Many lenders stay away from profitable secured loans because working with collateral assets can put a strain on a company’s resources. But, with today’s level of FinTech on the market, evaluating collateral, editing items, tracking, and maintaining a database of borrower assets can be put completely on autopilot to help you easily scale your business.
In this video, we’ll show you how to evaluate, reevaluate, edit, and delete collateral assets from a loan application in TurnKey Lender.
To begin, all the operations with the collateral assets are carried out in the Collateral Workplace which you can find in the top menu of your TurnKey Lender Dashboard.
As a Collateral Officer, you can see all the applications for secured loans at first glance inside your Workplace. In order to start working with one of them, you select it from the list on the left and assign it to yourself. Or if you’re a Manager, you can assign it to other employees here.
The Collateral Officer in charge of the loan application can:
- Evaluate new collateral assets
- Reevaluate existing collateral assets
- Edit existing collateral assets
- Delete collateral assets
The revaluation of the property can be initiated automatically when the next valuation date comes or at any time when you need to change something. See here how simple it is to adjust the valuation of this asset now.
To change the valuation of the asset, you can request the market value (if the integration is enabled), or enter the sum manually. You can also set the valuation period for each asset and a period of time for which you want the current valuation to stay in effect.
Click “Edit” to change other details of the collateral asset.
As you can see in this example, the collateral is a car but rest assured, TurnKey Lender has forms for all different collateral types available, such as real estate or deposits and if you have a custom collateral type in mind, don’t hesitate to contact our team and you’ll be surprised how quickly we can adjust the TurnKey Lender Solution to meet your exact needs.
In this view, as a Collateral Officer in charge of the loan application, you can edit all the details of the collateral assets at any time as well as attach the documents or comments needed to confirm the actions.
Once you’re done working with the collateral asset in this loan application, click “approve” to pass the loan along to the Underwriter.
That’s it! Offering secured loans doesn’t have to be difficult anymore. Reach out to the TurnKey Lender team and schedule a personalized demo to see how we can address every automation need of your business today.
