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The collector queue lets you group loans together and assign them to collections agents for servicing. The collector queue makes a collection agent's tasks more manageable by cutting out the need to search for individual loans: with all of their assigned loans in one place, a collections agent can move from loan to loan without stopping to navigate the software. After collection agents are assigned to loans, they can start the process of going through every loan assigned to them.
This article is a basic overview on what the collector queue is and how you can use it. If you understand the premise and want to learn how to create your own collector queues, feel free to skip to our Create a Collector Queue article.
Use Case: Approval Audits
Use Case: Collector Queue/Account Audits
A lending company receives a large amount of loan applications. When they receive these new applications, they typically have their servicing agents perform an audit before pushing the applications forward. A servicing agent thus begins their audit list of hundreds of applications with a sigh. They'll have to individually search for each application in the system. This will take a good chunk of time out of their work day when they could be tending to other pressing servicing tasks.
LoanPro's Collector Queue is an efficient tool that accelerates a variety of servicing tasks beyond collection efforts. It allows companies to group loans together and assign them to servicing agents in one place. The agent can quickly start their audits as they work through the loan applications pulled up for them within the queue. There are also configurable checklists that can be used to ensure tasks are completed thoroughly and accurately. Audits now become a quick and seamless process as agents move from loan to loan in the queue, turning their focus primarily on the actual auditing process itself.
Collector queues are groups of loans that you can assign to collections agents, and you can create these groups through LoanPro's standard search. For example, you can queue a group of loans that are 30-60 days past due and assign them to agents. If you have a large team and a lot of loans, multiple assigned users can work on the queue simultaneously. Non-assigned users can still work through a queue as well, even working with multiple other users simultaneously. If multiple users are working through the collector queue, the queue will ensure that each loan is only presented to one user. When working through the queue, there is a configurable checklist where agents can record the outcome of work on each loan (e.g. autopay scheduled, payment made, etc.).
- Queue the specific loans you want included in the collector queue
- Configure the queue
- Assign agent users to specific groups of loans
From there, the agent users can log in and start making their collections efforts. Our article Create a Collector Queue shows exactly how to set them up.
Where Does Collector Queue Fit?
Collections are a core function of any lender's business model. LMS is designed to help you keep track of your loans, and that includes collections efforts. Any lender with a large number of loans needs a way to ensure that delinquent loans get regular attention. Recording collections efforts is important in ensuring that you are contacting borrowers an appropriate amount and in appropriate ways.
This Feature is Not
- Collector queues are not process wizards. Both of these LMS tools simplify our UI by helping users navigate on a set course. The difference is that while collector queues move users from loan to loan, process wizards only navigate within an individual loan. That means these tools work well in tandem: Create a wizard for a routine servicing task, and then create a collector queue that includes all the loans that need to be serviced. Your agents will be able to significantly cut down their time spent navigating from page to page, increasing their speed, efficiency, and confidence with the software.
- Collector queue notes are not general notes on the loan. While the tool offers users the ability to leave notes, you should not fully replace your note-taking practices with the collector queue. The notes you make in the process of going through each individual loan in the collector queue will not be saved inside a specific loan but are only saved in the collector queue.
Now that we've covered the basics, your next step is creating your own collector queue. If you would like to learn more about creating a collector queue, see Create a Collector Queue.