Automated repossession
Streamline your recovery process with an integration to RDN.
Between managing a delinquent account, handling court documents, and coordinating the collateral recovery, repossession can be a long and somewhat complex process. That's why LoanPro provides an automated system to track collateral repossession, handled through our native integration with the Recovery Database Network (RDN).
Automated repossession
RDN is a software that manages, tracks, and facilitates communication regarding repossession orders of automobiles. This is a two-way integration that allows you to complete actions in LoanPro or RDN and they will be reflected in both places. For example, using LoanPro, you could send recovery cases and other information to RDN, and then they will assign the case to a repossession agent and track its progress throughout the recovery. Changes that are made in RDN are also communicated to LoanPro and can trigger automatic action within the tenant.
Actions in RDN
Many actions taken in RDN can be communicated back to LoanPro and trigger automatic actions in your tenant. Below is a list of the actions in RDN that can be automatically updated in LoanPro. The table below includes the Event ID, a description, and an example of actions that could be set up in LoanPro. Those actions can be customized to fit your specific business processes.
| Event ID | Description | Actions taken in LoanPro |
|---|---|---|
| 100 | Case status update | Update custom field. |
| 101 | Order type changed | Updates custom field. |
| 200 | Update added | Adds notes from RDN and uploads associated documents. |
| 300 | Case repoed | Posts vendor information into custom fields. |
| 301 | Case un-repoed | Invokes checklist item, posts new values in custom fields, and reverses charges. |
| 304 | Case re-opened | Updates “Order Date” (or equivalent) custom field, updates loan status and sub-status. |
| 400 | Case created in RDN | Updates Case ID and case status custom fields. |
| 600 | Case accepted | Updates the vendor name custom field and loan statuses. |
| 601 | Case declined | Logs a note with the vendor that the case was declined. |
| 602 | Case close acknowledged | Updates loan status, sub-statuses, and case status custom field. |
| 603 | Hold acknowledged | Updates loan status, case status, and hold reason custom fields. |
| 604 | Close requested | Updates loan status, case status, and hold reason custom fields. |
| 605 | Hold requested | Updates case status and hold reason custom fields. |
| 606 | Hold removed | Updates case status and close reason custom fields. |
| 707 | Condition Report (CR) date changed | Retrieves and uploads Condition Report document to LoanPro. |
| 800 | Invoice created | Initiates the invoice approval process (816). |
| 816 | Invoice approved | Uploads invoice document, posts a charge for the invoice amount, and checks off a checklist item. |
| 817 | Fee requested | Checks off a checklist item and posts Actions and Results. |
| 818 | Free requested status changed | Checks off a checklist item, posts Actions and Results, and adds a pop-up alert. |
| 1300 | Condition report added | Retrieves and uploads the Condition Report document. |
| All other actions in RDN | Loan note is posted with standard details. |
Configuration
The connection to RDN is a configurable process in LoanPro, giving you the flexibility to align it with specific state laws and your own business practices. Work with your LoanPro contact and they can help configure the process to your liking. (For more details on state repossession laws, read our article on Repossession Compliance in Automotive Lending.)
Within LoanPro, you can complete four actions that are directly integrated with RDN:
- Create a case
- Put a case on hold
- Close a case
- Re-open a case
Each of these features can be customized to fit your business needs and processes. Below is an example of a standard process for creating an RDn case. Although the precise details of your implementation may differ, in general it will look something like this:
- An agent or automation triggers the repossession case. You can trigger the process with our Automation Engine, or with manual action from an agent. The automation or agent will add a Create RDN Case portfolio to the account, which in turn opens the recovery case with RDN.
- LoanPro sends the case to RDN. LoanPro automatically sends the case to RDN through our direct integration. After creating a case, you will find the information about that case within a few newly generated fields in Custom Fields, which is also located in Loan Settings. Repossession Case ID will give you a string of numbers that can be entered in RDN where more information about the customer and the repossession case can be found, Repossession Status will state “New from Client” on a newly generated case and describe the current state of the case after that, and Repossession Last Updated will show the date that a change was last made to the case.
- RDN manages the case, and the account is updated in LoanPro. Agents assigned by RDN to a repossession case can write updates within RDN that will be communicated back to LoanPro. If an agent writes an invoice on RDN, one example being to notify a lender that repossession has been completed, that invoice can be found on the borrower account in Servicing > Documents. If an agent posts comments to RDN, those also get relayed to LoanPro, and can be found in the borrower account under Servicing > Notes/Alerts.
Our RDN integration supports uploading all documents, including files, images, and other formats, from RDN to LoanPro. To prevent duplicates, only newly uploaded documents are sent to LoanPro.
Beyond creating a new case, you can create a similar process for placing cases on hold, closing a case, or re-opening a case. For example, if a borrower declares bankruptcy or works with you to get back on track with their payments, you may need to pause or cancel a repossession case. Just like initiating the recovery process, these updates are managed through LoanPro using portfolios on the account.
- Adding the Place RDN Case on Hold portfolio twill temporarily pause the recovery, and the sub portfolio will let you specify the reason why.
- To fully close a case, add the Close RDN Case portfolio specifying the reason.
To begin using these features in your tenant, reach out to your LoanPro contact.
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