Software Licensing
System Features
The Weststar platform automates loan servicing, loan accounting, correspondence and reporting functions needed to service your borrowers, investors and respond to regulatory reporting requirements. The following is a brief highlight of some of our loan servicing features.
Account Setup and Management
- Ability to setup multiple borrowers per loan with ability to report interest based on level of ownership
- Unlimited number of investors per loan with each participant's investment tracked
- Unlimited number of disbursements per loan with automatic e-mailed payment receipts
- Disbursements made by electronic funds transfer, check, internal transfer to another account or ledger entry
- Automatic disbursement generation of cash management funds
- Automatic impound processing for taxes, insurance, homeowner associations, etc
- Multiple interest rate calculation methodologies including periodic, daily, compounding or accruing unpaid interest and automatic default interest escalation
- Automatic application of split interest, principal and late charges
- Multiple late charge methodologies including flat fee, % of balance, % of P&I, in addition to per day charges
- Complete audit trail of before-and-after changes to the loan record reflecting time, date and employee performing change
Customer Service
- Full payment, disbursement and impound history retained on system for life of loan
- NSF tracking and automatic notice generation
- Unlimited on line tickler/comment fields
- Maintenance of same account number even if loan is assumed or sold
- Ability to produce fractionalized yearend interest reporting statements
- Unlimited automatic late notice generation, intervals set at the loan level
- Customized late notices, payoff letters, NSF notices
- Ad hoc payment research queries and report writing
- On line help menus
- Extensive management and portfolio reports
- Account information and portfolio reports accessed via the Internet
Processing
- Ability to receive and process lockbox files with little human intervention
- Create a daily ACH file for both debits and credits
- Ability to process multiple payments with single entry
- Streamlined non-cash activity entry
- Daily routines to balance payment processing with deposit items prior to updating accounts
- Payment processing reconciliation routines for each employee
- Daily payment processing reports including check registers, ACH registers, trial balance, and balancing reports
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