These are additional processes that you can add to your LMS tenant to help streamline your loan servicing. You can either set them up yourself using process wizards, or reach out to your success specialist to enlist the help of our support engineers (tech support rates may apply).
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.
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'.
To start the Recovery Payment Process, the loan must be in the 'Application', 'Open', or 'Closed' status and there must be a posted charge-off balance on the account. If the loan meets these criteria, click and next to 'Recovery Payment' to begin the Wizard.
On this page, follow the provided instructions to log a recovery payment in the appropriate amount. Once the payment has been correctly entered in and saved, click to proceed.
Choose an appropriate 'Action & Result' and document any additional information in a note. Save the information and click to complete the process.