Loan Types
- Commercial Mortgage
- Home Mortgage
- Construction Loan
- Personal Loan
- Working Capital
- Many Others
MIMICS Loan Processing System Overview
MIMICS Loan Processing System allows you to originate new loans, save loan documents, track collateral, and track loan transactions such as payments. The system prints invoices, statements, and a variety of reports. 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 interest-only or with principal pay down. 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.
The system allows the user to set up any time of loan such as auto loan, construction loan, mortgage loan, and any others. These are set up as loan classes and are user-defined. They are defined once as a class or template and can be changed at any time by authorized employees. The loan class defines many of the parameters that can be defaulted for entering a particular loan. For example, there can be defaults for compounding or non-compounding; payment schedules and compounding schedules; tenure of the loan; type of rate such as variable or fixed; and many others.
When entering a new loan, some values are pre-set from the defaults of the class. These can be overridden. The system calculates the loan payment from the data entered. Alternatively, the system can calculate the maturity date from the loan payments. An amortization schedule can be printed when the loan is entered. Payments can be made at any time during the term of the loan. They can be applied towards the scheduled payment, or can pay according to rules you apply. If additional principal is paid, a new loan schedule can be prepared. Interest payments can be capitalized instead of being received, in a case where the loan drawer is given a grace period.
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 can be incurred manually. The fee amount can be a percentage or a specified amount. 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. With the drill down feature getting the right information is quick and easy.
The system can print a variety of reports for tracking outstanding loans, payments due, maturities due, billing statements, etc. With the optional Report Writer you can also create your own report as you need it. Forms such as Payment Coupons and Customer Loan Detail Statements can be generated by the system at ease. Text exports for mail merges and other functions are available. Reports can be printed to Excel or PDF format. The database is fully encrypted. Updates to the database can only be made through the system. The system is password protected and can have features assigned to users by way of user profiles to fully protect your system and data.
If you would like more information about our products and services, please fill out our online request form.