While not all loans are secured with collateral, collateral is important to track for many loans. LoanPro tries to make collateral tracking as flexible as possible. LoanPro uses four main collateral types that will cover most situations: Automobile, Real Estate, Consumer, and Other.
Automobile loans are intended for any collateral that has a VIN (vehicle identification number). Real Estate is designed for loans that deal with land in some way or buildings. Consumer loans should be used for consumer goods, such as appliances, hot tubs, electronics, etc. Other loans can be uncollateralized or for any collateral that doesn’t fit easily into one of the other categories (e.g. medical procedures).
You can add information about any insurance policy that applies to the collateral on an account as well.
For collateralized loans, you have four main collateral fields. You can choose the labels for these fields, along with the field type (and some other options). Once you have your collateral fields configured, you can set a loan type default for each of the major collateral types using System Defaults. You can also establish Loan Type Specific Defaults based on each of the four main collateral types.
Now you can manually enter collateral information, or you can use the LoanPro import system to import this information. You can most effectively export collateral information from the system using the Custom Query.