Using Collateral Fields

General

For different types of collateral (automobile, consumer, real estate, or other), you'll want to track different information in the collateral fields that pop up when first creating a loan. LoanPro software lets you custom those fields and 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.

Since year, make, model, and trim are fairly universal, these fields are not customizable. 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 race horses and you want to customize the collateral fields to fit your needs. We’ll start out by choosing to edit the Consumer collateral fields.

Horses don't have serial numbers, brands, or models, so these fields aren't very useful. We can edit them to something more relevant, like the horse's breed, birthdate, and age at time of purchase. For each collateral field, click the edit icon on the right to change the label, field type, whether it's required and the max length for the answer. For the horse's breed, you'd want a "text" field type — this would type different answers like "Thoroughbred" or "Arabian." For birthdate, the field type would be a date; for the age, a number.

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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