Default Fraud Process
Introduction
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 Fraud process.
Default Fraud Process
The Default Fraud Process is intended to help manage fraud claims with ease. This process requires two different wizards: Fraud Notification is used when a lender is notified that the account may be fraudulent, and Fraud Decision is used to update the loan when the fraud investigation reaches a conclusion.
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.
Fraud Notification
In the event that fraud has been claimed on an account, enter the loan account in LoanPro and navigate to the 'Wizards Tab'. Select the 'Category' drop-down and click 'Fraud Wizards'. This will display only the repossession wizards.
The loan must be in the 'Application', 'Open', OR 'Closed' status to open the first wizard. Click OPEN and then START on the 'Fraud Notification Wizard' in order to start the process.
On this page, check-off the checklist item 'Fraud Notification Received' to start the process. Click SAVE and NEXT to continue.
Choose an appropriate Action & Result and the document a note to include any additional information. Click NEXT to complete the wizard.
Fraud Decision
Once the fraud investigation has come to a conclusion, continue the process by clicking OPEN and START on the 'Fraud Decision Wizard'.
On this page, select the 'Fraud Investigation Result'. The choices are 'Confirmed' or 'Declined'. If 'Declined' is chosen, the process will end. Once the decision has been selected, click SAVE and NEXT.
On this page, choose an appropriate 'Action & Result' and document any additional notes necessary notes. Save the information and click NEXT to complete the process.