LaserPro and note modifications

Posted By: RR Becca

LaserPro and note modifications - 10/23/12 01:09 PM

Our old software had a form titled "Modification, Extension, Change In Terms Agreement." It referenced the note being altered, listed the specific changes being made, and summarized the new terms going forward. So far (a month after conversion), I have not been able to locate anything similar in LaserPro. Can anyone out here point me in the right direction or tell me if this is something we're going to have to create ourselves?

TIA
Posted By: Tater

Re: LaserPro and note modifications - 10/23/12 01:11 PM

We use a Change in Terms Agreement from LaserPro to modify notes but it has to be created as a new transaction, I believe.
Posted By: RR Becca

Re: LaserPro and note modifications - 10/23/12 01:22 PM

Where do you find that option?
Posted By: bgehres

Re: LaserPro and note modifications - 10/23/12 02:24 PM

It's under the Loan Documents screen. The doc type is Amendments, the doc name is Change in Terms Agreement.

If the loan was not originated from LaserPro I think you have to enter it as a new loan using the original info for some of the information to populate correctly.
Posted By: RR Becca

Re: LaserPro and note modifications - 10/23/12 02:59 PM

Thanks!
Posted By: fmissle

Re: LaserPro and note modifications - 10/23/12 08:00 PM

The LaserPro Change in Terms functionality alllows for both a short form and standard form change in terms.

The standard form restates all of the information which was in the original note (Rate, Payment paragraph, default information, etc.), while the short form only contains the information you input (and the payment paragraph is optional.)

Additionally, if you are going to be modifying or adding any security documents, you will probably want to change the definition of note that appears on those documents. This can be done on the "Document Options" window by using the "Alternate Defnition of Note"

Just something to keep in mind.
Posted By: RR Becca

Re: LaserPro and note modifications - 10/24/12 05:19 PM

Great tips, canoe. We appreciate it!
Posted By: LAK

Re: LaserPro and note modifications - 01/04/13 10:50 PM

Hi everyone,for you LaserPro users...we are going to be using the documents as well. Curious is you are aware of anything stating we have to use the standard form vs. the short form. Also do you print the disbursement and are you getting a new TIL?
Thanks, this is an awesome post!! Helps to do a search!
Posted By: fmissle

Re: LaserPro and note modifications - 01/04/13 11:48 PM

If you call Harland and speak with the Product Usage Group (formerly "Compliance"), you won't get an answer on this, you'll get directed to this FAQ which says in part:

Quote:

CHANGE IN TERMS-SHORT OR STANDARD FORMAT

Most Laser Pro users prefer to use the short-form version of the Change in Terms Agreement. This form does not require you to re-amortize the existing loan balance to make calculations in Laser Pro match that of your host system. The user simply describes the existing loan date and loan amount, and prints the contractual changes wanted for the loan. Again, we strongly suggest that you establish, in consultation with your legal counsel, a policy regarding which format (short or standard) of the Change in Terms Agreement is used.

https://support.harlandfinancialsolution...ation/faqs.aspx


Essentially, you need to make a decision on which document to use. The short form is pretty much blank except for what you put on there, and the continuing validity paragraph.

The Standard Form is a recitation of the entire promissory note in addition to change information you input. The majority of customers I have talked to use the Short Form for simple changes, and the standard form for more complicated changes.

If you use the standard format, beware that updates to your policy, or other changes in the documents may affect certain contractual language that may have changed since the original loan (i.e. NSF Fee)

Harland says that the Disbursement Request and Authorization Form should always be signed by the borrower (for both new and CIT transactions).

A TIL will always generate for every transaction marked as "Disclosable" on the first window of the transaction (the [Loan Request] window. For Consumer Disclosable (Non-HELOC)Lines of Credit a change in terms TIL will be generated based on the information you input on the TIL windows of the CIT document.

If you don't have access to the Customer Support site, I highly reccomend that you do. There are some really nice solutions posted there, and it's much easier to get in contact with the support personell using the online case submission (I think) than via phone.