Loan Collateral Item Detail (Vehicle)

Screen ID: 

Screen Title: 

Panel Number:

images\kb_closed_shg.gif

ULNCLA-A

Collateral Identification

2327


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Check out the video related to this topic: Loan Request with Collateral (More videos below!)

Helpful Resources

Learn how to complete tasks related to opening a new loan.

Learn how to complete tasks related to modifying an existing loan.

Collateral: Tools for Tracking Property Securing Loans

For NADA valuation, refer to the Configuring Tools for your Loan Team booklet.

Screen Overview

These screens are used to modify or view details about a collateral item attached to a loan account. This screen is used to modify or view details about Vehicle (V) collateral item attached to a loan account. View this screen to learn more about details of mortgage types. The fields available will vary depending on the type of collateral item being modified. (SEE ALSO: Collateral Types)

When done, use Save/Update (F5) to save all changes and continue to the next step in the loan application or loan account maintenance process, or use Add (F10) to save and return to the Collateral Selection screen to add another new collateral item.

If you see asterisks on this screen, it is due to the privacy configuration.

Automated Collateral Valuation - NADA/Kelley Blue Book feature

Your credit union can implement a tight integration between CU*BASE and the NADA (National Automobile Dealer Association) or Kelley Blue Book (KBB) to populate the automobile’s current value directly into the collateral record.  If this is activated for the collateral type used by this vehicle, you will see a "Get Value" button on this screen.  This feature is activated in the Loan Processing Workflow Controls screen.  (More information on activation requirements outside of CU*BASE are documented on this topic and in the booklet above.)

After entering the VIN and mileage of the vehicle, click the "Get Value" button.  Once the "Get Value" button is clicked, a CU*BASE screen and a browser window will appear allowing you to update the collateral record.  At that time the collateral record is locked.  Once "Submit is clicked on the browser window, the collateral record is updated to the NADA or KBB value and the "Value type" field is automatically updated to NADA or KBB..

When you return to this screen, either by backing up from the CU*BASE screen or completing the Submit process on the browser window, you will need to click Save/Update (F5) to leave the screen since the back up button will be deactivated.  (Or you can delete the collateral record entirely.)

Field Descriptions

Field Name

Description

Collateral type

A code and description of the type of collateral, defined in system configuration.

SEE ALSO: Configuring Collateral Types

Make

A description of the collateral item. For automobile or similar collateral types, use this field to enter the make of the vehicle (e.g., “Ford” or “Toyota”).

Model

For automobile or similar collateral types, use this field to enter the model of the vehicle (e.g., “Taurus” or “Camry”).

Year

For automobile or similar collateral types, enter the year of manufacture.

Identification #

For automobile or similar collateral types, enter the Vehicle Identification Number (VIN). For other miscellaneous collateral types, this field could be used for a serial number or other identifying number.

Estimated value

The total estimated value of the collateral item.  

This is updated with the Automated Collateral feature. Learn more in the Automated Collateral Valuation (NADA/Kelley Blue Book) feature section of this topic

Amount pledged to loan

The amount of the collateral value which is pledged as collateral against the loan. This may be less than the Estimated Value for items such as stocks or bonds, when the entire item is not being used to secure the loan.

The standard Loan Officer Worksheet prints a total of this amount for all collateral items. It is labeled “Estimated value of collateral” on the form.

Mileage

Enter the mileage of the vehicle.  

Color

Use this to enter the color of the vehicle.

Trim package

Use this to enter the trim package associated with this collateral.

Value type

Use this to record what the amount in the Estimated value field represents (MSRP, NADA. or KBB).

Loan to value

This is a calculated ratio using only this collateral item. Use Enter to refresh the calculation after changing the Estimated value.

(Loan amount / Estimated value) * 100 = LTV%

  • NOTE: On the Loan Application Financial Summary screen as well as on the printed Loan Officer Worksheet, this ratio calculation will include the value of other collateral items tied to the loan as well.

Trade-in

(Appears on vehicle collateral types only.) Use this checkbox to indicate whether or not there was a trade-in as part of the down payment.

Escrow

This checkbox will appear if the loan category is configured to allow for escrow accounts. If this checkbox is checked, an escrow account is attached to this loan account.

Insurance agent

The insurance carrier for the collateral item, if any. Click the lookup button images\magnifyingglasslookup_shg.gifto display the Insurance Agent configuration screen, where you can view existing agent codes as well as create new agents if needed.

Policy #

Enter the policy number of the insurance, if any.

Status

The status of the insurance. Click the lookup button images\magnifyingglasslookup_shg.gif to choose from a list of available codes:

Active (A)

Cancelled (C)

Expired (E)

No insurance (N)

These are standard system codes (stored in file SYSCTL), not credit union-defined.

Expiration date

The insurance policy expiration date, if any.

Premium amount

The premium amount for the insurance, if any.

Premium frequency

The frequency of insurance premium payments, if any. Click the lookup button images\magnifyingglasslookup_shg.gif to see a list of your credit union's configured frequency codes.

Title tracking

If you need to track the status of Title paperwork on this collateral item, check this box. If not, leave the box unchecked. This field is used when printing the Collateral Information report as a way to print a list of only those items that are being tracked for Title information.

  • NOTE:  One way to assist employees with checking this box when adding a collateral item is to configure it to be tracked in the Collateral Configuration Type.  Then this field will be checked by default. Learn more here.

For more details about tracking title information on your collateral items, refer to the Collateral: Tools for Tracking Property Securing Loans booklet.

Title status

(Appears on vehicle collateral types only.) If you have received all appropriate Title paperwork on this item, choose On File (F) here. Otherwise, leave the field blank.

This status will be used when printing the Collateral Information report. For more details on this report, refer to the Collateral: Tools for Tracking Property Securing Loans booklet.

Verification date

(Appears on vehicle collateral types only.) If the Title paperwork has not yet been received, this field can be used to enter the date on which verification of this paperwork should be made. When printing the Collateral Information report, you may choose to list only those items with a verification date that has passed, so that measures can be taken to obtain the necessary paperwork.

Additional Video Resources

Adding Collateral to a Loan

View more lending videos.

Visit the Show Me the Steps video library to view more videos!

 

 

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