Arriving 6/18: Update for Collateral Records & Impact to Third-Party LOS Users

On Tuesday, June 18th, we will be deploying a project for third-party loan origination systems that build collateral records to populate the title tracking field with the default assigned to the collateral type.

For third-party LOS users only:

  1. The project affects all third-party LOS users for both current and future collateral records.
  2. This project will flood all collateral records for both applications and loans that do not currently have anything filled in for title tracking on the collateral screen according to the rules below:
  • If the collateral type is a vehicle, then it will use the already configured title tracking default value for that collateral type.
  • If the collateral type is not a vehicle, then it will be flooded to no title tracking.
  • Any future loans will either use the title tracking configuration specified by your LOS or the credit union default configuration for that collateral type. However, the LOS configured value will always take precedence.

NOTE: If you do have your title tracking defaulted to “Yes” for vehicle collateral types, you will likely see an increase on your reports in Tool #587 Pledged Collateral Information Report.