SYNDi Mortgage Manager services loans funded by a single lender or a syndicate of investors. You can set up the loan, receive investors’ contributions, fund the loan, collect installment from the borrower and distribute it to investors. It is typically used to administer syndicated mortgages and MICs (Mortgage Investment Corporations).
The major benefit of SYNDi Mortgage Manager is to inculcate better lender relations by providing them timely reports and statements which can be emailed to them directly from SYNDi. The system tracks missed payments, processes returned checks and creates accounting entries which can be exported to your accounting software such as Sage 300 ERP (Accpac). You may also link mortgage loans to real-estate properties and calculate Loan-To-Value Ratios. If you work through brokers, SYNDi will calculate their commissions and generate broker statements and broker-related reports. If funds are released to the borrower progressively, e.g., in Construction Loans, SYNDi can be used to process them with ease and generate FSRA documents. The SYNDi Document Library can be used to maintain legal documents related to each loan.
SYNDi screens are uncluttered, and display only what you need to see. The data-entry is kept to minimum by incorporating searches and calendars.
The interest rate may be fixed or prime-based. Some community organizations use SYNDi to manage interest-free loans. It is also possible to maintain an interest differential between borrowers and lenders..
The loan could be set up as interest-only or amortized over the term of the loan. You may also enter a fixed amount of principal to be paid every month. SYNDi allows you to charge interest on unpaid interest balance.
SYNDi can calculate the borrower instalment on weekly, bi-weekly, semi-monthly, monthly, bi-monthly, quarterly, semi-annual or annual basis.
SYNDi has a built-in reminder system that can display onscreen alerts so that you will always be on top of things. These reminders pop up at specified intervals of time.
You can generate reports related to borrowers, investors and brokers as of specified date. Online inquiries yield real-time information to keep you up-to-date.
Microsoft Office Integration
Any information from SYNDi can be imported or linked to any module in Microsoft Office. This facilitates MailMerge with Microsoft Word documents. All reports are generated in Microsoft Excel and can be saved, massaged, or resorted.
The most suitable database for SYNDi is Microsoft SQL Server. However, customers with low volume of data can get by with Microsoft Access.
Unlimited Optional Fields
You can define an unlimited number of optional fields for borrowers, lenders and loans. This enables you to customize the application to suit your business requirements.
You may set up user profiles based on what functions you want a user to be able to perform. You may set up user rights for every function to display / add / change / delete a record.
Sage 300 Integration
SYNDi Mortgage Manager can be optionally integrated with the latest Sage 300 (Accpac).
Direct Deposits and Payments
SYNDi EFT module will enable you to receive borrower installments through pre-authorized payments and pay investors through direct deposits into their bank accounts,
Interest Calculation Methods
SYNDi provides the option to choose from four methods of interest calculation: 360-Day Year, 365-Day Year, Exact-Year and 12-Month Year.
SYNDi fills out FSRA’s Investor Disclosure, Construction Addendum and other prescribed Loan Documents, which can be emailed to invesstors directly from SYNDi..
SYNDi Mortgage Manager can calculate Broker Commissions.
When a payment from a borrower is returned by the bank for any reason, it can be reversed, in which case SYNDi applies NSF Charge, prepares a notice to the borrower and generates a reminder to the user.
SYNDi generates Amortization Schedules based on the loan profile.
Checks can be printed for borrowers, investors and other parties such a insurance companies and tax agencies.
You can flag an investor as a foreigner in which case SYNDi will withhold Non-Resident Tax and remit it to the tax agency.
Detailed information about the real-estate property, such as zoning, appraisal, prior encumbrances etc., can be entered in SYNDi for the purpose of disclosure to investors.
An investor can withdraw all or a portion of the principal during the term and be replaced by another investor. Part of the principal and / or interest can be forfeited as a result of early withdrawal.
Annual T5 Slips
SYNDi prepares annual T5 slips for reporting interest income, emails them to investors, and uploads the information to CRA.