Add Collateral Information

LoanPro's latest release adds the option to link multiple collateral items to a single loan.

General

Recording collateral information in your notes is vital to effectively tracking and servicing your loans. Because there are many different types of loans available, LoanPro gives you many options in terms of recording this information.

How To

There are two primary methods available when recording collateral information: adding the information when you create a new loan, or adding the information to an existing loan.

Adding Information to a New Loan

Immediately after you click the New Loan button from the “Loan Manager” page you will be prompted to select a loan category. (The options available are Automobile, Consumer, Real Estate, and Other.) 

After you have selected a loan category, you will be taken to the “New Loan” page. The first step deals with loan information, like the type, source company, and agent user. The next page is where you can add up to 50 collateral items, or none if you don't want any. Selecting a collateral category will bring up the fields you've set for that category in your company settings (See Using Collateral Fields).

You can add them all now, or move ahead to the next step and add collateral later. The next section outlines adding collateral items to an existing loan.

Adding Collateral Items to an Existing Loan

You also have the ability to add collateral information to already existing loans. Within an individual loan, navigate to Collateral > Collateral Information in the navigation bar on the left. It'll take you to this page, where you'll see a list of any collateral that you've linked to the loan. You can edit each entry with the pencil icon on the right.

Clicking the Add Collateral button opens a drop-down asking whether the collateral is Automobile, Consumer, Real Estate or Other. Even if you set a loan up with one type, you can choose any type here. For example, an automobile loan might also include an consumer collateral item of a new trailer. Once you select a type, it will pull up a window with the collateral fields you've set up for that type.

You can add up to 50 collateral items on a single loan.

Loan Category Specific Options and Custom Fields

As previously mentioned, the fields available during the loan creation are dependent on the loan category selected—and based on the loan category selected, there may or may not be additional fields. For example, when selecting the Automobile loan category, there is an option for VIN. This option is not available in other loan categories and is specific to auto loans. Directly to the right of the “VIN” field, there is an option labeled “decode.” This allows you to auto-fill the vehicle information if the VIN is valid.

Additionally, within each loan category there is the option to create custom fields through Settings > Loan > Custom Fields > Collateral. These custom fields can be utilized to add information to the collateral tab, and can be loan category specific. Essentially, this gives you the capability to have collateral fields that only appear on certain loan categories, allowing you to record only the information you need.

When using the “Other” and “Consumer” loan categories, you have the option to select whether the loan is secured by collateral. If you select “No,” the collateral fields will be removed and you will not be required to enter any collateral information in order to fund and create the loan.


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