Lender Software Pro Features
You can print an Acceleration Notice which can be sent to the borrower demanding the borrower payoff the mortgage in full. View sample Acceleration Notice pdf.
You can define the amortization period. For example, 30 years, 15 years or interest only.
You can enter a bad check charge that will be automatically added to the late fee when a bad check is specified.
You can print a courtesy letter to remind borrowers that their mortgage is ballooning soon. You can also edit some of the text to personalize it. View sample Balloon Notice pdf.
Balloon payments and last payment dates are calculated automatically.
If you bought the mortgage at a discount, you can enter the price you paid, the amount of the loan and the number of payments left. You can also see the monthly capital returned to you and the discount earned.
Enter Payments, Non-Payments and Bad Checks
Lender Software Pro will correctly handle the following scenarios:
- You receive the correct payment on time
- You receive the correct payment late including late charge
- You receive the usual payment late without late charge
- You receive a partial payment on time
- You receive a partial payment late
- You receive MORE than the correct payment
- You receive a LOT more than the correct payment
- You receive nothing
- You receive a bad check
- Catch-up payments
For examples, view the section in the User Guide on entering payments, Non-Payments and Bad Checks.
Escrowing for Taxes and Insurance
You can escrow for taxes and insurance. If the monthly escrow payments change later on, you can enter the date and new amount.
Interest Rate Changes
It’s easy to change the interest rate. The new payment amount will be automatically calculated.
You can enter a late charge % and the number of days before a late charge is due. The late charge is automatically calculated for you and added to a late payment.
Late Notice (Default Notice)
You can print a Late Notice that can be sent to the borrower. You can specify the number of days the borrower has to cure the default. You can also edit some of the text to personalize it. View sample Late Notice pdf.
You can print payment coupons for the next 12 months. View sample Payment Coupons pdf.
Calculate and print a Payoff Letter. You can specify the start date and whether there are additional payoff charges. View sample Payoff Statement pdf.
Points and Other Finance Charges
You can enter % points and the $ amount of other finance charges.
Pre-Paid interest is calculated automatically based on the loan origination date you enter. If there is NO pre-paid interest, such as where payments start exactly one month later, then the first payment due date can be adjusted to take account of this.
The software allows you to print a Substitute 1098. Please be sure to check the IRS website Forms and Publications and make sure you have their latest form, and transfer the information from Lender Software to the latest form. View sample Substitute 1098 pdf.
Truth in Lending Statement
You can print a Truth in Lending Statement if you are required to do so, for example if the loan is a residential loan to a homeowner. View sample Truth in Lending Statement.
You can enter the date your want to start from for your accounting period. If you bought the mortgage at a discount, you will also see the principal recaptured and discount earned. View sample Year View Statement pdf.