Overview
MIMICS Loan Management services the loans your institution holds, from funding through repayment, payoff or collection. In the Core Processing Suite it picks up approved loans from Loan Origination and works from the same customer and member records as Teller, Account Management and Accounting, so a payment taken at the window or a disbursement to a deposit account lands on the loan without re-entry.
Banks and credit unions use it to run consumer and commercial portfolios with very different terms side by side. Loan classes set the rules, the system tracks every transaction, and late payments are flagged and handled according to your policies. Your lending staff get an accurate, current view of every loan, and your institution keeps delinquency under control.
Loan Structures You Can Offer
Terms can be fixed or on demand, and rates can be fixed, variable, pegged to another rate or graduated, with simple or compound interest. Installment loans and revolving lines up to a credit limit are both supported, secured or unsecured.
- Interest-only, principal and interest, or interest-only up to a paydown period
- Payments against a projected schedule or calculated on accrued interest at the time of payment
- A choice of interest calendars and compounding schedules
- Draws during the term, within limits set at origination
Loan classes define the questions asked when a loan is added, such as vehicle details for an auto loan or property details for a mortgage.
Servicing and Payments
New loans can be disbursed automatically or held for manual approval, by check or deposit to an account. Payments can be taken at any time and applied to the scheduled amount or by your own order, such as fees, then interest, then principal. Extra principal can reduce the payment, shorten the term or produce a new schedule. Loans can be paid off with or without penalty, and fees can be charged or waived.
Documents related to each loan are saved with it, and every transaction is tracked. Staff can drill down from a portfolio view to any single loan when a customer calls about status or payoff.
Staying Ahead of Delinquency
Past due payments are tracked automatically. You define as many delinquency categories as you need, each with its own penalties and process, and late fees can be applied automatically after a set number of days or entered manually.
A user-defined watch list alerts staff when a borrower should be reviewed, based on measures such as late payments, risk rating and exposure. Financial review schedules prompt staff when new borrower financials are due.
Collections, Restructuring and Refinancing
When a loan needs a new arrangement, it can be restructured, merged or split. Loans that reach a collections category can pass automatically to MIMICS Debt Collections, and foreclosed mortgages can move to REO Management until the property is sold.
Works With
Loan Management receives loans from Loan Origination, accepts payments through Teller, and can hand loans to Debt Collections. Contact us to request a demo.
Loan Management: quick answers
What is MIMICS Loan Management in the Core Processing Suite?
MIMICS Loan Management services the loans an institution holds, from funding through repayment, payoff or collection. In the MIMICS Core Processing Suite it picks up approved loans from Loan Origination and shares customer and member records with Teller, Account Management and Accounting.
Can MIMICS Loan Management run consumer and commercial loans together?
Yes. Banks and credit unions use MIMICS Loan Management to run consumer and commercial portfolios with very different terms side by side. Loan classes set the rules, terms can be fixed or on demand, and interest rates can be fixed, variable or pegged.
How does MIMICS Loan Management handle delinquency and collections?
MIMICS Loan Management automatically tracks past due payments and monitors delinquency, flagging late payments and handling them according to your policies. It also provides tools for managing debt collections and refinancing, and stores documents associated with each loan.