LOANMASTER (tm) Lite is a general loan servicing and tracking software system. Its design is similar to the loan accounting systems used by most banks for accounting operations and tracking of payments due and past due.

LOANMASTER (tm) Lite stores all the data about the loans and the borrowers in a database in an organized manner. It will then perform all the calculations necessary on this data and display the data and or the calculations to you on screen or via printed reports.

For each loan, note, contract, or mortgage, there is a borrower. Information about each borrower is stored in the database. Each borrower may have multiple loans, and multiple telephone numbers.

From this store of information, LOANMASTER (tm) Lite is able to calculate the interest for each loan as it becomes due. It calculates each payment date and determines if the payment has been made. If the payment has not been made, it marks the loan as past due. If late charges are specified, it calculates and assesses the late charge.

When payments or late charges are paid, it determines if the amounts paid were less than, equal to, or greater than the amounts due. If the amounts paid are greater of less than the amounts due, it keeps up with the past due or prepaid amounts. Amounts prepaid or past due are carried forward from month to month until they are paid or until the loan matures. When the loan matures, the software tracks and adds up all the interest, principal, and late charges unpaid and declares them due and payable.