NOVA Commercial Lending System (NOVA-CL)


Overview

The Nova Commercial Lending System (Nova-CL) is the most powerful three-tiered based lending system available today. Over 3 years and 45,000 hours of programming, testing and system refinements have been invested in Nova-CL and it is comprised of over 500 programs. Nova-CL was developed using Microsoft state-of-the-art three-tier technology, it is written in Microsoft Visual Basic programming language and connected to a Microsoft SQL Server database.


Today, WSA offers several software solutions for lenders. The Nova-CL System is designed to accommodate highly structured term and revolving loans. The system is intended for finance companies with a variety of lines of business and loan types. Asset-based lending, inventory, equipment, transportation, aircraft, communication, real estate and resort financing portfolios can all be processed and tracked on Nova-CL.


The system supports the following loan types:


  • Principal + Interest
  • Fixed Payment
  • Mortgages
  • Revolving Loans (interest paid first upon cash receipt application)
  • Revolving Loans (interest due on EOM)
  • Bought and Sold Participations

Nova-CL employs a flexible payment plan that allows virtually any payment schedule to be entered. Any combination or mixture of daily, monthly, bi-monthly, quarterly, semi-annually, or annually can be configured. Term loan invoices can be produced up to 30-days in advance of the due date. A variety of charges can be included on customer invoices such as: delinquency fees, interest on past due interest, escrow charges for property tax and miscellaneous fees.


An accounting and general ledger recap report presents the detailed transactions for the period, which are then summarized and electronically transferred to the G/L system.


A sophisticated loan rewrite process had been incorporated for term loans, that allows a designated user to roll back payments and postings several months, or to the inception of the loan. The user can then adjust the payment plan, rate schedule and fee calculations, and roll forward through each invoice cycle. New, corrected invoices are generated and cash receipts can be manually or automatically applied.


The system allows for the back-postings of transactions to the first of the previous month, adjusting the general ledger effective in the current period. In addition, end-of-month processing can be held open for several days into the next month, while continuing to post cash receipts for the upcoming month.


Cash receipts can be automatically downloaded from multiple lockboxes or incoming wire transfer accounts. An auto-cash application is available based on a pre-described item hierarchy (interest first, fees and then principal). Loan can be flagged to permit only manual cash posting.


Special department menu security allows only select personnel to view or run groups of programs. Program security is planned and activated by your system’s security officer. The production database can only be accessed or viewed by valid Nova-CL stored procedures.


Key fields of sensitive file maintenance information, modified by users, are identified and tracked. A full audit trail is presented, including field description, previous entry, new entry, user ID and time /date stamp.


Assets are tracked at the city & state level for tax reporting purposes.


A Launch Word/Excel program permits the indexing of related customer or loan documents. By choosing the tool bar button, Microsoft Word or Excel will be launched along with the opening of your chosen document.


Monthly positions for interest, fees, principal balances, suspended interest, amortized fees and suspended fees are stored for the life of the loan and can be viewed or printed for any range of dates.


A scheduling program has been developed to permit a list of programs and reports to automatically be run during the end-of-day and end-of-month cycles. New reports or programs can easily be added to this schedule.


Deferred fees, as well as deferred costs, can be automatically amortized each month. The suspension of interest income and fee income will trigger suspending amortized fees as well.


Cash deposits can be tracked in advance of the actual customer setup. Expenses relating to this new business can be subtracted from the deposit, with a full history of the expense activity available. Remaining deposit balances can be refunded, or the customer loan balance can be reduced.


Delinquency and exposure reporting can be generated on demands well as part of an end-of-month closing process. All transactions for a loan are historically maintained, including the matrix of how the interest was calculated for each invoice, for each month.


The Nova-CL System has been enhanced with a multi-currency feature. Nova-CL can manage loans in several different currencies, and loans maintain general ledger activity in their selected currencies. The currency selection appears at the customer level, schedule level and on the lockbox setups. The customer is assigned a base currency. The customer can have several loans in different currencies. Nova-CL will track each loan and collateral its native currency. Nova-CL will also convert all the loans back to the customer’s base currency to show a total outstanding loan for the customer in the base currency.


New business and backlog reporting is produced each month-end as well as projection reporting for loan run-off.


A contact management system is a key component of the system, tracking all customers’ business associates, including accountants, lawyers, principal and guarantors.


A data warehouse interface has been constructed to transfer key customer information for company portfolio exposure.


Tickler dates are available to track UCC, insurance policies, financial statements, aging requirements, etc. Projection reporting allows for the view of required upcoming customer reporting and documentation.


On-line help provides information on the key fields of a screen, as well as instructions on how to use programs. Up to 10 programs can be run concurrently, for quick access between posting programs and inquiries.


Let us demonstrate to you and your associates why WSA installs more successful systems then all competing software companies combined.
A remote demonstration is available upon request. Please contact Rosanne Doyle at (678) 682-8184 or via E-Mail: a request for additional information.