Default Recovery Payment Process
General
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.
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.
Default Recovery Payment Process
The Default Recovery Payment Process simplifies posting recovery payments against a charged-off balance.
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'.
