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.
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 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
Enter in the information regarding the repossession itself on this page.
- Repossession County
- Repossession City
- Repossession State
- Repossession Date
- Repossession Case Number
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.
