Table of Contents
Audience: Loan Servicing/Collections Managers, Administrator, Data
If you have 100,000 loans in your portfolio, you'll need a way to organize them. Without organizing them, they'll be hard to find and you won't be as efficient as you could be. LoanPro is powerful enough to hold all your loans and it also has labeling types to keep you organized. There are many different ways to label in LoanPro's loan management system (LMS) so you can customize the labels to fit your specific business model. This article will cover all the tenant-level labeling options, both for loans and other entities like notes and documents.
What are labeling types?
There are many labeling types and each does something different. Some labels are applied manually and some are applied with rules. The following list highlights each type and how it can be used.
Loan Status and Portfolios are two labels that can be directly applied to a loan. These can trigger a rule or be the result of a rule, and they can filter search results. Loan statuses and sub-statuses show where loans are in the loan lifecycle. Portfolios can be applied to loans and indicate other information. A loan can have many portfolios while it can only have one loan status.
Rule Based Labels
Flags and stoplights are both rule-based labels and are also known as tags. This means that once a loan meets a certain criteria, the stoplight and flag will automatically change based on the rule. Stoplights indicate the health of the account and flags indicate in-depth conditions about the account. A loan can have only one stoplight at a time, but could have many simultaneous flags. Flags can be customized to fit your business needs.
All new loan or lease accounts are assigned an ID, which can be used as a tag. This ID can be assigned manually, automatically, or automatically with certain parameters (such as starting number, counting increment, and prefixes and suffixes). Custom Account Numbering explains how the IDs can be set.
Categories provide further classification on items such as notes, advancements, credit, funding, wizards, and interest adjustment. The categories can be applied to make items under each of these sections easier to find and understand. Categories are selected as you create each entity manually.
Document sections allow users to organize all of their uploaded documents. Create New Loan Document Section provides instructions for adding a new document section.
When you add collateral to an account, you select a collateral type. With collateral fields you can configure what information can be saved to identify the item. For instance, virtually all automobile collateral will record the make, model, year, and trim. But, if a loan is secured with industrial cooking equipment, then you might want to record the manufacturer, device name, warranty, and serial number.
Quick Notes Library
Quick notes allows you to create templates that agents can use to instantly add notes to an account. You can customize these templates to fit your business needs.
Checklists are a feature that help you manage loan processes that are not native to LoanPro. Creating a checklist will create a list that agents need to complete as they follow certain procedures. Checklist items can be searched to see where loans are in the process. Like loan status and portfolios, checklists can trigger a rule or be the result of a rule, and they can filter search results.
Where does Labeling Fit?
Labeling keeps lenders portfolios organized and easy to navigate. While some labels are set manually, others are automated with rules applied. Some of these options are purely for convenience, making it easy to search instead of scrolling through long lists. Others, like flags and stoplights, are used to alert agent users about how a loan is performing. Checklists, portfolios, and statuses indicate workflow steps. Using these well is the key to implementing seamless automation and enabling your agents to service the loans they are responsible for.
This Feature is Not
Not all of the labels are automatic. Categories, notes, and fields are applied manually, but the other labeling types like portfolios, statuses, and checklists can be automated. Labels do not indicate loan class or loan type. Labels are a way to organize loans after they have been assigned a class and a type.
Comparison of Loan Labeling and Grouping Options: This article gives a description of the the grouping and tagging options and a matrix for how they can be configured.
Loan Types: Explains the different types of loans types LoanPro LMS has to offer.
Rules Applied: This article provides a deeper look into Rules Applied and how they can benefit your company.