Daily Loan Servicing Process
The daily update cycle is the central process around which all other
processes revolve. The process continues in an endless loop. There are three
continuing cycles:
Loop 1 - Beginning of Yearly Cycle:
Loop 2 - Beginning of Monthly Cycle:
Loop 3 - Each Working Day During the Year:
Beginning of Daily Cycle:
Step 1 Maintain Customer names and
addresses if necessary.
Step 2 Set up new customers
(borrowers). This step is necessary only for borrowers who have
received a new loan today and who have not had loans before.
Step 3 Set up new loans funded today.
Step 4 Post payments
received today, if any.
Step 5 Post new advances funded today,
if any.
Step 6 Run the daily update cycle.
Step 7 Print
reports as desired.
Step 8 Print customer notices as desired.
Step 9 Make daily backup of data files.
(Keep this disk at
least one week, two is better.)
Loop 3 - End of Daily Cycle
Print monthly reports as desired.
Make monthly backup copy of data files.
(Keep this backup at least six months.)
Loop 2 - End of Monthly Cycle