Collector Queue 101
Updated 2 months ago
Introduction
The collector queue lets you group loans together and assign them to collections agents for servicing. The collector queue makes a collection agent's tasks more manageable by cutting out the need to search for individual loans: with all of their assigned loans in one place, a collections agent can move from loan to loan without stopping to navigate the software. After collection agents are assigned to loans, they can start the process of going through every loan assigned to them.
This article is a basic overview on what the collector queue is and how you can use it. If you understand the premise and want to learn how to create your own collector queues, feel free to skip to our Create a Collector Queue article.
What are Collector Queues?
Collector queues are groups of loans that you can assign to collections agents, and you can create these groups through LoanPro's standard search. For example, you can queue a group of loans that are 30-60 days past due and assign them to agents. If you have a large team and a lot of loans, multiple assigned users can work on the queue simultaneously. Non-assigned users can still work through a queue as well, even working with multiple other users simultaneously. If multiple users are working through the collector queue, the queue will ensure that each loan is only presented to one user. When working through the queue, there is a configurable checklist where agents can record the outcome of work on each loan (e.g. autopay scheduled, payment made, etc.).
The Process
- Queue the specific loans you want included in the collector queue
- Configure the queue
- Assign agent users to specific groups of loans
From there, the agent users can log in and start making their collections efforts. Our article Create a Collector Queue shows exactly how to set them up.
Where does this fit in LoanPro?
Collections are a core function of any lender's business model. LMS is designed to help you keep track of your loans, and that includes collections efforts. Any lender with a large number of loans needs a way ensure that delinquent loans get regular attention. Recording collections efforts is important in ensuring that you are contacting borrowers an appropriate amount and in appropriate ways.
Terminology
Term | Description |
Status | Each queue has a status — stopped, started, or completed — that can be used to searching and filtering. |
Type | Either static or dynamic. Static queues won't change once they're generated, but dynamic queues will remove loans if they no longer match the criteria that generated the queue. |
Strategy | The strategy that you or another user are going to work through these groups of loans (tag team/single user). |
Agent | You can assign agents who are responsible for working on specific groups of loans. |
Date Range | You can filter the collector queues by the date when they were created. This defaults to a month-to-date range. |
Notes | When you go through the loans on a collector queue, you have the ability to create a note. |
This Feature Is Not
Collector queue notes are not general notes on the loan. While the tool offers users the ability to leave notes, you should not fully replace your note-taking practices with the collector queue. The notes you make in the process of going through each individual loan in the collector queue will not be saved inside a specific loan but are only saved in the collector queue.
What's Next
Now that we've covered the basics, your next step is creating your own collector queue. If you would like to learn more about creating a collector queue, see Create a Collector Queue.