Servicing Software For Interest Only Loans
Balloons Servicing
INTEREST precisely calculates points, monthly interest and principal at maturity. INTEREST services interest only loans, partial amortization loans, negative amortization loans and accrues unpaid interest on simple-interest loans.
Sophisticated reports include a future aging of maturity/principal collection. INTEREST also amortizes call loans. Has 18 new notification letters (also included with the MARGIN system).
Every lender has a different definition of "Balloon Note", but precision is the one essential quality required in processing any loan. Precision means uncompromised accuracy in charging points, determining payments and calculating monthly interest and principal at maturity.
Need to negatively amortize a mortgage, accrue interest not being paid on a simple interest loan or change from interest only to partial amortization? With INTEREST there's no problem!
INTEREST saves you from the headaches and frustration of balloon-style loans. It produces all the reports and notifications associated with these loans, streamlining your business with minimal time and effort.
Simply select the option for simple interest, mortgage or adjustable loan; INTEREST does the rest. Your payments are properly recorded each month and at maturity the remaining balloon is automatically moved to the payment amount. INTEREST lets you move on with your business.
Software Features
- Calculates three different repayment methods:
- Simple Interest Style
- Mortgage Style Interest
- Adjustable Style Interest
- Partial amortization, call loans, balloons
- Can adjust payment/rates/late charges any time
- Dedicated word processor with 18 Notification letters, including 10 customizable letters
- Over 50-item library can be extracted for use in letters
- Automatically moves balance to payment amount when due
- Letters include:
- Payoff Demand
- Maturity Notice
- 120-Day Notice of Balloon Payment Coming Due
- 90-Day Refinance/Rollover Notice
- 60-Day Reconveyance Request
- 30-Day Solicitation
- Request for Full Reconveyance
- Rate Change Notification
- Balloons Due
Experience a free, personalized loan servicing software demonstration over the Internet.