Archiving, deleting, and restoring accounts
At the end of the life of a loan, you can either archive or delete it. Archiving a loan allows you to retain access to the data for any future need, such as a tax audit. Deleting a loan will remove the data from LoanPro’s system. Restoring a deleted loan is possible with a fee. This article will explain how to archive, delete, and restore a loan.
Archiving a loan
Once a loan is closed and will no longer be serviced, archiving it will stop automatic processes from updating the loan. This will reduce the cost as an archived loan does not count towards your total number of billable accounts.
To archive a loan, navigate to Account Setup > Setup Tools > Live/Archive inside the loan. This tool is only available if the loan is activated. Select ‘Archive’ under Loan Status and then click ‘Save’ to confirm that you want to archive the loan. A confirmation box will appear to verify if you really want to archive the loan or not.
To continue archiving the loan select ‘Yes’. If you do not wish to archive the loan, simply select ‘Cancel’. Once your loan is archived, an alert will appear at the top of the loan signifying that it is archived.
Resurrect a loan
After a loan is archived, you have the option to unarchive it. To resurrect the loan, navigate back to Account Setup > Setup Tools > Live/Archive inside the loan. Choose ‘Live’ as the Loan Status and click ‘Save.’
Deleting a loan
To delete a loan, first find the loan you want to delete. Inside the loan, navigate to Account Setup > Setup Tools > Live/Archive. Select the ‘Delete’ radio button, then click ‘Save’. Like when archiving a loan, a pop-up window will appear to verify the action.
Restoring a loan
To restore an account that has been deleted,
- Navigate to Tools > Restore then click ‘Restore’ for whichever account you want to restore.
- A pop-up window will show to confirm the action. Choose ‘I Agree’ to continue restoring the loan.
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