Structured settlements often involve intricate payment streams, requiring meticulous management and accounting. At BGI, our loan servicing software offers robust and comprehensive support specifically tailored for structured settlements such as annuities, lottery winnings, and various other types of periodic payment arrangements.
With the ability to handle both simple and complex payment schedules, our software provides the precision necessary to manage and track these unique financial arrangements. It has the capability to handle various types of payment streams, be they regular fixed payments, tiered payments that change over time, or even life-contingent payments linked to the recipient's lifespan.
Moreover, our software enables you to effectively manage the accounting of purchased structured settlement payment streams. It accurately calculates the present value and the purchase price of the payment stream, considering the complexities like discount rates and payment frequencies. Our software's in-built financial tools ensure that all such calculations are accurate and compliant with the pertinent financial standards and regulations.
In the case of lottery winnings, the software can manage lump-sum payouts or annuitized payments spread over years. It offers the flexibility to tailor the payout terms according to the unique requirements of each lottery win, including variations in the payment amounts and frequencies.
Furthermore, our software comes with robust reporting capabilities, providing detailed reports on payment histories, outstanding balances, and anticipated future payments. This not only aids in making informed decisions but also simplifies the task of regulatory reporting and compliance.
With BGI's loan servicing software, managing structured settlements becomes a more streamlined and accurate process, thereby enhancing your service delivery and ensuring the satisfaction of your clients. It's a comprehensive solution built to tackle the specific challenges that come with servicing and accounting for structured settlements.