Commercial Loan Servicing Software with Benedict Group

Configure your loans with your rules for your world.

No other loan servicing software company comes close to our overall offer. Functionality for any need, conversion methods for any situation and any format, implementation guidelines and project management to provide a 100% success rate, and an on-demand support model without annual fees that is truly dedicated to the you.

Our loan servicing software offers loan servicing, loan accounting, and investor tracking software for commercial, multi-family, and other complex loans and includes a broad range of sophisticated processing support such as: loan application tracking, asset management for commercial and multi-family loans, loan collateral tracking, construction loan support, delinquent loan tracking and reporting, investor reporting and accounting for commercial mortgages, automated loan changes, tracking and reporting of multiple loans under one project. Our software is robust, flexible, easy-to-use and can handle all aspects of servicing from application to payoff. We're prepared to do what it takes to make your conversion smooth, your implementation successful, and your customizations focused. Additional areas of functionality include: accruals, agent loan servicing, capitalized interest, deferred interest, discount loans, premium loans, escrow processing, loan dashboards and portfolio reporting, user-defined fees, complete financial history, general ledger interface, insurance tracking, multi-basis tax reporting, payment processing, payoff processing, risk management, schedule B reporting, custom billing schedules, automated tax processing, loan restructuring


Core Configuration


Loan Types

Loan types are completely user-defined and allow for any loan scenario.

Custom Rules

Choose your interest calculation, interest type, and how payments are handled individually to allow for any situation.

Payment Periods

Choose a standard period or define your own with custom billing schedules.

On-The-Fly Changes

Setup as many changes as you'd like from now out into the future including amounts, interest methods, rates, etc and the system will implement them automatically with automated loan changes.

User-Defined Fees

Define your user-defined fees to fit your needs and as many as you'd like - all with their own rules and how they should be handled.

Waterfall options

Define your waterfall or payment allocation at the system level or all the way down to the loan level.


Detailed Configuration


Complex Interest

Easily manage default and capitalized interest.

Legal Actions

Manage all aspects of the legal process including bankruptcy, forbearance, foreclosure, and much more.

Escrow

User-defined escrow accounts for whatever reason you need - insurance, taxes, replacement reserves, but also for any reason imaginable that you'd need to track a bucket of money. We also support your escrow processing needs.

Investors

Unlimited investors/participants all with their own rules including their own ownership amount, user-defined fees, and rates and indepth investor reporting breakdowns across the board for every financial transaction.

Analytics

We track everything about the loan and offer the results in numerous drill down views and reports.

Loan accounting

Using our general ledger interface which can be easily customized by you, you'll be able to report to as many set of books as you'd like. You can integrate with your accounting system easily and update as often as you'd like.

Extensive Loan Servicing Support

Our loan servicing software offers loan servicing, loan accounting, and investor tracking software for complex loans and includes a broad range of sophisticated processing support. Our software is robust, flexible, easy-to-use and can handle all aspects of servicing from application to payoff. We're prepared to do what it takes to make your conversion smooth, your implementation successful, and your customizations focused.

Benedict Group has been an industry leader in enterprise loan servicing software since 1990. In partnership with one of the nation’s largest insurance companies, we first released our LOANS! software at that time for the loan servicing and loan accounting of commercial mortgages.

Since then we have enhanced LOANS! continuously with input from clients, using the latest technology, expanding its functionality, and making its interface extremely easy to use. As a result, LOANS! is now ideal for commercial lenders, multi-family housing authorities, economic development agencies, credit unions, insurance companies, consumer loan providers, and structured settlement companies.

Supporting our software is a staff of industry professionals with many years of expertise. With LOANS!, you will be provided with one point of contact to handle all your support needs – a person familiar with you, your company, your loans, and your current requests.

In short, with LOANS! For .Net, you will receive quality loan servicing and loan accounting software with the knowledge that we will help you make it whatever you want it to be.

