Servicing workplace overview

This subsection provides a detailed description of the functionality available to the user of the Servicing workplace.

Most commonly, loan managers are the ones using the Servicing workplace. Their main responsibilities are to disburse funds for the approved loans, monitor, and manage the repayment of loans. Servicing officers can use the section on the left displayed in the screenshot above to filter, sort, and search the loans that are being serviced.

Key functionality

The key functionality of the Servicing workplace allows the loan managers to:

  • Disburse funds

  • Contact borrowers

  • Blacklist users

  • Restructure loans

  • Rollover loans

  • Log payments

  • Write off loans

Below you can see the way that looks from the back-end of the System.

Summary

You can see this section on the screenshot above. It allows loan managers to analyze the loan application and borrower details at a glance if they need some basic information like the borrower's current loan, previous loans, and general information received from a Credit Bureau.

The information is retrieved from the Credit Bureau automatically after the loan application has been created by an originator or by a borrower online:

Customer details

This section contains a deeper insight about the borrower and their loan application.

 

Payments

Payments tab contains the schedule of expected payments as well as an option to export them into an easy-to-read report.

Under View Settings, you can filter the payments by completed and scheduled.

The Payments tab provides the following information:

  • Date: a date when the payment is to be made

  • Total: a total outstanding amount

  • Principal: a principal payment amount without interest. The principal payment amount is displayed depending on the payment status:

    • for current and overdue payments: an outstanding amount

    • for closed payments: a total amount charged and repaid

    • for scheduled payments: an outstanding amount to be repaid according to the schedule.

  • Interest: an interest amount is displayed depending on a payment status (similar to the principal amount).

  • Past Due Interest: an interest amount for an overdue payment is displayed depending on the payment status (similar to a principal amount; for more information, refer to the description of the principal amount above).

  • Commission: a commission (if included in the credit product used to create the application). An amount of the commission is displayed depending on the payment status (similar to the principal amount).

  • Late Fee: a fee for overdue payment. A fee is displayed depending on the payment status (similar to a principal amount).

  • Close date: a date when the installment has been repaid in full. The close date is specified for each repaid installment.

  • Status: current status of the payment.

  • Actions: the balance log displaying details of changes in the balance.

The payment schedule also displays a total outstanding balance (Total Amount Due) and an amount of advance payment to be made to close a current installment before a scheduled date (Total Early Repayment Amount).

The payment schedule gets updated automatically every day for undisbursed loans. Thus, the payment schedule always starts from This date.

This is particularly important in the situation when a loan agreement is downloaded several days after the loan application has been created (but the loan has not been disbursed yet). For more information on the downloadable loan agreement, refer to the Documents tab below.

Fees

If a loan manager needs to add a new or check existing fees of the loan, they need to check the Fees tab.

 

Transactions

Transactions tab displays a list of payment transactions conducted in the System.

If needed, loan managers can export this data into Excel as well.

Collateral assets

Secured loans have a Collaterals tab. Here loan manager can see what collateral is added by the borrower and view it.

Interaction history

Interaction History tab contains all the records of contact with the borrower.

Click on the Details icon next to each interaction to see the message that was sent.

 

Documents

This tab displays a loan agreement automatically attached to a loan application. If any documents have been attached to the loan application by the user, they are also displayed on this tab.

Interest suppression

Loan manager can view past interest suppression events and add new ones.

To suppress interest, click Suppress interest from this tab and fill out the form that pops up.

 

Promise to pay

Loan managers also can analyze past and add new PTPs for each loan.

To add a PTP, click Add promise to pay and fill out the form that pops up:

 

Flags

Loan managers can flag both borrowers and loans. Flags help other users instantly see an important piece of information and act accordingly.

To add a new flag, click Enable flag and fill out the form that pops up.


Credit Bureau

If you choose to integrate your TurnKey Lender portal with a credit bureau to increase the accuracy of credit decisions, there will be a Credit Bureau tad in the Servicing workplace. There, loan managers will be able to access the CB information about the borrower or request a check by clicking the Send Request button.

This functionality or a part thereof may not be available in some versions/subscription plans of TurnKey Lender. See Price Plans for details.