Updated: Jun 30, 2021
Bryt Software has released an enhancement to it's Loan Tracking product. The enhancement adds to new types of automated notices that can be used to inform the borrower about the condition of their loan.
The new notices are:
Balloon Payment Notice - allows lenders to notify borrowers about an upcoming maturity of their loan.
Periodic Loan Summary Notice - provides the borrower with an updated summary of the loan balance after each payment period.
Each notice has an associated template which allows you to customize the text of the notice. Each template also has a set of "variables" that correspond to various pieces of information about the loan relevant to the type of notice. There are built-in examples for each of the notice types to be used as a starting point.