Core Functionality

Key functions needed for your servicing.

Application Tracking

Tracking your applications has never been easier. Complete the application process and easily transfer to servicing. Create user-defined checklists, utilize holds or flags with optional administrator approval. Track closing docs, pictures of the property, videos, even URLs. View more related to loan application tracking...

Tracking applications is never mandatory, but it can definitely be a useful feature. Import your applications from some third party system or keep track as you go.

Asset Management

Commercial loans include the highest levels of complexity, and our software will be right there with you. Track the many aspects of asset management. View more related to asset management...

Lenders will be able to track the property information from a financial point of view. You’ll be able to load up all the financial statement information as you get it from your development, and you can also track things like rent rolls, occupancy, etc.

Learn more »

  • Unlimited properties per loan and unlimited loans per property.
  • Master and subordinate property tracking.
  • Unlimited financial statements by property and loan (operating, non-operating, balance sheet).
  • Automated calculation of financial statements across loans.
  • Rent rolls by property with the automated calculation of occupancy and rollover.
  • Construction project tracking, including budgets, funding, and draws.

Collateral Tracking

A large portion of our software is completely user-defined, so with collateral tracking, you can set up an unlimited amount of collateral for pretty much anything. Collateral items are set up independently from loans, so you can link multiple loans to one item of collateral if you need to.

Construction Loans

We offer a highly configurable option set so you'll be able to handle your construction loans.

Your loans, user-defined throughout the construction phases will have options like automatically switching from interest only to amortizing when you're ready, and this all happens automatically without having to set up a new loan.

Learn more »

  • The ability to set up and track a complete construction budget with detailed line items and funding sources for each draw.
  • The ability to make multiple disbursements, with a limit on the total principal to be disbursed.
  • Support for a floating interest rate based on an independent index and a margin defined at the loan level.
  • The daily calculation of the interest due in billing, payment processing, and accruals.
  • The ability to choose whether interest is collected through the normal payment process or as a net amount from subsequent principal disbursements.
  • And the ability to automatically convert to an amortizing loan using the loan’s pending changes.

Delinquent Loans

As much as we wished everyone was perfect, this area will inevitably be needed. Tracking delinquent loans doesn't have to be painful though. Using our built-in inquiries and reports along with our workflow management sub-system the process can be improved greatly. Workflow allows you to define action queues based on your criteria. An Action Queue is basically a rule to create workflow items with your criteria.

Investor Reporting and Accounting

This area is huge. Not just in the realm of the functionality, but with it's importance to your business. At it's core, handling investors is simple. Each loan is linked to at least one investor or source of funds, and then you can have as many investors linked to a loan as you want. Beyond this though, we track a huge amount of information ranging from things like payments, accruals, etc. across the board for all investors. Reporting can be handled from one investor to all investors with a high number of additional configurations possible. View more related to investor reporting.

Both internal participants and external investors can be referenced at up to three levels:

Learn more »

Investor Hierarchy

Investor

Top Level (e.g. company)

Segment

Middle Level (e.g. line of business)

Pool

Lowest Level - (e.g. product or source of funds)
Once linked, every financial transaction posted to the loan is automatically segmented, so that a history is maintained of each investor’s portion. In addition, a month end history is maintained for each of the loan’s investors which summarizes the transactions and month-end balances for the month.

Pending Changes

Set up loan adjustments whenever you'd like - today or for some point in the future. The system will know, and take these numbers into account on calculations, reporting, etc. Increase your servicing staff's efficiency, never miss a loan change, and automate whenever possible.

Solving Loan Servicing
LOANS! For .Net

Project Tracking

This allows you to link multiple loans together. The reasons for this will most likely vary widely from business to business and is up to your users. This can also be useful for billing and/or reporting.

Subsidized Loans

You can have multiple subsidies (other payers) allowed per loan. You can track due dates by subsidy and by borrower. Late charges can be assessed based on the borrower amount due, and of course, you can do subsidy billing.

