Actions & Results
Actions and Results are a great way to standardize the notes your personnel create when servicing loans. There are several reasons why you may want to do this, but the most common reasons are
- Monitoring the need for non-integrated loan servicing processes.
- Tracking the effectiveness of your servicing and collection operations.
For example, if you have the action of making a collections call, and the results of logging a payment made, leaving a message, reporting no contact, and reporting a bad number, you could use these in the Actions and Results tool to pull a report that would show the actions and results by servicer. This would allow you to track the collection results of your servicers.
This article explains how to use Actions and Results in the UI. For information on how to use the API to use Actions and Results, check out our API – Actions & Results article.
Creating an Action
To create a new set of Actions and Results, navigate to Settings > Loan > Labeling > Action & Results inside your account.
To add a new action, click 'Add'.
Enter a title and a description for the action. Then, click 'Add Result' to associate a result to the action. You can associate as many results as you want.
Choose the result you want to associate with the action from the Result drop-down list. If there are no results available, they will need to be created in the Results section, which is explained in the next section of this article. Choose whether this result should adjust the follow-up date, or, the date when you should next follow up with the customer. Do this by choosing a base date from the Adjustment base drop-down. Enter an integer that represents the number of days in the future of your adjustment base date that the follow-up date should be set. When you are finished, click 'Save'. Now, click 'Save' again to complete creation of the action.
Creating a Result
To create a result, navigate to the Results tab of the Action & Results page and click 'Add'.
Like in the actions creation step, a window will open that allows you to determine the settings for the result.
Enter a title and a description for the result, and click 'Save'.
Using Actions and Results
To record an action inside of a loan, navigate to Servicing > Notes/Alerts > Actions & Results inside of the account.
To add an action and result to the loan, select 'Add Actions & Results'. Then, choose an action from the Action drop-down and an associated result from the Result drop-down. Lastly, enter a note about the action in the Note section and click 'Save'.
Search For Actions
Actions are uniform notes, so you can search for similar occurrences on your loans. This can help you determine what your loan servicers were able to accomplish or help you find loans that need further action. To search for actions, navigate to Reports > Transactions History > Action & Results.
Use the search functionality on the left to find the specific actions and results that you are looking for. Most of the search functionality is the same as in any report, but the Action and Results drop-down menus will help you find specific actions and results.