Introduction
Loan field customization allows lenders to define essential details, such as interest rates, loan terms, and deposit dates, while eliminating unnecessary fields. By enabling only the required options, you ensure a streamlined interface that supports accurate data collection, reduces clutter, and aligns with compliance standards.
Navigating to This Section
1. Click the Gear icon in the top-right corner to open Settings.
2. Select Company Settings.
3. Use the left-hand navigation menu to find and expand Loan Setup/Origination.
4. Locate Loan Fields Setup.
Tip: If you cannot access Loan Fields Setup, ensure you have the necessary permissions or check with your administrator.
Loan Fields
Configurable Loan Fields
Setting | Description |
Interest | Pre-populate an interest rate for new loans, with the option to adjust per file. |
Loan Term by Default | Set a standard loan term (e.g., 12 months) that can be modified as needed. |
Application Types | Enable dropdown selections for Mortgage, Line of Credit (LOC), Bridge, or Promissory Note. |
Loan Purpose | Activate a free-text field for specifying the loan’s purpose (e.g., renovation, debt consolidation). |
Yield Maintenance for Penalty | Calculate early-termination penalties using yield maintenance for certain loan structures. |
Closing Costs | Display closing costs when the loan type is Purchase. |
Down payment | Show a down payment field in Commitment Details for purchase loans. |
Current/Property Value | Enable a Current Value field for construction loans. |
Purchase Price | Display purchase price in Commitment Details when applicable. |
Enable MIN for MERS | Add a MERS registration field under Commitment Details. |
Allow Partial Term and Percent of Payment Options for Holdback/PPI | Define partial term lengths and payment allocations for holdbacks or Pre-Paid Interest (PPI). |
Disable Field Auto-Calculation Helper | Prevent automatic system calculations, allowing full manual data entry. |
Fund Loan Externally | Mark a loan as externally funded while maintaining a record in the system. |
Rush Indicator | Flag loans as Rush, displaying a priority icon in the In Progress dashboard. |
Enable Both Closing and Deposit/Funding Days | Specify distinct Closing Date and Deposit/Funding Date under Investors. |
Custom Maturity Date | Override system-calculated maturity dates to set a custom loan maturity date. |
Show both Net and Gross Loan Amount in Standard Loans | Display both Net Loan Amount and Gross Loan Amount in Commitment Details. |
Currencies | Define available loan currencies (CAD, USD, AUD, etc.). |
Best Practice: Disable fields that are not regularly used to simplify workflows while maintaining access to necessary data.
Advanced Loan Field Options
Setting | Description |
Enable Payment Method Selection | Add and review payment methods, including PAD (Pre-Authorized Debit). |
Remove 'Deposit To' Restrictions | Allow all investors to be listed under Deposit To in PAD files. |
Enable View Button for Custom Fields | Require users to select View to access custom fields. |
Tip: Custom loan fields can be created under Settings > Default Fees to further tailor loan structures.
FAQs
What happens if I disable a loan field?
Disabling a loan field removes it from view but retains historical data, allowing it to be re-enabled at any time.
Can I configure loan fields per loan?
Yes, while default settings apply globally, individual loans can be adjusted as needed.
How does auto-calculation affect loan data?
When enabled, the system auto-populates key loan fields. Disabling it allows manual data entry for full control.
Need Further Assistance?
For additional support, contact us:
📧 Email: support@mortgageautomator.com
💬 Live Chat: Click the question icon at the top-right corner of your screen.