User-Defined Loan Setup

Simple or complex - it's up to you. You set the parameters, and you're always in control. Mix and match interest calculations with your interest types, and easily configure dozens of other settings like late charges, grace days, payment periods, and methods. Set up your loan scenarios the way you want.

We allow for a huge level of detail. Use our loan type templates for increased efficiency, less data entry, and improved loan setup times. And as always - it's your lingo and your unique servicing niche, so with our software being backed by user-defined tables you can use your own terms and your own parameters.

Expanded Functionality

Additional functions that you may need.

Accruals

We record financial history on both a cash and accrual basis. The latter involves the calculation of expected income, balances, and other financial information. This process takes into consideration any activity which has occurred, or is scheduled to occur, for a loan.

Agent Servicing

Whether you're still in the process of moving your loans in-house, or you have that portfolio that's serviced elsewhere. Our software tracks agent-serviced loans.

Learn more »

  • Summary and detail billing by agent.
  • Net or gross payment entry.
  • Support for after-the-fact late charges, payments, and adjustments in payment processing.
  • The automatic calculation of servicing fees.

Complex Interest

Complex loans calls for complex scenarios involving what happens with a loan's interest. We handle the automatic and/or manual calculation of capitalized and/or deferred interest as well as the calculation of default interest on a daily basis, using the parameters and period of time you specify.

Learn more »

Capitalized Interest

The amount capitalized can be calculated based upon a schedule of dates and percentages which you enter, or occur where the payment amount is less than the interest due for loans with negative amortization

Deferred Interest

You can set up a variable (increasing or decreasing) schedule of the interest percentage to be deferred each payment period, and a variable schedule for its repayment. Interest can also be charged on the deferred interest balance, and the rate that is charged can be different than the contract interest rate of the loan

Default Interest

Flexible parameters offer a wide range of options, including when to start assessing the interest, what to use for the calculation basis, and what interest rate to use.

Discount/Premium Loans

For loans which have been purchased at a discount or premium, LOANS! For .Net supports the automatic accrual of the discount or amortization of the premium over the life of the loan.

Learn more »

Straight Line

Whereby the same amount is accrued or amortized each period.

Effective Yield

Whereby the amount is spread so that the total effective yield of the loan remains constant throughout its term.

Principal Reduction

Whereby the amount is calculated based on principal payments.

Escrow Processing

We allow you to maintain an unlimited number user-defined escrow accounts, each with their own balance. Further configure your accounts by configuring interest earning or non-interest earning. With automated escrow analysis and disbursements our escrow processing will allow for a high level of flexibility.

Executive Summary

Quickly view your entire portfolio at a glance.

Breakdown loan delinquencies, loan counts, balances. The executive summary runs off your month end info, and can allow you to easily review your portfolio details over time.

Fees

Easily bill an unlimited number of user-defined fees.

Quickly specify a time period during which it should stay in effect. Fees can be set up to be included with the debt service payment and included in the billing process and printed on the borrower’s invoice. Or fees can be set up as unscheduled fees to be collected at payoff or another time. In addition, all fees are recorded in financial history.

Financial History

A complete record of each financial transaction is stored in the software. This history includes the transaction’s financial information and many of the loan’s key balances prior to the transaction. You can easily access all of this transaction history via inquiries and reports.

We allow you to enter payments days after they were actually received, and still have them reflected correctly in your loan balances. You can maintain as many years of financial history as you wish, being limited only by the amount of disk storage you’ve allocated.

GL Interface

We provide an automated, user-defined interface for linking your financial data in with your general ledger software.

Learn more »

  • The ability to set up as many interfaces as you’d like, and the ability to link to more than one GL system and/or more than one set of accounts for the same GL(e.g. by loan and by investor).
  • The ability to generate GL entries based on specific payment transactions or month end balances.
  • The ability to define the general ledger accounts to be used based on optional selection criteria, such as loan type, dollar limit, or whether a loan is agent serviced.
  • The ability to view the GL entries generated prior to their being exported, and make corrections as needed.
Solving Loan Servicing
LOANS! For .Net

Insurance Tracking

We provide extensive support for insurance tracking.

