Customer and Loan Flags

What the Flags are and why you need them

Flags are marks that help you and your colleagues instantly see important information about a customer or a loan. For example, one of the Back-Office users can add a flag to notify other users that the loan has been sold or the account has gone bankrupt or provide other information that shouldn’t be missed by the team.

Such information may be of temporary or constant nature, therefore, for some flags, it is possible to define the expiry date, on which the flag will automatically be removed.

Flag Types and Flags

By their subject the flags can be:  

  • Customer Flags: information about the customer

  • Loan Flags: information about a specific loan

By their origin, the flags can be:

  • Automatically added Flags: such flags will appear automatically following a specific event. Only Loan Flags can be added automatically.

  • Manually added Flags: can be added by a Back-Office user.

By their affect on the system, the flags are:

  • Not effecting the system: most of them are simply notes for other Back-Office users and will not effect any of the loan settings, customer credibility assessment, etc

  • Suppressing all notifications to the customer

Automatically Added Flags

The following Loan Flags can be added automatically:

Flag

Added

Removed

Effect

Flag

Added

Removed

Effect

Promise to Pay

Promise to Pay period is added to the loan

Promise to Pay is expired, canceled, or paid

None

First Pay no Pay

The first payment is past due (Due Date + Late Grace days +1 day)

N/A

None

Second Pay no Pay

The first and second payments are not received

N/A

None

Interest Suppression

Interest Suppression period is activated for the loan

Interest Suppression period is over or cancelled

None

Manually Added Loan Flags

The following Loan Flags can be added manually:

Flag

Added

Removed

Effect

Flag

Added

Removed

Effect

Debt Collection Agency

When the debt is transferred to a Collection Agency

On the expiry date (if any)

Suppresses all notifications

Sold Loan

When the loan is sold to a third party company

On the expiry date (if any)

Suppresses all notifications

Manually Added Customer Flags

Flag

Added

Removed

Effect

Flag

Added

Removed

Effect

Do Not Contact

At any point

On the expiry date (if any)

Suppresses all notifications

Deceased Account

When the account can no longer be maintained

On the expiry date (if any)

Suppresses all notifications

Bankrupt Account

When the borrower of the account is deemed to be a bunkrupt

On the expiry date (if any)

None

How to Add and Manage Flags

Open the “Flags” tab on Origination, Servicing, Collection, or Archive workplaces. You will see the falgs that have been added before, if any.

You can:

  • Enable a new flag

  • View an existing flag

  • Edit and existing flag

  • Remove and existing flag

Enable a New Flag

 

  • Click the “Enable flag” button

  • In the emerged window, define the flag type, its expiry date if any and leave a comment

  • Click the “Save changes” button

Edit a Flag

All current flags are available in the table on the “Flags” tab. Click the pencil icon to the right from the flag details.

In the emerged window, you can change the flag expiry date (or uncheck the expiry date option at all) and/or update the comment. Click the “Save changes” button to finalize the editing.

Remove a Flag

In order to disable a flag, click the x icon next to the flag details

Leave a comment and click the OK button.

View Flags

As soon as the flag has been added to a loan, it will be visible as a banner at the top of the loan details page, regardless of the selected tab. It will be displayed as a banner above the detail tabs,

You can click the cross icon to close the banner. It will not remove the flag from the system. It will be displayed again after the page is reloaded or the loan is moved to another workplace.

View Flag History

It is also possible to see details of all the flag-related actions in the system.

Click the “Flag history” button under the corresponding loan type header

All changes related to flags of the type will be displayed