We have a continuous development approach so we are always adding new features and enhancing existing ones. Here is a summary of our current features as of Q2 2017. We deliver software updates weekly. Major updates monthly (typically).
Create unlimited Clients (customers, borrowers)
Capture unique Tax ID from each client and use it as a search criteria.
Create unlimited Identification document types.
Customize Client Numbers generated by LoanCirrus.
Create unlimited loan applications
Upload documents, images and signatures
Add Assets across several asset categories.
Use assets as collateral in any loan application.
Apportion any amount of an asset as security in a loan.
Track the expiration of asset appraisal dates and value.
Capture client employment data and check length of employment. Under 6 months require previous employer information.
Allow for the addition of up to 3 references.
Assign and reassign clients and loan accounts to Credit Officers dynamically.
Capture unlimited client notes.
Create unlimited loan products.
Define Interest Rate calculation methods at the loan level
Define loan term - minimum and maximum at the loan level.
Define loan interest rate range at the loan level.
Define allowable loan amounts at the loan level - minimum and maximum.
Define the repayment periodicity of the loan
Define if a loan is a Term loan.
Define Ballooning behavior.
Define Accrual frequency
Define repayment allocation order
Allow rules to be created on fees
Allow for Ad hoc, manual fees that can be applied anywhere/anytime.
System automatically prevents possibility of duplicate loan products.
Apply specific process workflow at the loan level. Workflows must be attached to each loan product.
Allows for repayments to loan accounts
Allows for topping-up a loan
Allows for rescheduling a loan
Allows for Paying Off a loan before maturity date
Allows for Writing Off loans.
Automatic creation of Escrow Savings account with each client created.
Automatic transfer of funds from Escrow Savings accounts to pay loan repayments.
Ability to add Co-Applicants to a loan application
Ability to add Guarantors to a loan application.
Ability to create Income categories and capture income at the loan application level
Capture banking information for each loan.
Ability to create expense categories and capture expenses at the loan application level.
Calculate Debt Service Ratios and provide visual charts.
Define Input document types and link them to loan products.
Define output documents and link to loan products.
Allow for the creation of output document templates and populate with placeholder data for dynamic inclusion into the documents when outputted.
Download, print and email output documents.
Activity feeds for loan accounts and client activities
Manager's Dashboard with charts.
Reports can be exported as CSV and EXCEL and shared by email
Tables can be exported as CSV and EXCEL
Columns can be added to Tables dynamically by the user.
Columns can be sorted by headers
Tables can be searched
Global search for clients and loan accounts
Ability to add any of 168 currencies and to create loan accounts using any currency.
Currency exchange rates kept current automatically via daily online link.
Create unlimited fees and penalties.
Create rules for applying fees. Link one or more products to the rule.
Create grace periods for penalties
Create Arrears Grace to distinguish late days from arrears days.
Ability to reverse payments. True reversal of the transaction footprint.
Create role and users
Assign any one of over 50 permissions to any role.
Users inherit permisions assigned to roles
Users can securely manage their passwords.
Add Debt Collection companies and Bailiffs
Define how Bailiffs get paid - percentage of collected amounts or flat fee.
Ability to assign loans in arrears directly to a registered Bailiff.
Ability to define data elements to be used in Scoring
Ability to create scoring parameters and relative weightings.
Ability to create score ratings and their numeric ranges.
Dynamic scoring as clients and loans are created.
Ability to register employers so they can be selected from a dropdown and their particulars auto-populated.
Ability to set non-business days and Holidays so that repayments can be managed on those days.
Ability to create multiple branches and to restrict access to any branch.
Ability to create custom process Workflows and link them to specific products.
Ability to create custom rules and apply them to any transition step in a workflow. Eg. Don't allow application to be sent to Manager for review unless Proof of Address has been collected from customer.
Ability to lock loan accounts and prevent editing at any point in the process. Eg. lock loan accounts upon approval OR when approval has been requested.
Ability to have notifications sent to any user defined in a workflow when a workflow step is changed. For example, send a notification to loan officer when a loan is approved by the Manager and also copy another staff member.
Ability to define funding sources and have them selected at time of disbursement.
Ability to set provisions for bad loans and to see those provisions relative to actual arrears age.
Ability to manage collections proactively by seeing loans that are coming due in the future.
Ability to manage current arrears by age.
Ability to manage loan applications through several sub states
Quick Calculator so Loan Officers can pre-qualify clients before starting an application.
Ability to capture comments with user, date and time stamp
Color-coded loan status for quick identification
Customize accent colors used in the application.
Ability to add your own logo and branding.
High availability infrastructure.
Fully scaled for high loan volume transactions.
Rolling 12-hour backups, weekly full backup.
Bulk loan repayments and auto-application to loan accounts.
One-click to send loan statements to your customers.
Write-off penalty at time of repayment directly onto repayment window.
Full customer communications suite across email and SMS. Customer-level communications settings.
Event triggers that initiate the sending of a notification linked to that event.
Customizable email and SMS notification templates.
Track and view full details of each payment made on an installment.
Searchable transactions ledger
API connections (connecting other Software to LoanCirrus)