This release introduces "same-day ACH" to the Happy Mango platform in addition to a number of improvements across all three portals.
Consumer and Small Business User Portal
New User Alerts for Payment Issues
In the last release (Feb 7, 2024), we implemented a new procedure to put automatic ACH on hold after an account has experienced repeated failed payments or payment attempts due to insufficient balance or other account issues. In this release, we added two types of user alerts to draw borrower's attention to this problem and help them solve it.
- An "Attention Required" text in conspicuous displayed on the dashboard after user sign-in
- An email with instructions on remediation steps sent as soon as ACH processing is put on hold
We hope these new alerts will help borrowers quickly resolve any payment issue, thereby minimizing loan delinquency and default.
Institutional User Portal
Same-Day ACH!
We have worked with our ACH payment processor Dwolla to make Same Day ACH available on Happy Mango. Using Same Day ACH, if a transfer is initiated before 3:00 PM Central Time, it will be settled in the receiving account at 5:00PM Central Time on the same day; transfers initiated after 3:00 PM Central Time are settled the following day. In comparison, standard ACH takes 5 business days and sometimes as long as 8 calendar days to settle. In addition to putting the funds into the borrower and the lenders' hands much faster, this feature significantly improves processing efficiency and accuracy. Please contact us if you like to enable this feature for your organization.
New Payment Source Tab on Current Payment Schedule
A new Payment Source Tab has been created to help institutional users manage loan payments. For loans that are not using Happy Mango for processing ACH, the complete routing and account number for the accounts linked for payment will be displayed.
See related article: Payment Management: How do I find information about the borrower's payment account?
Counselor Portal
Improved Applications and Loans Page
We further enhanced the UI for the recently added Applications and Loans page to improve their completeness and clarity. The following help articles have been created or amended to help counselors navigate through these new pages:
How do I check my clients' application status?
How do I help my clients successfully pay off their loans?
How can an Agency Admin reassign a client, an application/loan from one counselor to another?
Comments
0 comments
Please sign in to leave a comment.