Collateral and insurance tracking
Track the collateral items securing an account, and any attached insurance policies.
In LoanPro, collateral items are saved to individual loans, and a single loan can have multiple collateral items. Each collateral item has a type, corresponding to the four types of loans in LoanPro: Auto, Consumer, Real Estate, and Other. This article will explain how to set up collateral fields, configure collateral tracking information, and track insurance information for a loan.
Collateral fields
Collateral tracking fields are designed to let you personalize the parameters and labels used to track your collateral. After you have configured collateral fields, 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.
Setting up fields
To update your collateral fields,
- Navigate to Settings > Loan > Labeling > Collateral Fields.
- Choose the collateral type for which you want to change the collateral fields. Your choices are Automobile, Consumer, Real Estate, and Other.
- Once you have selected your desired collateral type, click the pencil icon at the far right to make any edits to the collateral field.
You have the following options for each collateral field:
- Label: This is what the collateral field will be called throughout LoanPro. If you do not give the field a label, the label will default to the alphabetical letter that it's assigned to.
- Field type: This is the type of data the field will hold. The options include: date, number, and text.
- Required: This lets you choose whether you will be required to enter a value into the field in order to save the collateral information on an account.
- Max length: This option lets you specify how many characters long the field value can be.
Since year, make, model, and trim are fairly universal, these fields are not customizable. You can only update whether automobile fields are required or not.
Once you’ve updated the information for the desired field, click ‘Save’ to save the collateral field.
You'll notice that there are three additional fields (additional, color, warranty) that are included along with the collateral fields you edited. These fields are consistent among all collateral types and are not required, so you don't have to fill in the field to save the information. The same applies to the custom fields that you can add to all types of collateral.
Collateral tracking information
Once you've configured the settings to your liking, you can enter collateral information for an individual loan. There are two primary methods available when recording collateral information: adding the information when you create a new loan, or adding and editing the information on an existing loan. Additionally, you can use the LoanPro verified data import to bring in an existing body of collateral data.
New loan
- Click the ‘New Loan’ button then ‘Standard’ from the ‘Account Manager’ page. You will be prompted to select a loan category.
- You will then be taken to the ‘New Loan’ page. The first step deals with loan information, like the type, source company, and agent user.
- On the next page, you can add up to 50 collateral items, or none if you don't want any. Selecting a collateral category will bring up the fields you've set for that category. Although many collateral items will match their loan type (e.g., a car securing an auto loan,) you can select any type of collateral on any type of loan. You can add them all now, or move ahead to the next step and add collateral later.
Existing loans
You also have the ability to add collateral information to already existing loans.
- Within an individual loan, navigate to Collateral Tracking > Collateral Tracking Information in the navigation bar on the left. It'll take you to this page, where you'll see a list of any collateral that you've linked to the loan. You can edit each entry with the pencil icon on the right.
- Click the ‘Add Collateral Tracking’ button to choose the collateral type with a drop down. Even if you set a loan up with one type, you can choose any type here. Once you select a type, it will pull up a window with the collateral fields you've set up for that type.
- When you're done, click ‘Save’.
Within each loan category there is the option to create custom fields through Settings > Loan > Custom Fields > Collateral Tracking. These custom fields can be utilized to add information to the collateral tab, and can be loan category specific. Essentially, this gives you the capability to have collateral fields that only appear on certain loan categories, allowing you to record only the information you need.
GPS collateral tracking
For automotive lending, one method of securing collateral is through installing a GPS unit on vehicles. The GPS Collateral Tracking setting lets you enter the web URLs of companies whose GPS units you use. This makes it easier to access GPS websites when tracking collateral.
You will use the GPS Collateral Tracking inside of Collateral Tracking > Collateral Information inside of a customer account. Click ‘GPS Collateral Tracking’ and it will bring up a list of available GPS links. Click the link you want and the website will be opened in a new tab.
Create a GPS website link
To enter a new GPS website link,
- Navigate to Settings > Company > Plugins > GPS Collateral Tracking inside your company account.
- Click ‘Add’. Enter the URL in the field provided and click to save the URL.
Insurance
LoanPro allows you to record insurance policy information for loan collateral. Additionally, you can pull reports to see who has insurance coverage and who does not.
Setting insurance information for a loan
To set insurance information,
- Open the desired loan and navigate to Collateral Tracking > Insurance Tracking.
- Click ‘Edit’. A form with multiple fields will appear. Here you can enter the insurance information such as the name of the insured, the insurance company name, the insurance agent information, the deductible, policy number, and the start/end dates of coverage. There are shortcuts above the ‘End Date’ field that help you easily add an end date several months in the future.
- Once you are done, click ‘Save’.
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