Learn more »

  • Support for multiple insurance types.
  • The tracking of escrow and nonescrow policies.
  • The reporting of expiring policies.
  • The tracking of insurance policy deficiencies if required by the loan’s insurer.
  • And the handling of insurance disbursements when escrow has been collected for the policy.

Multi-Basis Tax Reporting

Set up as many reporting types as you'd like. This can include statutory, GAAP, tax, and others if needed.

For each reporting type, you’re allowed to define rules which are used in the calculation of interest reserve, book value, earned income, discount/premium amounts, and other values. LOANS! For .Net then automatically computes and stores these numbers for each loan and for each reporting type.

Payment Processing

We allow you to enter payments and process them in real-time or delay their processing until a later time. If you wish, the latter can be done as part of a nightly batch. Both methods calculate the amount due at the time of processing, taking into consideration any pending changes which have not yet been implemented, any floating interest rate changes, any adjustments which have been entered, and any scheduled principal payments which have not yet been paid.

Easily reverse payments, ACH for debit and credit, lock box processing, non-cash processing, manual payment entry, etc.

Payoff Processing

Quickly create payoff quotes based on any date. This can be useful when your borrower calls in and wants their information immediately.

The software can automatically create payoff letters which you can then mail or email. Easily reverse payoffs if necessary. You can even continue to post fees and escrow disbursements if needed after a loan has paid off.

Risk Management

We offer a number of features for assessing loans, notifying collectors and others of rating changes, and measuring an organization’s success at loss mitigation. These include the ability to create rules for rating loans and their related elements, such as loan financials, delinquencies, borrowers, loan types and geographical regions. You can also use these rules to set up an automated process periodically that assesses each loan and notifies the appropriate individuals when a rating change occurs. Additionally, real-time analysis tools are provided for monitoring at-risk loans.

Our analysis tools are integrated with our workflow management and financial reporting functions. You'll find management performance reports to summarize and compare rating and financial information with prior periods.

Schedule B Reporting

You'll be able to create Schedule B reports monthly, quarterly, or annually. In the first step of the process, separate Schedule B records are created for each loan in your portfolio as of the month end date that you specify. If necessary, you may then update the data for individual loan records to include information which may not be held in the LOANS! For .Net database. Once you are satisfied that the data is valid, you then can print Parts 1, 2, and 3, and the verification between years.

S.B.
After year end, all Schedule B data is retained in the LOANS! For .Net database indefinitely and this allows you to rerun any of the reports whenever you’d like.

Special Billing Schedules

In addition to monthly, quarterly, semi-annual, and annual billing, we support loans that require a special, user-defined billing cycle.

Examples would include loans that have to be billed on the last business day of each month or loans that are billed on a 7 and 5 month cycle. You simply set up the billing schedules you need and then link them to whatever loans require their use. We then bill the loans, and calculate their expected payments based on those schedules.

Tax Processing

We provide extensive and automated support for tax processing.

Learn more »

  • Support for multiple types of taxes.
  • User-defined tax authorities and tax parameters.
  • Escrow of tax payments.
  • Interest earning and non-interest earning options on escrow processing.
  • Automated escrow analysis and batch disbursements.
  • Tracking of non-escrowed loans to ensure that their taxes are being paid.

What-if Loan Restructuring

Let your marketing team go wild. Explore that niche idea that could be the next big lending option. Imagine this as your loan sand box. In the what-if section of the software, you can essentially play with a loan to adjust parameters, and see future differences without actually affecting your loan. If you like what you see, you can then apply that to your live loan(s) without having to re-enter data.

Solving Loan Servicing
LOANS! For .Net