Loan Management

All types of loans can be entered through the system. Our software handles installment loans as well as open-ended loans with no payment schedules. Loans can be secured or unsecured. They can be for a fixed amount or the borrower can draw up to a specified credit limit. Rates can be fixed, variable, or pegged to another rate. Interest can be simple or compounded. Payments can be interest-only, with principal pay down, or interest only until a paydown period. Payment schedules and compounding schedules are extensive. A variety of interest calendars are provided. 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 user can customize the Loan Class, the category of loan, dependent upon the purpose of the loan or for other reasons. The Loan Class will define the questions that are asked when the loan is added. For example, there is specific information required for Auto loans (such as vehicle information), Home loans (property information), and other types of loans.

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, e.g. fees first, then interest, and then principal. If additional principal is paid, a new loan schedule can be prepared. Interest payments can be capitalized instead of being received.

Loan can be paid off with or without penalty. Fees can be charged or can be waived.

Our software can be set to automatically disburse new loans or to require the disbursement to be done manually verification and approval of the disbursement. Checks can be printed or DDA deposits can be made by the system.

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.

Collateral management is flexible in the MIMICS Loan Management Software. Collateral types are defined by the user. There is no limit to the number of collateral types accepted. If interfaced with the MIMICS Customer Portfolio Management Software System, the securities in the customers’ portfolios can automatically be displayed for being assigned as collateral for the loan.

Financial Analysis

The borrower's financial information can be entered into the system for analysis and retention. Our software system provides financial ratios and other statistics and, when at least three years of financial data is entered, the system provides averages and trends. Financial review schedules can be pre-set with the system alerting the user when the next data is required.

Loan Status

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.

Delinquency

The user can define any number of delinquency categories. Each category can have its own penalties and processes.

Watch List

The user can set up a watch list used to alert the user in case the borrower is to be analyzed. The watch list is user-defined and can contain such parameters as number of late payments, risk rating, and exposure.

Fees

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. Other fees can be set up for purposes other than delinquency.

Debt Collections

If a delinquency category is set up for turning the loan over for collections, the system can automatically send it to the MIMICS Debt Collection Software System for further processing.

Discharge Loans

If a loan cannot be collected, either through the MIMICS Debt Collection Software or through the Loan Management software, the loan can be discharged. If the loan is a Mortgage and is being foreclosed, the Loan can be transferred to the MIMICS REO Software System until the property is disposed of. The REO software can also set up a new mortgage for a new owner and can send it back to the MIMICS Loan Management System.

Forms

Forms such as Payment Coupons and Customer Loan Detail Statements can be generated by the system according to your specifications.

Export

Text exports for mail merges and other functions are available. Reports can be printed to Excel or PDF format.

Reports

Our software 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.

Loan Classes and Parameters

• The term of the loan can be fixed or on-demand
• Interest can be simple or compounded
• Minimum Payment amount set to percentage of balance
• Default overpayment methods for installment loans
  • Reduce payment amount
  • Reduce term
  • Apply to final balance
  • Apply to next scheduled payment
  • Apply to Escrow
• Default review periods
• Fee setup
  • Monthly Fee
  • Origination Fee
  • Draw Fee
  • Review Fee
  • Custom Fees
• Fee Capitalization
• Payments can be:
  • Interest-only or with principal paydown
  • Interest only to principal paydown
  • Uneven interest/principal
• Interest rates can be fixed, variable, pegged to another rate. Or graduated
• Interest based upon a projected loan schedule or it can be calculated and pro-rated at the time of payment without a fixed loan schedule
• A number of calendars can be used for interest calculation
• Fees can be automatic or manual
• Fees amounts can be a percentage or a specified amount
• Loan Requirements settings
• Custom collateral and customer Information requirements
• Copy from other Loan classes

Major Procedures

• Loan payments can be made to a schedule or can be based on the accrued interest of the date of payment
• Fees can be incurred automatically or manually
• Interest can be capitalized
• Fees can be capitalized
• Loan draws
• Scheduled Loan draws
• Restrict Loan draws
• Rate changes
• View status of all loans
• Drill down on status
• Interest and payment grace periods
• Multi Currency
• Multi-Language Menus
• Loan Brokering
• Event notification
• SMS notification

Maintenance

• History Correction
• Customer Maintenance
• Loan Restructure, Merge, and Split
• Loan Requirements
• Loan Review
• Customer Financial Review and analysis
• Automated securities re-pricing
• Multi-level Delinquency Categories
• Document Archival
• Receive Multi-Currency payments
• Waive payments by customer and group of customers
• Setup and maintain Loan Limits by product, region, category, customer group, and industry

Exports

• GL & DDA Systems
• Advices
• Text exports for mail merges and other functions
• Reports can be printed to Excel or PDF format

Security

• Enhanced user access settings
• Enhanced Password Maintenance
• User Access restricted by data
• Detailed transaction audit history

Forms

• Payment Coupons
• Customer Loan Detail Statement
• Customer Payoff statement
• Review Reminder Letter
• Multi-Language Customer Forms

Reports

• Payment Schedule
• Actual vs. Scheduled Payments
• Outstanding Loans
• Projected Interest Accrual
• Payments Due
• Maturities Due
• Billing Statements
• Executive Summary
• Loan Detail
• Multi Currency
• Multiple collateral reports
• Loan Limits
• Transactions
• Analysis
• Accounting
• Delinquency