-demand. Rates can be fixed, variable, or pegged to another rate. Interest can be simple or compounded. Payments can be principal pay down or with interest-only until fully funded. Payment schedules and compounding schedules are extensive. Payments can be based upon a projected loan schedule, or it can be calculated and pro-rated at the time of payment without a fixed loan schedule.
Payments can be made at any time during the term of the loan, and they can be applied towards the scheduled payment, or they can be applied according to the rules set by the user. For example, the rule can be interest first, principal next, and fees last. If additional principal is paid, a new loan schedule can be prepared. Excess principal can be applied in several ways, such as decreasing payments or decreasing time to maturity. Interest payments can be capitalized instead of being received in a case where the loan drawer is given a grace period. Payments can be made to escrow account for insurance payments. Draws can be made during the term of the loan. Limits are determined at the origination of the loan. A draw can result in the printing of a new payment schedule.
Fees can be incurred automatically after a certain number of late days, or they can be incurred manually. The fee amount can be a percentage or a specified amount. These amounts can be set by the principal amount of loan.
You can look up the status of any loan and any account quickly with a few clicks. You can respond immediately to your customers when they call about loan status or payoff.
If you would like more information about our products and services, please fill out an online form or send us an email.
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