The MIMICS Loan Management system allows you to originate new loans, disburse funds, process payments received, and manage the closing of loans, along with other types of transactions. The system prints amortization schedules, checks, invoices, statements and a full suite of standard reports. The term of the loan can be fixed or on-demand. Rates can be fixed, variable or pegged to another rate, and interest can be simple or compounded. Different payment schedules can be handled, including interest-only loans, principal paydown, balloon payments, and various combinations thereof. 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.
Highlighted Features:
· Interfaces with the MIMICS Loan Origination module for the creation of loans, or loan parameters can be directly entered; produces amortization schedules as appropriate
· Tracks detailed information related to the loan, such as collateral, appraisals, insurance, etc.
· Processes the disbursement of funds via check, ACH and other payment methods
· Receives normal or unscheduled payments; handles underpayments and overpayments; overpayments can be applied to the next scheduled payment, used to pay down principal, applied to escrow, and various other options
· Handles early payoffs, restructuring, and other types of schedule adjustments
· Allows for draws to be made during the term of the loan; limits are determined at origination, and new payment schedules are printed
· Generates forms such as Amortization Statements, Checks, Invoices, Statements, Payment Coupons and Customer Loan Detail Statements
· Produces a variety of reports for tracking outstanding loans, payments due, maturities due, billing statements, etc.
· Allows for late fees to be incurred automatically and manually; the fee amount can be a percentage or a specified amount
· Interfaces with general ledger modules
· Interfaces with the MIMICS Debt Collections module, as well as the MIMICS Portfolio module.
Contact us with any questions, or to arrange a demo of the system.