Collections Loan Classification Review

Description

If your credit union has multiple corporation numbers, enter a corporation number in this search field to locate all accounts associated with that corporation.

Enter an account number in this search field to locate a specific account quickly.

Enter a branch (location) number in this search field to locate all accounts associated with that branch.

These search fields are used to enter a range of Classification Codes to view.

For example, say you wish to see only accounts which have been flagged with your “90% Reserve” code (090). In the “From” field, enter “090” and in the “To” field enter “090.”

This column shows the Employee ID of the collections officer assigned to this loan. This is stored as part of the actual loan record. Use the “Assign” option to change this setting for any account.

This column is used to mark those accounts which have been “worked”—in other words, a contact was made or progress was reported on the account.

Because this screen can also be accessed by credit union leaders as a way of tracking collections activity, it is important to log the dates on which each account is handled by a collector.

Place a check in this column for each account which was worked and use Enter. The current date will be placed in the Mo/Day column for each item checked.

This column shows the date on which a collector last was in contact with this member regarding the account status. This field provides an excellent way to keep track of monitoring efforts and make sure that these accounts are getting the necessary attention.

To update this field, place a checkmark in the previous column and use Enter. The current date (month and day) will be recorded as the last contact date.

The account base and account type suffix.

The member's name.

The Loan Classification Code assigned to the loan account.

The current balance on the account.

The reserve percentage which should be allowed for this loan. This amount is calculated by taking the current balance multiplied by the reserve percentage from the Classification Code configuration.

Description

Use this option to view or update the Household Database information for this member.

Use this option to view the Member Account Inquiry screen for this account.

Use this option to print member letters or other correspondence, using the Misc. Member Account Forms feature.

Use this option to review all Trackers assigned to this member, or to update the Collections Card Tracker (type XX).

Use this option to view or update Underwriting Comments for this member. These Underwriting Comments are part of the Household Database and can be viewed by loan officers as well as other credit union staff.

• Credit union policy should dictate what types of information should be included in the Underwriting Comments. Generally the Collection Card Tracker is the complete, on-going record of all collections activity. The Underwriting Comments could be used as a way to summarize information from the Collection Card which would be of particular importance to loan officers dealing with this member on future loan requests.

Description

Use this to return to the first Collections File Review screen.

Use this to return to the Home Page.

• If any boxes in the Contacted column were checked, be sure to use Enter to record the current date before using F7.

Use this to view the Collections Summary Inquiry screen, which includes a summary of all classified loan accounts.

Use this to print a copy of the loan classification inquiry list.