Adding a New Collateral Item

Complete the following steps to add collateral to an existing loans account.

Select Loans > Loans In Process.
Select the Edit icon for the appropriate customer account.
Select the Collateral node.
If default collateral types are established in Setup > Product Setup > Characteristics > Collateral for the Product Type selected in Loans in Process > Characteristics, the collateral items automatically appear on the Existing tab. The node is Incomplete until all default collateral items are complete.

Follow the steps in the table below.

Situation	Steps
Completing a default collateral item	Select the Edit icon for the collateral item. Complete the General tab and select Save. CAUTION All information entered for the collateral item will be lost if you do not select Save. Add at least one collateral owner. Tip Collateral owners can be added on the Owners tab, or by selecting the Select Owner, Location, or Insurance Information option on the Existing tab. Use Select Owner, Location, or Insurance Information if the collateral owner is also a party listed in Parties to the Loan. Select the Select Owner, Location, or Insurance Information option to enter location or insurance information for multiple collateral items.
Adding a new collateral item	Select the Add New tab. Select a Collateral Type. If a party listed in Parties to the Loan is also a collateral owner, select the appropriate customer from the Select Parties as Collateral Owners grid. Select Save. Complete the General tab and select Save. CAUTION All information entered for the collateral item will be lost if you do not select Save. If an owner was not selected from the Select Parties as Collateral Owners grid, you must add at least one owner on the Owners tab.

Situation

Steps

Completing a default collateral item

Select the Edit icon for the collateral item.
Complete the General tab and select Save.
CAUTION
All information entered for the collateral item will be lost if you do not select Save.
Add at least one collateral owner.
Tip Collateral owners can be added on the Owners tab, or by selecting the Select Owner, Location, or Insurance Information option on the Existing tab. Use Select Owner, Location, or Insurance Information if the collateral owner is also a party listed in Parties to the Loan.
Select the Select Owner, Location, or Insurance Information option to enter location or insurance information for multiple collateral items.

Adding a new collateral item

Select the Add New tab.
Select a Collateral Type.
If a party listed in Parties to the Loan is also a collateral owner, select the appropriate customer from the Select Parties as Collateral Owners grid.
Select Save.
Complete the General tab and select Save.
CAUTION
All information entered for the collateral item will be lost if you do not select Save.
If an owner was not selected from the Select Parties as Collateral Owners grid, you must add at least one owner on the Owners tab.

Complete the remaining Collateral tabs.

Note The available tabs are determined by the collateral type selected.
Select the Existing tab or Cancel to add additional collateral items or complete other default items.
The newly added collateral item is displayed on the Existing tab, and the Status column is set to Completed or In Process. This column is a user-controlled internal tracking mechanism.

When all collateral items on the Existing tab are complete, the Collateral node is set to Complete. You can leave the Status column set to In Process when additional information is required for a collateral item, such as VIN numbers or insurance. This sets the Collateral node to In Process.

When required information is not complete for a collateral item, the Collateral node is set to Incomplete. The required information must be entered to successfully generate the transaction documents. The Doc Manager node is not available if the Collateral node is incomplete.