Opening a new loan isn’t always an exact science. Savvy customers will likely want to see how different terms, down payments, or interest rates affect their monthly payment amount before making a commitment.
While some lucky math wizards out there can make such calculations on the fly, the rest of us mere mortals require some sort of amortization calculator in order to keep up with our customer’s questions. Fortunately, CIM GOLD provides just such a feature on the new Loans Account Information Amortization Schedule screen (starting in version 7.9.4).
This screen can be used to:
No actions performed on this screen permanently affect any account information, so feel free to play around with as many settings as it takes until all your customer’s concerns are addressed.
Here’s how it works:
The system will calculate the amortization schedule and display it on the Amortization Schedule tab (see example below). This tab displays a list of all payments that will be made on the hypothetical schedule, each accompanied by its hypothetical due date, interest information, and remaining balance. This information can be printed and given to the customer for reference.
Remember: You can create “what if” scenarios on this screen as much as you like, because nothing that happens here will change actual account information. Use this screen to effectively engage with your customers and prove that you can give them the deal they’re looking for!