Collateral Doesn’t Have to be a Conundrum

Charles Burnett | August 10, 2020

When we say that GOLDPoint Systems strives to provide products to fit your institution’s every need, that commitment includes accommodations for logging, categorizing, and tracking collateral for secured loans.

When an account is first originated, our origination software provides extensive options for creating collateral items in the system and tying them to the customer. These options include separate screens for different collateral types (vehicle, personal property, etc.) and numerous fields for categorization (NADA value, make/model, etc.).

Our software interfaces with the latest car values generated from NADA, Kelly Blue Book, or Black Book, depending on which database your institution uses.

 

Collateral Blog post draft 4

 

For some customers, the only effort necessary on your part regarding collateral will be when the account is originated. The collateral information will stay untouched on the account, the customer will make their payments on time over the life of the loan, and nothing will need to change.

However, if the disposition of the collateral changes after origination, if new collateral items must be added, or if your institution needs to take the unfortunate step of tracking repossession efforts, our loan servicing software provides a user-friendly one-stop screen for serving all your collateral management needs.

The Collateral Detail screen provides all necessary functions pertaining to collateral attached to secured loans. The appearance (and provided functions/fields) of this screen can take one of three forms to better focus on the type of collateral selected:

  • Auto, personal property, power sports, outdoor power equipment (see example below)
  • Real estate property
  • Home improvement

 

The list view table at the top of this screen shows all collateral attached to the selected loan at a glance. Select a collateral item in the list to view more detailed information about it on the screen and make any necessary changes or additions using the provided fields.

From the Collateral Detail screen, the following functions (and more) are just a few easy clicks away:

  • Creating new collateral items to attach to the loan (no need to use the origination software again).
  • Deleting existing collateral items.
  • Viewing and editing disposition, dealer, make/model, and UCC information for collateral vehicles.
  • Viewing and editing address (including driving directions), appraisal, and occupation information for real estate collateral.
  • Viewing and editing description, retail value, and other miscellaneous information for home improvement collateral.

 

If your institution is not currently set up to use the Collateral Detail screen in your loan servicing efforts, contact GOLDPoint Systems to learn more about how this screen can make your life easier or open new doors for your servicing options.

 

Tags: Collateral

Charles Burnett | August 6, 2020

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