Electronic Loan Payment

Magic-Wrighter's Electronic~Loan~Payment program reduces your financial institution's loan processing cost in two areas.

First, your financial institution will no longer need to create payment coupon books for your borrowers. Magic-Wrighter's Electronic~Loan~Payment program includes software for your loan preparation stations (standard Windows 95, 98, 2000 or NT computer software) that allows your staff to enter re-payment information. The E~L~P Schedule software creates a professional payment schedule for each loan customer that can be printed on inexpensive paper.

Many financial institutions estimate they will save from $3.00 to $5.00 per-loan when they eliminate their current loan payment coupon books. For Financial Institutions that recreate coupon books for their mortgage customers annually the savings are even higher.

Second, your Financial Institution will eliminate manual loan payment processing by eliminating loan payments that are received currently through the US mail. When your borrower is ready to make their loan payment they simply call a toll free (800) number using any standard touch-tone telephone or they may use the Internet. The borrower enters their loan account number, password, date and the amount of their loan payment. Magic-Wrighter's Loan~Payment service accepts their payment and reads back or displays a confirmation number.

Your borrower can enter the confirmation number and the date they used the Electronic~Loan~Payment system into their payment schedule for their records.

Your borrower is not required to have their personal checking or savings account at your financial institution in order to use the service. The Electronic~Loan~Payment system can debit a checking or savings account at any financial institution that accepts ACH transactions.

The Electronic~Loan~Payment program leaves your borrower in control of each loan payment due date and amount.

The system includes a repeat payment option that can be activated by your borrower. This feature can repeat a payment for a specified number of times or until a balance is paid in full.