Loan Collateral Item Detail (Other)

A code and description of the type of collateral, defined in system configuration.

A description of the collateral item. For automobile or similar collateral types, use this field to enter the make of the vehicle (e.g., “Ford” or “Toyota”).

For automobile or similar collateral types, use this field to enter the model of the vehicle (e.g., “Taurus” or “Camry”).

For stock collateral types, use this field any way you wish to describe the collateral being pledged.

Enter the year acquired. Four digits.

For automobile or similar collateral types, enter the Vehicle Identification Number (VIN). For other miscellaneous collateral types, this field could be used for a serial number or other identifying number.

The total estimated value of the collateral item.

• For stock-type collateral, calculate and enter the current value of the stock shares.

The amount of the collateral value which is pledged as collateral against the loan. This may be less than the Estimated Value for items such as stocks or bonds, when the entire item is not being used to secure the loan.

The standard Loan Officer Worksheet prints a total of this amount for all collateral items. It is labeled “Estimated value of collateral” on the form.

When setting up a stock-type collateral item, be sure to complete this field with the amount pledged according to the stock's current value. When the Stock/LOC Disb Value Adjustment feature is used, this amount will be adjusted if needed according to the current value of the stock from the configured stock type code.

This is a calculated ratio using only this collateral item. Press Enter to refresh the calculation after changing the Estimated value.

(Loan amount / Estimated value) * 100 = LTV%

On the Loan Application Financial Summary screen as well as on the printed Loan Officer Worksheet, this ratio calculation will include the value of other collateral items tied to the loan as well.

This checkbox will appear if the loan category is configured to allow for escrow accounts. If this checkbox is checked, an escrow account is attached to this loan account.

Optional. 20 characters alphanumeric. Stored in the collateral tables as Misc. identification number.

The insurance carrier for the collateral item, if any. Click the lookup button to display the Insurance Agent configuration screen, where you can view existing agent codes as well as create new agents if needed.

• Insurance agents are configured using the Collateral Insurance Agent Configuration (Tool #222).

Enter the policy number of the insurance, if any.

The status of the insurance. Click the lookup button to choose from a list of available codes:

• A Active

• C Cancelled

• E Expired

• N No insurance

These are standard system codes (stored in file SYSCTL), not credit union-defined.

The insurance policy expiration date, if any.

The premium amount for the insurance, if any.

The frequency of insurance premium payments, if any. Click the lookup button to see a list of your credit union's configured frequency codes.