Default Update Insurance Information Process
A major function of LoanPro's Loan Management System is to make common company processes as streamlined and effective as possible. Our process wizards make processes easier for your team and improve the chances they are completed successfully. This article will cover the process for updating a borrower's insurance information and how LoanPro makes it a breeze for your personnel.
Update Insurance Information Process
Insurance is a common piece of lending. Many lenders will require that a borrower acquire insurance on the item they're borrowing funds for. For example, a lender that specializes in automotive loans may require each borrower to insure the vehicle since it's also the collateralized item on the loan. Since this is a common requirement, saving and updating insurance information is an integral part of servicing; thus, we've made it easy for users to do as such with the Update customer Information Wizard.
Starting the Process
To begin, navigate to the specific loan account and then to the 'Wizards' tab. Select the 'Category' drop-down and click 'Servicing'.