This is a user within your company that is specifically assigned to this loan. You can filter the loans in the loan manager and in most reports by agent user.
This is the company that referred the customer to you. You can filter the loans in the loan manager and in most reports by source company. You can create new source companies at Settings > Loan > Source Company > Companies.
When you're viewing the settings, you can click the arrow next to the source company to expand its contact information.
This is the status assigned to the loan. You can create new loan statuses at Settings > Loan > Labeling > Loan Status.
This is the sub-status assigned to the loan. You can create new loan sub-statuses at Settings > Loan > Labeling > Loan Status.
Primary ECOA Code
These Equal Credit Oppportunity Act (ECOA) codes are used when reporting credit. The code describes the how the primary customer is responsible for the loan.
Here's a list of the available codes:
• A – System Managed. The ECOA code will be set to 1 if there is only a primary borrower, 2 if there are primary and secondary borrowers.
• 0 – Not Specified. No ECOA code is specified.
• 1 – Individual/Primary. There is just one, individual borrower.
• 2 – Joint Contract. There is a borrower and a co-borrower.
• 7 – Maker. The subject of the loan is liable for it, but if they default, the co-borrower is liable.
• T – Associate Terminated. The borrower's association with the account is terminated.
• X – Consumer Deceased. The borrower is deceased.
• Z – Delete Borrower. The borrower has been reported inaccurately and should be deleted.
Secondary ECOA Code
Similar to the Primary ECOA code, these describe the secondary borrower's responsibility over the loan. The options are the same as for the primary borrower.
The loan is reported to the credit bureaus as being this type of loan. The options are Installment, Revolving, Line of Credit, Mortgage, and Open.
Merchant Processor Group
Determines which group of payment processors handle payments from the loan.
Payment Type Default
This determines the default payment type (principal only, fees only, etc.). This field allows you to set a default that is specific to this loan, but you can also leave it as your company default. This available options comprise both LoanPro default types and any custom types that you've created, and a full list is available within Settings > Loan > Payments > Types.
This field can be used to update your loan ID. Check the box next to the field to edit it.
A status used in credit bureau reporting to indicate delinquency or other status of the loan.
Expand Credit Statuses
Here's a full list of available credit statuses:
- 0 – Auto – Allow the system to manage this field. LoanPro will change the status reported to the credit bureaus depending on other information you give throughout the life of the loan. If a credit status is not automatically assigned, you can manually assign it or use rules applied to have the system change it for you. The system will assign a credit status by looking at items in the account and assigning the status as it goes. The last status in the order that an account qualifies for is the one it will ultimately be assigned. Accounts are evaluated as follows:
- First the days past due (DPD) are evaluated:
- If DPD <= 29 then set credit status to 11
- If DPD >= 30 and DPD <= 59 then set credit status to 71
- If DPD >= 60 and DPD <= 89 then set credit status to 78
- If DPD >= 90 and DPD <= 119 then set credit status to 80
- If DPD >= 120 and DPD <= 149 then set credit status to 82
- If DPD >= 150 and DPD <= 179 then set credit status to 83
- If DPD >= 180 then set credit status to 84
- Then there is a check to see if the loan is paid off:
- If principal balance is <= 0 then set credit status to 13
- Then check to see if the loan is repossessed
- If the loan has a valid repo date and principal balance <= 0 then set credit status to 63
- If the loan has a valid repo date and principal balance > 0 then set credit status to 96
- Finally we check to see if the loan is charged off
- If the principal balance = 0 and there was a net charge off balance on the loan that has since been paid so now the net charge off = 0 then set credit status to 64
- If the principal balance <= 0 and net charge off is > 0 then set credit status to 97
- 05 – Account transferred to another office – Not commonly used, uncollectible account receivables sold to another office.
- 11 – Current Account (0-29 days past the due date) – The account is current; at most one payment is past due.
- 13 – Paid or closed account/zero balance. – The account has been paid off or permanently closed
- 61 – Account paid in full, was a voluntary surrender – The account was paid in full voluntarily by the borrower.
- 62 – Account paid in full, was a collection account – The account was paid off after it was sent to collections.
- 63 – Account paid in full, was repossession – The account was closed out due to repossession.
- 64 – Account paid in full, was a charge-off – The loan was written off the books.
- 71 – Account 30-59 days past the due date – The borrower has been delinquent for more than 30 but less than 60 days.
