Audience: Loan Servicer or Collector, Accounting, Loan Servicing/Collections Managers, Administrator, Compliance
A tool is something that helps you complete a task with more ease than you would be able to without it. In LMS, the tools tab serves as a hub for various features make it easier to perform certain tasks in the system. In this article, we'll be going over the basic information on features that exist under the Tools tab. The tab consists of nine different tools:
- AutoPay Manager
- Customer Communication
- Collector Queue
- Credit Reporting
- Notification Center
- Quick Quotes
- Escrow Analysis
- Loan Admin Tools
Below, we'll explain each tool in the order they appear under the tab.
The AutoPay Manager allows you to view information about all AutoPays that have been processed. You can filter your search by key word, status, type, method, frequency, and by a date range. You also have the ability to search based characteristics of the loan. Information is shown for each individual AutoPay in columns, which are also customizable; in other words, you can choose what information you want to see about your AutoPays. Under the options column, you have the option to see more about an AutoPay's history, or, for failed AutoPays, you can cancel, retry, or revert the status to pending.
For more information, take a look at our AutoPay Manager article.
The Customer Communication tool has tabs for each method of communication with borrowers: email, SMS, TCN campaign, and mail house. Using these tabs in the tool, lenders can easily create communications for their borrowers and view their communication history. It also has tabs for custom forms and billing, which allow you to create custom forms and billing statements for borrowers.
If you want more information on how this tool works, you might find the Customer Communication Overview helpful.
The Collector Queue tool allows you to assign a list of loans to a specific collections agent or a group of collections agents. You can also view any existing queues. Each queue can be assigned a title, agent, type, and strategy, and when you look at the queues, you can see their status, the total number of loans in the queue, and their completion percentage.
Our Collector Queue 101 article has more information about the Collector Queue tool if you need more in depth information.
With the Credit Reporting tool, you can export customer data which you can then send to Credit Manager to report borrower credit.
To learn more about credit reporting in LMS, take a look at Credit Reporting – The Basics.
The Notification Center tool is a hub for viewing all of your notifications and creating system notifications in you company account. This includes reminders within the system, event and trigger based notifications, and system notifications, along with the ability to filter those notifications to more easily find what you need.
For more information about the Notification Center, our Notification Center article might be helpful.
This tool is exactly what it sounds like. If you delete an account, the Restore tool allows you to "un-delete" an account for a fee.
If you need more information about our Restore tool, take a look at Restore a Deleted Loan.
LoanPro's Quick Quote tool allows servicers to run a loan calculation without creating a permanent loan, which lets you see what a potential loan's numbers and data would look like. The quick quote can then be converted into an actual loan if desired, but it will otherwise be automatically deleted from the system.
Our Quick Quote article will be helpful if you're looking for more information on this topic.
The Escrow Analysis tool is generally needed when they are first created and once every year after. Escrow analysis allows you to ensure you're collecting the correct amount of money in your escrow buckets for the needs of the loan.
For more information on how the Escrow Analysis tool works, read our article Escrow Analysis Overview.
Loan Admin Tools
This tool allows you to run rule evaluations for groups of loan when needed. Rule evaluations are usually run with daily maintenance, but there are times when you may want to run it outside of the typical time, such as when a change has been made or an account or transaction is made.
Take a look at our Loan Admin Tools article for more information.
This article only covers the very basic information about each tool. For more in depth information about how each tool works, you should read our articles written specifically for the tools.