Using Loan Requirements

General

LoanPro lets you specify some items that are required in order to activate a loan.  This feature is designed so that you can be reminded of items that were potentially missed when creating a loan at the time the loan is activated.

How To

To add or update loan requirements, navigate to Settings > Loan > Setup New Loan > Activation Requirements inside your company account.

Click Save to make changes to the requirements.

The following loan-requirement options are available:

  • Collateral – This refers to the collateral section of the loan and collateral information will be required before a loan can be activated.
  • Insurance – This refers to the insurance section of a loan and insurance information will be required before the loan can be activated.
  • Loan Status – This will require that the loan be in a certain status before it can be activated. Loan status can be changed inside the Loan Settings > Settings section of the loan.
  • Loan Sub-Status -This will require that the loan be in a certain sub-status before it can be activated. Loan sub-status can be changed inside the Loan Settings > Settings section of the loan.
  • Source Company – Choose whether the loan must be assigned to a source company before it can be activated.
  • Allow Activation If  Usury Alert Violation – This option lets you choose whether the account can still be activated if the APR exceeds what is specified in any applicable usury alert.
  • Checklist – This section lets you require that any of the checklist items be checked in order to activate the loan.

Once you have entered the necessary information for loan requirements, click Save to save them.

Example

Suppose you want to make it so some kind of proof of residence has been received from a customer before a loan is finalized with that customer.  In the Activation Requirements, you would check the box to the right of the Proof of Residence Received checklist item.

Now, we will create a new loan in the system.

When we click Activate, we will get a notification telling us that Proof of Residence Received was never clicked on the checklist for the loan.


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