Using Collateral Fields

General

It’s obvious what should be tracked for some types of collateral, but for other collateral types, it’s helpful to choose what you want to track.  Collateral fields are designed to let you set the parameters and labels for the field used to track your collateral.

How To

To update your collateral tracking fields, navigate to Settings > Loan > Labeling > Collateral Fields inside your company account.

First, choose the collateral type for which you want to change the collateral fields.  Your choices are Automobile, Consumer, Real Estate, and Other.  Note: You can only update whether automobile fields are required or not.

Once you have selected your desired collateral type, click edit to make any edits to the collateral field.

You have the following options for each collateral field:

  • Label – This is what the collateral field will be called throughout LoanPro.
  • Field Type – This is the type of data the field will hold.  The options include: date, number, and text.
  • Required –  This lets you choose whether you will be required to enter a value into the field in order to save the collateral information on an account.
  • Max Length – This option lets you specify how many characters long the field value can be.

Once you’ve updated the information for the desired field, click Save to save the collateral field. 

Example

Let’s say you finance hot tubs and you want to customize the collateral fields to fit your needs.  We’ll start out by choosing to edit the Consumer collateral fields.

The fields all look good except we want to record the model year instead of the place purchased, as placed purchased is best recorded as a source company on the account.  So for the collateral field with the ID of CollateralField.Consumer.D, we will change the label to Model Year.  The field type should be number, and the max length should be four.  We will change the required value to Yes. 

Now we’ll click Save to save our changes.

Now, if we go into one of our loans, in Collateral > Collateral Information we’ll be able to see our changes. 


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