1. Lease Origination User Guide
  2. Funding
  3. Funding (an overview)

8.2 Funding (an overview)

In Oracle Financial Services Lending and Leasing, the funding process follows these basic steps:
  1. Open the Funding screen and load the application you want to work with.
  2. In the Funding screen’s Applications master screen, Change the status of the application to APPROVED - VERIFYING.
  3. Using the Funding screen’s Applicants link, view and verify information about the applicant (data recorded from the Application Entry screen). This includes verifying the applicant’s actual address and employment information.
  4. Using the Funding screen’s Decision link, view and verify information supplied during the credit bureau pull and underwriting process. This is display only information and cannot be edited.
  5. Using the Funding screen’s Collateral link, view and verify information regarding the collateral for the application.
  6. Using the Funding screen’s Contract link, complete the truth-in-lending information.
  7. In the Funding screen’s the Applications master screen, change the status to FINAL DOCUMENT CHECK.
  8. Using the Funding screen’s Verification link, view any errors and warnings that prevent the status change.
  9. Make changes to the application data that correct the errors until you can change the status.

When the system changes the status of the application to FINAL DOCUMENT CHECK, it sends the application to a supervisor or Lease officer queue where it is viewed and verified. After this, the application’s status is changed to APPROVED - VERIFIED. If the supervisor/ Lease officer decides to fund the Lease, he or she will change status of the application to APPROVED - FUNDED.

Loading an Application on the Funding screen

The first step in the funding process is to open the Applications form and manually or automatically load the application you want to work with. You can manually select an application using the Search tab’s Criteria and Results screens. If your system is configured to load applications based on work queues, use the Queue field in the Quick Search section.

Refer the chapter Searching for an Application for more information on the following:
  • Using Search Criteria screen
  • Using Quick Search section
  • Using Result screen
  • Loading an application

Parent topic: Funding