How do I get my loan data into Bryt?
Your situation will dictate the best way for you to add your loans to Bryt. We offer the following options to get your loans added to Bryt.
Entering your loans manually…
When you first start using Bryt, we recommend that you begin by adding a few representative loans manually. This involves entering loan details, borrower information and payment details into Bryt. This process will allow you to make sure that the loan configuration (ex. per diem, interest rates, amortization, etc) and payment application methods in Bryt match the configuration and methods that you are currently using. If you find that the Bryt amortization schedules and/or payment schedules do not match Bryt, you can reach out to our support team to help you reconcile any difference or discrepancies in the amortization or payment schedule.
Reasons to consider manually entering all your loans:
You want to get all your loans entered during the free trial. We do not electronically upload borrower, loan, or payment data as part of the free trial.
You have a small number of loans (less than 20). Often, for a small number of loans, it might take as much time to get your data into our standard templates as it would to manually upload a loan into Bryt.
Your loans do not have a lot of payment history. Typically, the most time-consuming process of entering a loan into Bryt is entering the payment history. If your loans are short-term loans without much payment history, it might be easiest to manually enter the payment history.
Your loans have irregularities in the interest calculation or the application of payments. Bryt relies on specific interest calculations and payment application processes when uploading data electronically. In cases where the interest calculations and/or application of payments is not standard across the history of the loan, it is possible that electronic uploading of loans or payments may not be possible or may produce current loan balances that need to be reconciled.
Uploading Data using the Bryt Templates…
If you have a lot of contacts, loans and/or payments, you might want to upload them electronically using the standard Bryt import templates. These are the standard import templates:
Steps to get started importing your data using the Bryt templates:
Schedule a session with a Bryt support specialist to review the data import process. During this session, your support specialist will provide you with the templates you will need. Your support specialist will also modify the standard templates, if necessary (for example, you may have additional custom fields that you would like to add to the system). You can use the following link to schedule your session: https://calendly.com/bryt-customer-success (Select a 60-minute session and the “Importing Data into Bryt” option)
After your support session, you can begin adding your data to the template(s). During this time, our support team will be available to assist you with any questions that you have. When you are finished adding your data to the template, email the template to your support specialist.
Upon receiving your completed template, your support specialist will perform a Quality Assurance check on your data. This check validates that the data meets our import requirements and eliminates errors when we upload the data. If any of the data fails the Quality Assurance check, we will return the template to you for correction(s). The process will be repeated until your template passes the Quality Assurance check.
Once your template passes the Quality Assurance check it is forwarded to our development team to upload into your Bryt instance. We will complete the upload of your data into your Bryt instance within 5 business days. If there are any errors in uploading your data, you will receive a notification of those errors so you can correct them manually.
While we make every attempt to ensure that the data in Bryt matches your template, we ask that you audit the final data also, and notify us if you see any irregularities.
Costs for uploading data using the Bryt Templates:
We charge $500 for each template uploaded into Bryt. You must have a paid subscription (not a free trial) to take advantage of the data upload templates.
What if you have an on-going need:
If you have a need for an on-going import of a template… for example, a payment file that would be imported on a periodic basis, we can expose our import tool to you. The importer tool is not part of the standard Bryt system. If you have an interest in using this feature, please contact your support or sales representative.
Can I just import some of my data and manually enter other data?
Yes, you can use a Hybrid approach to enter data into Bryt. Because of the complexities of importing data, unless you have a large volume of data to import, it may make sense to manually enter some data.
Using Bryt Professional Services to Upload Loans…
Bryt has a staff of support professionals who are skilled at entering data into Bryt. If you do not have the time or the resources to enter your loans into Bryt, we can do it for you. You will need to provide us with your loan records (borrower, loan, and payment information) in either spreadsheet format (Excel, CSV, etc) or as a pdf file.
Costs for uploading data using the Bryt Professional Services:
We will provide a custom quote for providing these services for you. The quote will be based on the number of loans and the complexity of the loan data that you provide to us. The minimum cost for this service is $200.
Bryt deliverables when using professional services:
The Bryt Support specialist will manually add borrower information (Contacts) provided by the customer to Bryt or use ContactsImporter.xls template to upload the data.
The Bryt Support specialist will manually add loan information (Beginning Loan Amount, start date, interest rate, term, payment, late fees, etc) provided by the customer to Bryt or use the LoanImporter.xls template to upload the data.
The Bryt Support specialist will add default lender fees (Points, Exit Fee, Wire Fee, etc) to Bryt and then add the specific lender fees to each loan.
If the loans have escrow, investments, assets, etc, that data will be added also.
Bryt Support rep will add all payments to each loan.
In the situations where the loan activity and the balances associated with that activity do not match, the Bryt Support specialist will advise the customer and work with the customer to determine a solution.
Timeline for professional services:
The timeline will vary based on the number and complexity of the loans, but generally, allow 2 – 3 weeks of time from the acceptance of the Professional Services proposal and the completion of the work. This timeline is also dependent on the availability of the customer to answer questions and review work that is provided by Bryt.
Using API to Upload Data…
Generally, the API is not used as a method to populate your database with historic data, but you might choose to use our API for ongoing needs to upload data electronically (for example, feeds from a Loan Origination System, periodic payment files, etc). If you have an interest in using this feature, please contact your support or sales representative.