At the end of the life of a loan, you can either archive or delete it. Archiving a loan allows you to retain access to the data for any future need, such as a tax audit. Deleting a loan will remove the data from LoanPro’s system. Restoring a deleted loan is possible with a fee. 

Archiving a loan

Once a loan is closed and will no longer be serviced, archiving it will stop automatic processes from updating the loan. This will reduce the cost as an archived loan does not count towards your total number of billable accounts. Archiving a loan occurs a one-time fee which can be seen during the archival process or by navigating to User Profile > Account > Contract & Pricing > Pricing Table. 

To archive a loan, navigate to Account Setup > Setup Tools > Live/Archive inside the loan. This tool is only available if the loan is activated. Select ‘Archive’ under Loan Status and then click ‘Save’ to confirm that you want to archive the loan. A confirmation box will appear to verify if you really want to archive the loan or not. 

Confirm the loan archival by selecting ‘Yes’. If you do not wish to archive the loan, select ‘Cancel’. Once your loan is archived, an alert will appear at the top of the loan summary page signifying that it is archived. 

Archived Loans

When a loan is archived, it is not not deleted from your account. Archived loans (and their respective data) are returned within LoanPro's native reports, the Account Manager, and within API and database queries. 

However, archived loans are hidden in Account Manager by default. To view loans that have been archived, change the following Account Manager search filter settings: set Loan Setup > Archived Status to ‘Yes’ or ‘Any’. 

Keep in mind that the calculator no longer runs on archived loans; they are essentially frozen in time. Interest calculations, past due calculations, and more are paused indefinitely. But you can still view the loan's data up until the date it was archived.

 

Resurrect a loan

After a loan is archived, you have the option to unarchive it. To resurrect the loan, navigate back to Account Setup > Setup Tools > Live/Archive inside the loan. Choose ‘Live’ as the Loan Status and click ‘Save.’

Deleting a loan

To delete a loan, first find the loan you want to delete. Inside the loan, navigate to Account Setup > Setup Tools > Live/Archive. Select the ‘Delete’ radio button, then click ‘Save’. Like when archiving a loan, a pop-up window will appear to verify the action. 

Restoring a loan

To restore an account that has been deleted, complete the following steps:

1. Navigate to Tools > Restore then click ‘Restore’  for whichever account you want to restore.
2. A pop-up window will show to confirm the action. Choose ‘I Agree’ to continue restoring the loan.