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. Our integration allows you to 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 and updates from RDN are automatically communicated back to LoanPro in real time.

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 normal 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.)

Although the precise details of your implementation may differ, in general it will look something like this:

1.  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.
2.  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.
3.  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.

Pausing and closing cases

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 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, and a sub portfolio specifying the reason.