Abbreviations are used on the loan grid to identify the current loan status. At a minimum, the loan status will be one of the following:
| Loan Status | Description |
| Active (A) | Active accounts are updated by the core system during the download and in real-time. An account with an active status is current. |
| Charged-off (C) | A locally-maintained loan or a core-maintained loan that is charged-off in the core system. |
| Inactive (I) | A core-maintained loan that is no longer being downloaded from the core system. These loans are not delinquent. |
| New (N) | A new, locally created loan. |
| Settled (S) | A locally-maintained loan that has been settled in full. These loans will have a balance of zero. |
| Closed (X) | A written-off loan. |
The loan status may also include one or more of the following codes:
| Secondary Loan Status | Description |
| Manually Assigned (M) | Loan has been transferred away from the default worklist (as specified in Worklist Assignment Maintenance). Worklists can be reassigned on the Action page. |
| Delinquent (D) | An active, delinquent loan or any charged-off loan with a balance. |
| Locked (L) | A loan that is not delinquent will not be brought forward for action in the Collection Element unless it is Locked. Loans can be locked on the Action page. |
For example, the Loan Status might be A-D to indicate an active delinquent loan or C-D for a charged-off delinquent loan. A-L is an active account that is not delinquent but you have locked it to appear in your queue and an A indicates the account is active but not delinquent.
From Loan Charged-off topic (deleted):
Users are able to charge-off loans through the Collection Element if their Security Profile enables them to.
By charging-off the account/loan within the Collection Element it will transfer "ownership" of the loan from "host" to "local." It transfers all current loan balances (interest, principal and cost) of the current loan and sets the interest date (interest last charged to) to the transaction date.
Locally maintained (charged-off) loans enable the user to maintain all transactions through the Collection Element.
From Locally Maintained topic (deleted):
Locally maintained records are those that were either created in the Collection Element or which have been explicitly been transferred to being locally maintained (from host maintained). All client, contact and loan data fields can be edited if they are locally-maintained.
For example:
- If your core system does not adequately track charged-off accounts, you could locally maintain the loan within the Collection Element to accrue interest, post fees and recovery payments and record GL allocations.
- You have acquired loans that do not exist on your core banking system. You could create new client and loan records to track these accounts.
From Core Maintained topic (deleted):
Core-maintained client and/or contact records are those that are imported daily from your core system. Any data fields that are imported from your core system cannot be edited in the Collection Element. All other client and/or contact fields can be edited.
Client, loan, transaction and contact records may either be core or locally-maintained. These different areas operate as independently as possible.
- A client record can be changed to locally-maintained, even if one or more of their loans are still core maintained. If the client record is changed to locally-maintained, all previously core-maintained addresses, phone numbers and e-mail addresses will also become locally-maintained.
- A contact record can be changed to locally-maintained at any time. When a contact record is changed to locally-maintained, all previously core-maintained addresses, phone numbers and e-mail addresses for that contact will also become locally-maintained.
- A loan record can be charged-off (switched to locally-maintained) by posting a charge-off transaction.
- Transaction records posted on your core system against core-maintained loans can be viewed in the Collection Element. Transactions cannot be posted within the Collection Element.