Default Recovery Payment Process
Introduction
A major function of LoanPro software is to make common company processes as streamlined and effective as possible, to save users on time and manpower. This article will cover how this is generally accomplished with the recovery payment process.
Default Recovery Payment Process
If a borrower ceases to make payments on a loan, the lender may decide to write off the loan for accounting purposes. However, if a payment is made after the loan is charged off, a recovery payment is necessary. The Default Recovery Payment Process simplifies posting recovery payments on accounts that have been charged off.
Diagram
The flow chart below outlines all the changes and processes implemented by LoanPro directed by the agent user's inputs in the wizard. The agent user's role is outlined in this article.
Starting the Process
In the event that a customer requests to make a recovery payment, enter the loan account in LoanPro and navigate to the 'Wizards Tab'. Select the 'Category' drop-down and click 'Servicing'.
