Servicing Reports provide critical data to help you stay on top of your borrowers. Items such as insurance cancellations, and Amount / Days Past Due report allow you to get current, up to date information concerning your accounts. Through these reports you can develop effective servicing plans, and ensure your collections team stays up to date.
To access the servicing reports select the Reports > Servicing Reports tab.
The servicing reports tab consists of five different reports: Amount & Days Past Due, Insurance, Account Promises, Notes, and Flooring. Each of these reports offers good insight into the current standing of loans inside your company.
- Amount & Days Past Due
- The Amount & Days Past Due report is best utilized as a collections report. This report will pull loans that currently have delinquent balances based on their “Days Past Due”.
- The “Insurance” report allows you to pull up accounts that have expired (or near expired) insurance policies. To access the report select Reports > Servicing Reports > Insurance. This report is generally only utilized by companies offering collateralized loans, generally in the automobile sector, as a means to track whether or not insurance obligations are being met by the borrower.
- Account Promises
- The “Account Promises” report gives you a quick view of pending, completed, or failed promises from your clients. Promises are a special type of note that can be attached to accounts, and operate based on an entry date. For example, a client call in and make a promise to pay two weeks from the current date. By recording the promise to the account, you will have an easier time servicing the accounts that are currently coming due.
- The “Notes” report offers a quick view into notes recorded on borrower accounts. And is a great way to review interactions between servicing users and borrowers.
- The “Flooring” report is a specialized report that pulls information for “Flooring” type loans. The “Flooring” report is designed to give administrators a quick overview of the flooring portfolio, and flooring customers.