LoanPro's contract proceeds automation helps lenders transfer data seamlessly from an existing loan account to a new one in the case of a trade-in or refinance. This reduces manual errors and speeds up your workflows. Below is an overview of how the tool works and how to get started.

How contract proceeds works

Before creating an automation to transfer existing loan data to a new loan, you'll need a process that defines what data should be transferred and when. For example, you could create a custom checklist that triggers the tool when all steps are completed. After this process is defined, the LoanPro team will help configure the automation.

When triggered, the tool automatically transfers key data from the new loan, including customer IDs, start date, loan ID, and source company details.

At this stage, the new loan becomes the “primary loan,” and the original loan is designated as “Loan B.” These custom fields are used to track information throughout the process:

• Primary customer ID
• Secondary customer ID
• Board date of Loan B
• Loan B source company
• Loan B source company address
• Loan B ID

This automation reduces the risk of manual errors and speeds up the process for trade-ins and refinancing. 

Setting up contract proceeds

To set up a contract proceeds automation for your account, reach out to your regular LoanPro contact. Once configured, the process runs automatically based on the criteria you define.