Jun 21, 2024
To enter a Blanket Lien type, your Site Administrator must first set it up as a Collateral Type. Once that is complete, and the Collateral Type is selected, you will see Blanket Lien Inclusions appear under the Lien Tab. This article will cover both how Administrators add the Type, and how it can be selected in Collateral once set up properly.
Part 1: Adding a Blanket Lien Type as a Collateral Type.
A Site Administrator account is needed for the following steps:
- Click Administration in the menu at the top of the screen.
- Click Reference in the menu on the left, a sub menu will appear.
- Click Collateral, a sub menu will appear.
- Click Collateral Types.
- Click Add a pop up will appear.
- In the Add Collateral Type pop up, enter a name for the type in the Type field. Make it as descriptive as possible as this is the option that will appear when adding Collateral to the loan.
- Set the Category
- Ensure the active check box is checked, if the box is unchecked, the type you are creating will not appear as an option when adding Collateral to the loan.
- Set the Default Liquidation %
- Use the SBA Collateral Type dropdown menu to select "Blanket Lien - Personal Property" or "Blanket Lien (Puerto Rico Chattel Mortgage) - Personal Property"
- Review your selections and once you are satisfied, click Save.
Part 2: Adding a Blanket Lien Collateral to a Loan
- In the loan, click on Collateral in the Overview menu. The Collateral option also contains a sub menu, but we want the main Collateral page accessible by clicking on the word Collateral.
- Click Add, a pop up will appear.
- Use the Collateral Type dropdown menu to select the Collateral Type that corresponds to the Blanket Lien the Site Administrator created in Step 1.
- Enter a description for the Collateral
- Click Save.
- The Collateral record will load, you will see a row of tabs that allow you to enter information regarding the Collateral. Go through and fill in the relevant information. Information regarding the blanket lien can be entered in the "Lien Recording" Tab in the section labeled "Blanket Lien Inclusions." Selections made here will map to ETRAN and will populate in the Collateral section of the Terms and Conditions.
- Click Save after making any changes.