Default Repossession 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 Repossession 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 Repossession Process

The Default Repossession Process is intended to make it easier to reflect the repossession of loan collateral inside of LoanPro. If repossession is deemed necessary according to company policy, going to the Repossession Wizards will reflect the repossession on the loan account. The Wizards will also help you properly close out the loan account if needed, or make the necessary changes according to circumstance. 

Starting the Process

In the event that repossession of collateral has become necessary on a certain loan account, enter the loan account in LoanPro and navigate to the 'Wizards Tab'. Select the 'Category' drop-down and click 'Repossession Wizards'. This will display only the repossession wizards.

To begin the process, select  for the 'Manual Repossession Start Wizard'.

LoanPro will run a rule evaluation to make sure the loan is not currently in the Repossession process. If the loan is currently in the process, you will not have access to this wizard. If the loan is not, you will be able to enter the wizard by clicking .

The first page of the wizard is a checklist item. Checking the box will cause a rules applied to run on the loan account and place it in the 'Repossession - Manager Review Needed' portfolio. (Note: The loan portfolio is a search parameter in the loan manager making it easy to locate the loan accounts currently in the Repossession Process.) If the box is not checked, the Repossession Process will not be initiated. After the box is checked, click  and . This completes the first wizard in the process. 

To continue the process, enter the loan account and navigate to the 'Wizards' tab again. Click  on the 'Repossession Manager Review' wizard and  to begin.

On the first page of the wizard, click the drop-down 'Repossession Review Decision' and select 'Yes' or 'No'. 'Yes' implies that the repossession is necessary and the process will continue. 'No' implies that repossession is not needed and choosing that will end the process at this point. After a selection is made, click  and . This article will assume the agent selected 'Yes' in order to continue the Repossession Process.

On the second page of the wizard, document a note with any appropriate information regarding the manual repossession. Click  to complete the wizard.

To finish up the Repossession Process, enter the third wizard titled 'Repossession Process Wizard'. 

On this page of the wizard, there are fields available to fill out for the repossession company. 

  • Repossession Company Contact Name
  • Repossession Company Email Address
  • Repossession Phone Number
  • Repossession Company Name

Once the information regarding the repossession company has been entered, check the 'Repossession Company Assigned' checklist item. Click  and  to proceed.

Enter in the information regarding the repossession itself on this page.

  • Repossession County
  • Repossession City
  • Repossession State
  • Repossession Date
  • Repossession Case Number

Check the box titled 'Collateral Repossessed. Make sure to save the information, then click  to proceed.

On this page, you have the option to specify if the customer has redeemed the collateral or not. If 'Yes' is selected, the account will be returned to a regular Repaying status and the repossession fields will be reset. If the customer has not redeemed the collateral, selection 'No' to continue the repossession process. Save your selection and click .

This section allows you to add any necessary charges to the account related to the repossession. If no charges are needed, click .

This section allows you to add any necessary charges to the account related to the repossession. If no charges are needed, click .

This section allows you to add any necessary charges to the account related to the repossession. If no charges are needed, click .

Check the 'Collateral Sold' box. If this box, along with all the checklist items from the previous pages of this wizard have be checked, the account will be placed in the 'Repossession Finalized Portfolio' and a Closed status.

Select an appropriate Action and Result item. Document any necessary information in the 'Note' section. Once the information has been saved, click  to complete the Repossession Process. 


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