Add Collateral Information

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  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. Located on the right side of the page, there are a series of fields dedicated to collateral information.

The fields on the page will be directly related to the loan category selected. For example, if you select Automobile, you will have fields dedicated to VIN, Year, Make, Model, and Trim. Whereas if you select Other, you will have more arbitrary options such as Year, Type, and Style. You can customize the labels for these fields. (See Using Collateral Fields.)

Adding Information to an Existing Loan

You also have the ability to add collateral information to already existing loans. After accessing the loan through the “Loan Manager” page, you will see a series of tabs on the left, one of which is labeled “Collateral.” Click on the “Collateral” tab. You will then have two options: “Collateral Information” and “ Insurance.” Select “Collateral Information,” and then you will see the   button in the upper right-hand corner.

Click the Edit button. Now you will be able to edit the collateral fields, including any additional custom fields that you have created for your company.

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.


How did we do?


Powered by HelpDocs (opens in a new tab)