Loan Collateral Configuration and Tracking

CU*BASE provides many resources to configure and track loan collateral for convenient monitoring.

Collateral information can be added to a loan during the initial loan application processing or after loan the loan has been created. 

Adding Collateral Information During the Loan Application Process

1. Using Tool # 2 Work/View Loan Application Status
2. In the Add collateral type field, enter the appropriate collateral type code (use the spyglass to select from available options)
3. Check the 'Edit collateral' box to indicate you would like to modify the collateral item 
4. On the Collateral Identification screen, enter all applicable fields 
   • See the Loan Collateral Item Detail (Vehicle) Online Help for detailed description of the fields available on this screen
5. Click 'Save/Update' when finished
6. Complete the remaining loan application as normal 
   • Loan Request with Collateral Video

Adding Collateral Information After Loan Creation

1. Launch Tool # 51 Miscellaneous Loan Maintenance
2. In the Account # field, enter the member's account number and suffix
3. Click the forward arrow
4. Check the 'Collateral' box on the Additional Loan Information Selection screen
5. Select the desired collateral type you would like to update from the list
6. Click 'Select' 
7. On the Collateral Identification screen, enter all applicable fields 
8. Click 'Save/Update' when finished
   • Adding Collateral to an Existing Loan Video

Tool # 222 Collateral Insurance Agent Configuration can be used to configure collateral insurance agent codes that are used when setting up collateral records for loans to specify the insurance company that insures the collateral property.

• Tool # 403 Insurance Agent Information Report will print a report that lists the configured agents agents from Tool # 222 with their accompanying company name, company address and phone number. 

Collateral Reporting

There are three different collateral reports available, all found in Tool # 587 Pledged Collateral Information Report, that can be used to see if you have outstanding insurance, title tracking, and property tax tracking. Information is grouped by collateral definition and then collateral type, with a Grand Total appearing at the end of the report.

Available report types 

1. Insurance - select this option to view insurance information including Pledged Agent, Status, Expiration Date and Phone Number
2. Title Tracking - select this option to view information on Titles, including if it has tracking, the status, and the verification date
3. Property Tax Tracking - select this option to view property tax tracking information, including whether has tracking, the last paid and next due dates and whether it is past due

Please see the Collateral Information Listing Online Help for detailed description of the fields available on this screen.

The Collateral Tools for Tracking Property Securing Loans booklet has full details on how to configure and track collateral at your credit union.