- 78 – Account 60-89 days past due date – The borrower has been delinquent for more than 60 but less than 90 days.
- 80 – Account 90 – 119 days past due date – The borrower has been delinquent for more than 90 but less than 120 days.
- 82 – Account 120 – 149 days past due date – The borrower has been delinquent for more than 120 but less than 150 days.
- 83 – Account 150 – 179 days past due date – The borrower has been delinquent for more than 150 but less than 180 days.
- 84 – Account 180 days or more past the due date – The borrower has been delinquent for more than 180 days.
- 93 – Account assigned to internal or external collections – The account has been sent to some kind of collections department or agency.
- 95 – Voluntary Surrender – The borrower voluntarily surrenders the collateral.
- 96 – Merchandise was repossessed; there may be a balance due – The collateral was repossessed and there may be an additional balance owed by the borrower.
- 97 – Unpaid balance reported as a loss (charge-off) – The remaining balance on the loan was deemed uncollectible and the loan written off the books.
- DA – Deletes entire account (for reasons other than fraud) – The entire account was deleted for reasons other than fraud.
- DF – Delete entire account due to confirmed fraud (fraud investigation completed) – After fraud investigation was conducted and fraud confirmed, the account was deleted.
These codes are used to specify a loan category in your reports to credit bureaus.
Expand Credit Bureau Options
Here's a full list of the codes used to specify loan type:
Credit Bureau – A code used for credit bureau reporting which specifies the loan category. Options are:
- 00 – Auto Loan – Specifies a loan on a vehicle purchase.
- 01 – Unsecured – Specifies a loan that isn’t secured by collateral.
- 02 – Secured – Specifies a loan secured with collateral that isn’t necessarily a single vehicle.
- 03 – Partially Secured – The loan is secured by some collateral, but not equal in value to the total loan amount.
- 04 – Home Improvements – A loan given specifically for improvements on real property.
- 05 – FHA Home Improvement – A loan given for improvements on real property to a first time home buyer.
- 06 – Installment Sales Contract – Typically a consumer loan that is paid in installments.
- 07 – Charge Account
- 08 – Real Estate, specific type unknown
- 10 – Business Loan
- 11 – Recreational Merchandise
- 12 – Education
- 13 – Lease
- 15 – Check Credit/Line of Credit
- 17 – Manufactured Housing
- 18 – Credit Card
- 20 – Note Loan
- 22 – Secured by Household Goods
- 23 – Secured by Household Goods & Other Collateral
- 26 – Conventional Real Mortgage – including Purchase Money First (Terms Duration in years)
- 29 – Rental Agreement
- 37 – Combined Credit Plan
- 43 – Debit Card
- 47 – Credit Line Secured
- 48 – Collection Agency/Attorney
- 77 – Returned Check
- 89 – Home Equity Line of Credit
- 90 – Medical Debt
- 91 – Debt Consolidation
- 95 – Attorney Fees
- 2A – Secured Credit Card
- 3a – Auto Lease – Specifies a loan for an auto lease.
- 5A – Real Estate – Junior Liens and Non-Purchase Money First (Terms Duration in years)
- 6A – Commercial Installment Loan
- 7A – Commercial Line of Credit
- 8A – Business Credit Card
- 9A – Secured Home Improvement
- 5B – Second Mortgage (Terms Duration in years)
- 6B – Commercial Mortgage Loan (Terms Duration in years)
- 7B – Agricultural
- 9B – Business Line Personally Guaranteed
- 0C – Debt Purchaser
- 1C – Household Goods
- 2C – Farmers Home Administration (FmHA) Real Estate Mortgage Loan (Terms Duration in years)
- 4D – Telecommunications/Cellular
- 6D – Home Equity
The status of automatic payments scheduled for the loan account. You can choose to suspend payments or have them process normally.
Choose whether electronic billing or print billing is preferred on the account.
The date on which loan collateral was repossessed. If you check the Stop Interest Accrual box adjacent to this field, interest will no longer accrue on the loan as of this date.
The date the loan was closed. If you check the Stop Interest Accrual box adjacent to this field, interest will no longer accrue on the loan as of this date.
The date repossessed collateral from this account was resold. If you check the Stop Interest Accrual box adjacent to this field, interest will no longer accrue on the loan as of this date.
Follow Up Date
A date when servicing agents should follow up with the loan. This is displayed in the loan header.