Customer and Loan Flags
- TurnKey Lender
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 |
|---|---|---|---|
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 |
|---|---|---|---|
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 |
|---|---|---|---|
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