According to the Canada Mortgage and Housing Corporation, First Nation Housing Loans are meant to assist First Nation communities with their housing goals and enhance their overall living conditions. Many First Nations councils find themselves managing their housing loans through spreadsheets or worse, physical paper documentation. This leaves room for not only error but also severely impacts efficiency. 

Our First Nation council customers use SYNDi Loan Manager to better manage these loans. As the only loan management software that can be integrated into the Sage 300 ERP, SYNDi provides robust reporting, the ability to keep track of loans and payments, as well as set up reminders. The following case study is a look into how we help our First Nations customers manage their housing loans for their respective communities. 

Councils have the ability to set up a borrower and a loan. Our First Nations customers look for software that not only simplifies their processes but ensures that it can accurately do what they are looking to have done, as well as provide the reports that will keep records up to date. 

Many customers are already using Sage 300 as their accounting software. With SYNDi, you don’t need to use it as a separate stand-alone product, if that is not what you are looking to do. SYNDi’s seamless integration with Sage 300 provides for a no-mess solution to elevate loan management. 

To get started, all members borrowing money are set-up in the system as a borrower. Each borrower is identified by a unique identifier called Borrower ID. Then, each loan is set-up in the system and is identified by another unique identifier called Loan ID. Every single loan is related to one borrower and each borrower can be set-up with multiple loans. Loan records contain the loan terms information such as principal, loan type (amortized, interest-only), interest rate, interest calculation method, loan start date, maturity date, and amortization/accrual frequency.

Some First Nations customers charge mortgage insurance to their members. SYNDi can facilitate this fee by setting up a miscellaneous charge code. These miscellaneous charges can be set-up as a one time charge or reoccurring charge.

Once a loan is set-up, the loan is then funded which generates the accounts payable transaction to advance the loan to the borrower. SYNDi will then take care of the amortization and or interest accrual through its billing feature, generating the accounts receivable transaction. Borrower statements could then be generated to send to the borrower for their payment.

When the borrowers make a payment, they are then entered in as a borrower receipt within SYNDi. This generates the accounts receivable receipt transaction, and a receipt can be printed for the borrower. When the borrower pays out their loan, the loan would be discharged within the system and a final borrower receipt would be entered to zero out the balance A payout statement could be printed during this discharge process.

First Nations customers find the SYNDi loan inquiry screen very useful. It is a feature that allows them to find out the balance of each loan, the total principal and interest owed, and what has been paid. This also includes information such as how many months they are behind in payments, transaction history, total misc. charges due and paid. They can also generate a report exported as an excel spreadsheet where they can save a digital copy or print it out.

SYNDi comes with a large collection of useful reports such as loan balance summaries, transaction history, GL summary/detail reports, loan maturity report, and amortization schedules.

First Nations councils who use SYNDi find that it allows them to create and manage loans in a secure and stress-free way that is efficient and reliable. SYNDi is a software that is constantly evolving and growing to meet the ever-changing needs of its unique users. To learn more, visit us at 






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