Multiple Payment Frequencies
SYNDi allows the following payment frequencies:
- Term Loans
- Daily
- Weekly
- Bi-weekly
- Semi-monthly
- Monthly
- Bi-monthly
- Quarterly
- Semi-annual
- Annual

1. 360-Day Year
Each year is divided into 12 equal months with the same number of days. It translates to 30 days per month or 360 days per year. This method is ideal and generally accepted if the payment frequency is in units of months (semi-monthly, monthly, bi-monthly, quarterly, semi-annual or annual) but is not suitable for weekly or bi-weekly payments.

2. 365-Day Year
Each year consists of 365 days with February 29 of a leap year being an interest-free day. It is suitable for all payment frequencies.

3. Exact Year
In this case a normal year contains 365 days while a leap year consists of 366 days. You could use it for more exact calculations.

4. 12-Month Year
Each year consists of 365 days and is divided into 12 equal months with the same number of days. It translates to 30.416667 days per month. This method is suitable if the payment frequency is in units of months (semi-monthly, monthly, bi-monthly, quarterly, semi-annual or annual) but is not suitable for weekly or bi-weekly payments.

RRSP Checks
You can generate checks payable financial institutions holding RRSP accounts for investors.

System Security
You can now assign security levels to permit individual users access to only certain functions. For each function you can indicate whether the user will have any access to the function. You can also indicate whether the user can just display a record or can add, delete or modify it.

Check Printing
You can now print checks with date format compliant with the new standards of Canadian Payment Association. A single check can be generated to include payments for multiple loans. The check printing routine maintains control on check number and can use multiple bank accounts.

Partial Borrower Receipts
The new version provides full control on borrower receipts. You may enter partial principal, interest and deduction amounts. All NSF charges can be left unpaid until the time of loan discharge.

Setting up a Loan
You can set up a new loan by choosing Setup > Loans > Add, Modify or Delete a Loan. A new "In Process" flag has been added to the Loans record. When you set up a new loan this flag is automatically set. Any Investor Receipts entered for such a loan will remain unposted until the flag is removed. The purpose is to set up the new loan and contact investors for their commitments. Any receipts entered for investors are treated only as Commitments. You may enter investor receipts, modify them or delete them as you wish since they remain unposted.

Better Control Over Investor Payments
In Release 4.8, investor payments for self-administered loans were run automatically as part of billing. The process has been remived from billing and should be run when borrower receipts have been generated and posted. You can enter investor payments one at a time or generate them in block. The block process has also been streamlined so that it takes a fraction of the time it used to take and does not freeze no matter how many loans are being proceesed.

Enhanced Loan Adjustments
Previous releases of SYNDi allowed only on loan adjustment per billing cycle. You can now enter unlimited number of loan adjustments. If the loan adjustment is used to receive a lumpsum payment of principal from the borrower, SYNDi automatically calculated the interest from thr last billing date up to the receipt date and also calculates the penalty, The user may change the values if required. It also distributes the principal and the total interest (including penalty) to investors. The user may change the distribution if necessary. When such loan adjustment isd posted SYNDi runs a special billing cycle immediately so that the user does not have to wait until the regular billing cycle. This has been done to accomodate distributing the amounts to General Ledger in the same fiscal period in which the adjustment was entered. The Loan Adjustments can also be used to advance additional money to the borrower.

What is New in SYNDi 4.8?

More Control over Deductions
You can use Deduction Codes to distribute a deduction to the investors in any proportion. You may use a deduction to pay or charge the borrower or you may use it to pay or charge any of the investors. When you enter a deduction (positive or negative) to a loan, SYNDi displays the amounts that it will distribute to the investors. You may change the amounts as necessary and even exclude one or more investors from the distribution.

Cancel Latest Billing
You may wish to cancel the latest billing run for a particular loan (provided no borrower receipt has been entered) if you discovered an error after the billing was posted, e.g., it was the last billing run and SYNDi billed the entire balance but you discovered that the loan has been renewed. In that case you may cancel the billing run, change the term and the maturity date and rerun billing. You may cancel the latest billing run or all billing runs from the time that you stopped receiving borrower payment.

Self-Administered Mortgages
SYNDi requires the user to enter borrower receipts every month after billing and distribute them to the investors. This adds unnecessary paperwork if you do not administer the mortgage. You can now flag a loan as "Self-Administered" in SYNDi in which case it enters borrower receipts and investor payments automatically when billing is posted.

Flexible Interest Rates
It is no longer necessary to pay the investors the same rate as you are charging the borrower. The terms set for investors are independent of the terms set for the borrower. If there is any interest differential it is accumnulated in the Interest Distribution account and becomes broker's income.