Alerts and notifications
The different tools you can use to notify your agents about account activity.
LoanPro offers notes and alerts at both the tenant and loan level to ensure agents are notified about important account information. This article will explain the different alert options and explain how to set them up. To learn more about loan-level alerts, visit our Note types and Audit Trail article.
Stoplights
Stoplights provide a glimpse of how an account is performing. These are based on customer rules, so you can configure them in any way that suits your servicing needs. Stoplights can be red, yellow, or green. For example, if a loan is past due 30+ days, you may want to write a Clojure rule that puts a “red” stoplight on a loan. This will tell a servicer anytime they happen upon a loan with a red stoplight, they'll know that it is past due 30 days and may need a little more attention in collections.
A loan can only have one stoplight at a time, but you can create as many stoplight rules as you'd like. If a loan meets more than one rule for a stoplight, the system will display the stoplight for whichever rule has the highest priority.
To learn more about stoplights, visit our Stoplights article.
Warning Flags
Warning Flags are customizable icons that can appear on a loan according to specific criteria. Flags each have a name and a color to differentiate their meaning. Unlike stoplights, a loan can have more than one flag. If a loan has several flags, this would be a good indicator for a servicer to look into the account further to see how the loan is performing.
To learn more about Warning Flags, visit our Warning Flags article.
Usury alerts
Usury alerts display information about the loan creation regarding maximum interest rate and APR that can be charged on a loan change depending on geographic region, country, and state. Sometimes these laws are dependent upon the loan amount, the type of loan, the collateral of the loan, and etc. Please check the applicable laws for your jurisdiction in determining the Usury laws applicable to your business location.
In LoanPro, this alert only provides a warning in the Account Setup when usury rules are violated, which can be bypassed. It does not guarantee that all loans follow the usury rules that have been set.
Note: LoanPro does not take responsibility for enforcing your usury rules. It is highly recommended to have capable individuals familiar with the laws applicable to your company review all loans to ensure that they are within all legal limits.
Setting up Usury alerts
LoanPro gives you the option to specify when usury alerts should occur. Whenever you create/edit a loan, LoanPro will tell you if you are breaking the input usury standards. Please note that LoanPro bases the Usury Alert on APR and not Interest Rate. Though these two numbers can be similar, they are not always the same.
To create a new usury alert, navigate to Settings > Loan > Alerts > Usury inside your company account. First select what type of usury alert you would like. This will change the options available to you and can be done by clicking on the blue lettering that describes the current usury alert.
This will let you access a dropdown that includes three options.
| Option | Description | Steps |
| Flat usury rate | Set a flat rate that your APR should not exceed. | 1) Enter the APR that shouldn’t be exceeded in the ‘Flat APR Rate’ field. |
| Age of collateral usury | Create brackets based on the age of loan collateral and an associated APR that should not be exceeded for each bracket. |
1) Click ‘Add’.
|
| Loan amount tier usury | Create brackets based on the amount of the loan and an APR for each bracket that should not be exceeded. |
1) Click ‘Add’.
|
Account click-through alerts
Account Click-through Alerts are a message that appears when a loan is opened. This tool is helpful for servicers to be notified immediately about any urgent information relating to the loan.
These alerts can be created manually or automatically within a specific loan. To learn more about loan-specific alerts, visit our Note types, management, and search article.
Rules-based alerts
Rule-based alerts are shown when a loan meets the criteria for a rule. To create one, navigate to Settings > Loan > Alerts > Account Note Alerts inside your LoanPro account.
To add a new rule-based alert, click 'Add'. Here, you are able to determine the following settings for the alert.
- Title: Enter a title for the alert.
- Type: Choose the type from the dropdown.
- Label: Enter a label if you would like to set an order of priority.
- Display: You have the option to display the alert in LoanPro and on the Customer Portal, if applicable. If you select to display the note on the Customer Portal, it will display as a pop-up message when the user opens the account for which the note has been triggered.
- Rule: Click ‘Empty’ to set the rule that will determine when this alert is shown. Using the Formula Editor, write the rule that you would like to apply to the notice. As LoanPro will only let you save valid rules, we recommend using 'Validate this rule' during the writing process. Once you are satisfied with your rule, click 'Save'.
- Custom message: Write the message of the alert in the text field. You can use the formatting tools to help format the message.
Finally, save your alert settings. Your alert is now complete and will display on the loans that qualify for the rule you set.
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