Activation requirements
Determine what requirements an account has to meet before it goes live.
LoanPro lets you specify some items that are required in order to activate a loan. This feature is designed so that you can be reminded of items that were potentially missed when creating a loan at the time the loan is activated.
Setting requirements
To add or update loan requirements, navigate to Settings > Loan > Setup New Loan > Activation Requirements inside your company account. Click the blue “Edit” button to begin managing which requirements you'd like to specify.
Click the black “Edit” button to begin managing which requirements you'd like to specify.
The following loan-requirement options are available:
| Option | Description |
| Collateral Tracking | This refers to the collateral section of the loan and collateral information will be required before a loan can be activated. |
| Insurance Tracking | This refers to the insurance section of a loan and insurance information will be required before the loan can be activated. |
| Loan Status | This will require that the loan be in a certain status before it can be activated. Loan status can be changed inside the Loan Settings > Settings section of the loan. |
| Loan Sub-Status | This will require that the loan be in a certain sub-status before it can be activated. Loan sub-status can be changed inside the Loan Settings > Settings section of the loan. |
| Source Company | Choose whether the loan must be assigned to a source company before it can be activated. |
| Allow Activation If Usury Alert Violation | This option lets you choose whether the account can still be activated if the APR exceeds what is specified in any applicable usury alert. |
| Smart Checklist | This section lets you require that any of the checklist items be checked in order to activate the loan. You can manage your checklist items by navigating to Settings > Loan > Smart Checklist. |
Once you have entered the necessary information for loan requirements, click the “Save” button to save them.
Example
Suppose you want to make it so some kind of proof of residence has been received from a customer before a loan is finalized with that customer. In the Activation Requirements, you would check the box to the right of the Residence Verified checklist item.
When an agent user creates a new loan in the system and receives proof of income from a customer, they'll have to navigate to the checklist within the loan and check the Income Verified item before they can activate the loan.
If the agent user did not click the checklist item, the window below will pop-up when they try to activate the loan. Clicking “OK” will continue the process of activating the loan, but we encourage you to ensure that all requirements have been met before activation.
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