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An interesting phone call...

I was talking with a customer in early November of 2017, and our conversation really illuminated the difference between Moneylender 2 and Moneylender 3.  They're using both versions side-by-side until 2018 starts and they'll just work in Moneylender 3 after that.
Customer: "I have a borrower that was way behind.  They just sold their business or something and they paid the loan.  How do I enter that?"
Josh: "OK, did they pay it off completely?"
Customer: "No, they paid to bring it current.  They haven't paid since May of 2016."
Josh: "OK, in Moneylender 2 we need to put in $0 payments for all the due dates that were skipped.  We can use the Auto-Generate Payment History tool to create them in one shot."
Customer: "OK, tell me what to do."
We attempt to use the auto-generate tool to add about eighteen $0 payments to the loan to satisfy all the due dates up through September of 2017.
Josh: "Oh, and we have to go into ea…

Epic Thank You to CloudSmallBusinessService.com

Today I was checking the placement in Google for the Moneylender website. I clicked on one of the suggested search terms "loan servicing software for private lenders".  The ever-present Capterra was first, and CloudSmallBusinessService.com was second.  Moneylender was 5th.  Since the second site was reviews of loan software, and not a competitor, I clicked it to see their Top 10 Loan Servicing Software for Private Lenders list.

I was astonished to discover Moneylender Professional at the top of the list.  I do my best to provide the easiest and most valuable loan servicing platform, scalable to any lender.  It is such an honor to be recognized publicly as the top software solution for private lenders.  Many thanks to Sam Smith for the vote of confidence in our program.

Moneylender 3 Beta Progress

It's been about two months so since Moneylender 3 was released in Beta.  There are a few people that are actually using it to service their loans.  In most cases, it's because the new capabilities allow them to better tailor the program to their loan structure.
A lot of the program is functional.  A new wizard that walks you through closing a loan and zeroing out the balance is almost ready.  In place of Moneylender 2's behind-the-scenes and somewhat arbitrary loan-zeroing routines, in Moneylender 3, you'll have a couple straightforward options to deal with surpluses and deficits at the end of a loan.  Another major result of the new calculation engine's transparency and adaptability.
The next section of the application to get attention will be the reporting system.  Reports get the testing and polishing needed to be ready to answer nearly every question a lender might ask of their loans, and provide the ability to create and customize reports to find answers to t…

Going to Court over a Loan

Whether you're the one filing the lawsuit or not, a lawsuit means something is not going right on the loan.  Make sure you find a qualified attorney to represent you in court.  There may be a lot of fear and uncertainty if you are served a lawsuit, and you may feel financially threatened.  If you are filing the suit, there may be a lot of resentment and frustration. 
For a borrower that believes the lender has accounted incorrectly on a loan, the suite is the final step in attempting to correct the problem.  For a lender being sued by a borrower, the suite is a warning that the lender has not follower their obligation to service or account for the loan properly.  For a lender looking for a judgement against a borrower, the suit is the means to secure repayment from a borrower that has severely violated the normal repayment terms of the loan.
There are a few things that will definitely result in a loss for the lender.  If the loan contract conflicts with local or federal laws, pa…

Manual vs. Automatic Loan Calculations and Management

There's a huge commitment of authority whenever you automate something.  A simple example would be the transmission in a car.  With a manual transmission you can personally optimize the torque and fuel efficiency of your drive at the expense of doing extra work to choose throughout the drive which gear best suits the current situation.  With an automatic transmission, the decision about how much torque the engine needs to produce is handed over to the routines created by the engineers that made the car.  More thoughtful, tested, adaptive routines can make the car more efficient or give better performance or both.  If the automatic transmission is rough or inefficient or unaware of the kinds of roads you usually drive or your driving style, the experience can be unpleasant.  When you choose an automatic transmission, you're putting your faith in the car maker to build a system that can shift the gears at least as well as you would have.
Loan servicing software is like that, too…

Getting Started with Your First Loans

So you find yourself with a loan or many loans.  Maybe you sold a house, maybe you inherited a portfolio.  Your hope is that borrowers will pay the loans promptly and consistently.  You know there are a lot of laws that govern loans and collecting debts, but you're not fully acquainted with the details.  You know you'll have to report your income, and that sometimes the loan will affect the borrower's taxes, too.

Don't worry.  We're here to help.

Moneylender Professional includes free phone and email support.  We get lots of questions about what a lender is supposed to do.  We're happy to share what we've learned talking with hundreds of lenders since 2004.  We want you to be as successful as our other customers have been, and we want you to maximize the return, stability, and value of your loan portfolio.

The first thing to do is to get yourself set up with our Moneylender software.  Loans require complex calculations, and if there's a mistake it can c…

Loan Servicing Software: Get Rid of the Backup Bother Once and for All

Even if you're extremely careful, you never know when a computer crisis might pop up. Moneylender Professional loan servicing software helps you prepare for that emergency so you won't lose any data. You've got two ways to back-up your loan information:
·Backup Portfolio: In the File Menu, just click on this option to save a portfolio to another computer file. Each time you perform this backup you select the location.
·Auto-Backup Portfolio: Enable this through the Backup tab in Moneylender Settings on the File Menu. Once you set up this option, MLP automatically copies your portfolio. Select:
oThe backup schedule: Anywhere from every five minutes to every six hours
oThe location: To be fully protected, choose a different drive, such as a flash drive or external hard drive. NOTE: if you disconnect the designated drive, your auto-backup system is deactivated. To re-start the process, you'll have to set it up again.
With Moneylender Professional loan software, your informat…