Centralized Asset Management or Collateral Management System (CMS) enables the user to record a new collateral, evaluate it, and re-evaluate the existing collateral.
A Collateral Management System is used to minimize the frauds which involve the same collateral being pledged for different Line of credit and re-evaluating existing collateral manually or connecting to the VIN Interface.
The Collateral Details screen is opened from the Servicing > Servicing > Collateral Management and contains the following tab:
Using the Collateral screen, you can record a new collateral, view the valuation of collateral, and re-evaluate the existing collateral.
The collateral details can also be defined in the collateral screen of Application Entry screen.
The system assigns collateral statuses and the following are the statuses:
To enter the Collateral Details
A brief description of the fields is given below:
Field: |
Do this: |
Type and Description section |
|
Collateral Type |
Select the collateral type. |
Primary |
Select the check box if this property is the primary collateral. |
Asset ID |
View the asset identification number. |
Asset # |
View the asset number which is automatically generated. |
Asset Class |
Select the asset Class. |
Asset Type |
Select the asset type. |
Sub Type |
Select the asset sub type. |
Registration # |
Enter the vehicle registration number. |
Status |
View the vehicle status. |
Select Make and Model |
Select the Make and Model number of asset from the drop down list. You can use the search option to select the details. |
Year |
Specify the year of the vehicle. |
Estimated Life |
Specify the estimated life of the asset. |
Make |
Specify the make of the vehicle. |
Model |
Specify the model of the vehicle. |
Identification # |
Specify the vehicle identification number. |
Body |
Specify the body of the vehicle. |
Description |
Specify the description of the asset. |
Condition |
Select the condition of the asset from drop-down list. |
Lien Details |
|
Lien Status |
Select the type of Lien action. |
Lien Event Dt |
Select the lien event date from the calendar. |
Second Lien Holder |
Specify the name of second lien holder. |
Comments |
Specify additional details if any. |
Lien Release Entity |
Select the lien release entity from the drop-down list. The list displays the following values: - Customer - Producer - Others Note: If ‘Others’ is selected as the Lien Release Entity, ensure that the Entity Name and Address details are updated correctly since the same is not auto-validated with the data maintained in the system. |
Entity Name |
If you have selected the lien release entity as ‘Customer’ or ‘Producer’, system automatically filters entity name list with corresponding customer accounts or producers. Select the required entity name from the drop-down list. If you have selected the lien release entity as ‘Others’ specify the entity name. |
Address section |
|
Country |
Select the country. |
County |
Select the county. |
Address # |
Specify the address number. |
Address Line 1 |
Specify the first address line. |
Address Line 2 |
Specify the second address line. |
Zip |
Select the zip code. |
Zip Extn |
Specify the zip extension. |
City |
Specify the city. |
State |
Select the state. |
Usage Details The details maintained in this section is used to calculate ‘EXCESS USAGE FEE’ in payoff quote and termination transactions. |
|
Start |
View/specify the start unit of asset usage. |
Base |
View/specify the base units. |
Extra |
View/specify the extra usage units. |
Total |
View/specify the total usage units. |
The Valuation sub section contains information about the value of the asset. The Values section enables you enter the value of the asset. The Addons sub tab records information about any add ons associated with the collateral.
To complete the Valuations section
A brief description of the fields is given below:
Field: |
Do this: |
Valuations section |
|
Current |
Select if this is the current valuation. |
Valuation Dt |
Specify the valuation date. |
Source |
Select the valuation source. |
Edition |
Specify the valuation edition. |
Supplement |
Specify the valuation supplement. |
Total Value = |
View the total value. |
Wholesale Base |
Specify the wholesale value. |
Usage |
Specify the usage value; that is, the monetary effect that current mileage has on the value of vehicle. |
Retail Base |
Specify the retail value. |
Addons + |
View the add-ons value. |
Usage Value + |
Specify the usage. This pertains to Line of credit and usually is entered as the current mileage on vehicle. |
Field: |
Do this: |
Addons/Attributes |
Select the add-on/attribute. |
Value |
Specify the value of the attribute. |
Amt |
Specify the add-on amount. |
The Tracking sub screen enables you to record further information associated with the collateral. What items you choose to track are setup during implementation.
To track attributes for the collateral
A brief description of the fields is given below:
Field: |
Do this: |
Tracking Item |
View the tracking type |
Disposition |
Select the disposition. |
Start Dt |
Specify the tracking start date. |
End Dt |
Specify the tracking end date. |
Followup Dt |
Specify the next follow-up date. |
Enabled |
Select to track the information from start date in the Start Dt field. |
Comment |
Specify any comments regarding the tracking item. |
The Status History sub tab enables you to view the asset history of association with accounts.
To view the Status History
Field: |
Do this: |
Account # |
View the account number. |
Status |
View the status of asset. |
Lien Status |
View lien status of the asset. |
Line Event Date |
View lien event date of the asset. |
Data Change Status |
View the data change status of the asset. |
Data Change Date |
View the data change date of the asset. |
Comments |
View comments of the asset if any. |
The Asset Relation sub tab enables you to view the asset relationship.
To view the Asset Relation
Field: |
Do this: |
Account # |
View the account number. |
Asset # |
View the asset number. |
Account Status |
View the Account status. |
Current Ind |
Indicates that this is the current asset. |
Primary Ind |
Indicates that this asset is the primary. |
The Audit sub tab enables you to view the asset relationship.
To view the Audit
Field: |
Do this: |
Account Id |
View the account identification number. |
Asset Id |
View the asset identification number. |
Column Name |
View the column name. |
New Value |
View the new value. |
Old Value |
View the old value. |
Changed By |
View the person name who changed the details. |
Changed Date |
View the date on when the details are changed. |
A Search screen is available on the Collateral Management System to help locate information such as an asset type, asset number, identification number, asset status, make, model, and year. This is the information that is used on the Collateral screen.
To search for a Collateral details