Loans

Portico’s lending features help you with each task required to process a loan, including setup, loan payments, payment recalculation and more. Portico Lending offers the following features:

• New open-end or closed-end loan setup via refinance, share deposit, amount to general ledger, and multi-check.
• Share and certificate-secured loans with automatic depledging.
• Loan transactions include payment, transfers, advances, journal vouchers and reversals.
• Payment methods may be cash, payroll or automatic transfer from any share account.
• Principal or interest-only payment type.
• Automatic transfer payments made any day of the month.
• Unlimited interest rates include simple, split and variable rate with interest refund support.
• Truth-in-Lending support.
• Automatic late charge and skip payment support.
• Co-borrower support.
• Delinquency support on Methods B and D.
• Loan maintenance and inquiry on multiple loan record fields.
• Loan payoff inquiry with effective date.
• Automatic loan payment recalculation.
• Freeze option for loans in collections.
• Charged-off loan and residual loan support.
• Home equity loan processing, with mortgage points tracking, online escrow support and overpaid loan interest tracking.
• Variable Rate Index Processing support.
• Loan draft support for multiple note numbers.

On the general ledger at a credit union, loans made by the credit union are assets and carry positive balances. The general ledger (GL) account number used by credit unions for loan principal is within the 701000 - 701999 general ledger account series. A debit is a new loan and increases the balance. A credit is a payment to an existing loan and reduces the balance to the GL Loans account.