Custom labeling
Create unique labels to organize your tenant and automate processes.
If you have 100,000 accounts in your portfolio, it might get hard to keep track of them all, you'll need a way to stay organized. LoanPro is powerful enough to hold all your accounts and also has labeling types to help with organization. There are many different ways to label in LoanPro's loan management system (LMS) so you can customize the labels to fit your specific business model.
Label types
LoanPro offers many different types of labels to accommodate any loan needs. Labels can be updated manually or assigned automatically with the Automation Engine. Labels like account IDs keep accounts separate by providing each a unique number to avoid confusion between accounts. Statuses, Portfolios, and Smart Checklists indicate workflow steps and track progress. Other labels like Warning Flags and Stoplights, are rule-based labels used to alert agent users about how an account is performing. Using these labels is key to implementing seamless automation.
Account numbering
All new accounts are assigned an ID, which is customizable and can be done either manually, automatically, or automatically with certain parameters (such as starting number, counting increment, prefixes, and suffixes).
Account labels
Statuses and Portfolios are two labels that can be directly applied to an account. These can trigger a rule or be the result of a rule, and they can filter search results. Account statuses and sub-statuses show where accounts are in the loan lifecycle. This status Portfolios can be applied to accounts and indicate other information. An account can have many Portfolios while it can only have one account status.
Document statuses
Document statuses allow you to classify individual documents found within a loan account by a status label. This provides another layer of organization for your documents, and can be customized to fit your needs. This means you can track levels of review, document approval, or any other label of your choosing. Statuses can be configured by navigating to Settings > Loan > Labeling > Document Status.
Smart Checklist statuses
Smart Checklist statuses are a customizable feature that classify individual checklist items, indicating their progress within the process. Statuses can be created in Settings > Loan > Labeling > Smart Checklist Status. They are configured with a name and color of your choosing. Once created, statuses can be added to checklist items manually or automatically using rule-based workflows in the Automation Engine.
Rule-based labels
Warning Flags and Stoplights are both rule-based labels. This means that once an account meets a certain criteria, the stoplight or flag will automatically change based on the rule settings. You can configure these rules to indicate whatever you want, but we recommend using stoplights to indicate the health of the account and using warning flags to indicate in-depth conditions about the account. An account can have only one stoplight at a time, but could have many simultaneous flags, which can be customized to fit your business needs.
Categories
Categories provide further classification on items such as:
These labels are selected as you create each entity manually, and can be applied to make items under each of these sections easier to find and understand.
Note categories
Notes are a powerful labeling tool as is, but when you create notes on an account, you can also organize them into categories.
To create a new loan note category, navigate to Settings > Loan > Labeling > Note Categories inside your company account.
Click ‘Add’ to create a new loan note category.
Enter the category name in the field provided and then click ‘Save’.
You also have the option to inactivate, edit, or delete an existing note category using the icons to the right of the note categories. The 'x' icon inactivates the category, the pencil icon edits, and the trash bin deletes the category.
Quick Notes allow you to create templates that agents can use to instantly add notes to an account. You can customize these templates to fit your business needs. These note templates are stored in a drop-down menu to allow for quick access to standardized notes.
Advancement categories
An advancement category helps the system track why an advancement was applied to an account. For example, if an advancement is applied to an account because the borrower is facing a hardship, such as unemployment, the agent would apply the advancement and categorize it under 'Hardship.' When looking back at the advancement, the record will clearly show why the advancement was applied.
To create a new advancement category, navigate to Settings > Loan > Labeling > Advancement Categories inside your company account.
Click 'Add' to create a new advancement category. Then, choose a name for your new category. Click 'Save' to create the category.
Credit categories
When credits are logged on your loan or lease accounts, you can assign them to a category to classify them.
To create a new credit category, navigate to Settings > Loan > Labeling > Credit Categories inside your company account.
To inactivate a category click the 'x' button to the right of the categories, you also can edit or delete them. To add a new category, click 'Add'.
Enter the name of the category in the field provided and then click 'Save'.
Interest adjustment categories
This feature allows you to arrange your Interest adjustments into specific categories in LoanPro so they are organized and labeled. You can find your Interest adjustment categories by navigating to Settings > Loan > Labeling > Interest Adjustment Categories.
By default, you will have one category named "General". You can add other categories, and edit or delete this one.
Each category label has the following fields:
| Field | Description |
| Title | The actual label that you'll select when making an interest adjustment transaction. |
| ID | This is the system ID of the category. |
| Active | Shows whether the category is active. Active categories will be the only available categories to select from inside a loan when creating an adjustment. Inactive categories will have to be activated before becoming selectable. |
| Inactive/Activate | This button will allow you to change the 'Active' status of a category. You must have at least one active category when creating interest adjustments. If you attempt to inactivate the last active category, the system will give you an error that states, "You cannot inactivate the last category in your library." |
| Edit & Delete Buttons | These let you rename or remove bucket labels. |
If one of your categories is used in one or more active Interest adjustments, you will not be allowed to fully delete that category but only Inactivate it. It will come up with an error stating that it will be set as Inactive instead of deleting, shown down below.
To add a new adjustment category, click the 'Add' button at the top right of the page.
Enter the desired name for your category (names will be alphanumeric with a maximum of 50 characters) then click 'Save'. If you attempt to create a new category with the name of an already existing category, it will send you an error stating, "A category with that name already exists".
Enhanced Funding categories
LoanPro's Enhanced Funding Tool lets you create and assign categories for funding transactions. If you fund individual loans through multiple transactions, this labeling tool can help you easily organize those transactions.
You'll edit the categories in the same way you edit other labeling options. Within LoanPro, navigate to Settings > Loan > Labeling > Enhanced Funding Categories. Each entry lists an ID (used when doing Enhanced Enhanced Funding in the API), the label itself, whether it's active, and buttons to deactivate, edit, or delete them.
Click the 'Add' button in the top right to create a new category.
Putting your new category label on a funding transaction is just a small step within the process of creating a funding transaction.
To assign the category, just select it from the list.
Line of credit categories
When you configure a line of credit account, you can create categories that will be applied to logged swipes and buckets. To create these labels, you'll first navigate to Settings > Line of Credit > Labeling. There, you'll see a screen with two tabs: ‘Swipe Categories’ and ‘Buckets’.
Swipe categories
Swipe categories are the labels applied to individual swipes when you log them on a borrowers’ account.
The swipe category page shows a table listing all your existing categories. For each entry, you'll see the following:
| Field | Description |
| Title | A unique name for each category. |
| ID | A unique ID for the category, used when logging swipes through the API. |
| Active Switch | If a category is inactive it won’t appear as an option when logging new swipes. |
| Edit & Delete Buttons | These let you rename or remove categories. |
In the top right, there's a ‘Add’ button that allows you to create new categories.
Just enter a title, toggle the status to active or inactive, and click ‘Save’.
Buckets
These bucket labels indicate the options you'll have when adding new buckets on a card program or an individual account.
On the page, you'll see a table listing all of your existing bucket labels. For each entry, you'll see the following:
| Field | Description |
| Title | A unique name for each category. |
| ID | A unique ID for the category, used when logging swipes through the API. |
| Active Switch | If a category is inactive it won’t appear as an option when logging new swipes. |
| Edit & Delete Buttons | These let you rename or remove categories. |
In the top right, the ‘Add’ button lets you create a new bucket label.
Just enter a name, set the status to active or inactive, and click ‘Save’.
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