Collateral Overview

LoanPro's latest release adds the option to link multiple collateral items to a single loan.

Introduction

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, Consumer, Real Estate 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).

Within LoanPro, you can secure a loan with up to 50 items of collateral, or none at all. You can also add information for an insurance policy that applies to the collateral on an account.

Setup

Before adding collateral on an individual loan, you may want to edit the available fields in your company settings. For more information, see our article on  Using Collateral Fields.  Once you have those 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.

Collateral Information

Once you've configured the settings to your liking, you can enter collateral information for an individual loan. Our article on Adding Collateral Information covers the process through the LMS user interface, or you can use the LoanPro import system to bring in an existing body of collateral data. You can most effectively export collateral information from the system using the Custom Query.


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