8.2 Funding (an overview)
- Open the Funding screen and load the application you want to work with.
- In the Funding screen’s Applications master screen, Change the status of the application to APPROVED - VERIFYING.
- 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.
- 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.
- Using the Funding screen’s Collateral link, view and verify information regarding the collateral for the application.
- Using the Funding screen’s Contract link, complete the truth-in-lending information.
- In the Funding screen’s the Applications master screen, change the status to FINAL DOCUMENT CHECK.
- Using the Funding screen’s Verification link, view any errors and warnings that prevent the status change.
- 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 Loan officer queue where it is viewed and verified. After this, the application’s status is changed to APPROVED - VERIFIED. If the supervisor/ Loan officer decides to fund the Loan, 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.
- Using Search Criteria screen
- Using Quick Search section
- Using Result screen
- Loading an application
Funding non OFSLL Loan Applications
Oracle Financial Services Lending and Leasing can readily process credit contracts generated from external system for funding. You can load the credit applications data received from external system into OFSLL through the Application Entry screen and proceed with funding. For more information, refer Entering a Credit Application section.
Once the application is processed or approved through OFSLL funding screen, the external system is intimated with the decision. Those applications can still be processed further in external system itself to validate the contract against approved credit. If agreed, the signed contract documents can be distributed in electronic format to OFSLL for funding. Once Credit Contract is distributed, the Contract Type is automatically changed to eContract/Dealer in OFSLL and notified to the user.
All communications between OFSLL and external systems are recorded into a log and is accessible through Dashboard > System Monitor > Database Server Log Files screen. Also the Comments screen facilitates to exchange information regarding credit contract processing between OFSLL and external system as comments, provided the comment Sub Type is selected as OUTBOUND TO INTERFACE for such communications.
In addition, OFSLL also supports revoking of funded credit contracts worked through external interface by reversing the active transaction in Customer Service > Transaction History > Transaction tab. Whereby the application/account status is changed to Void and subsequently categorized as FLAT CANCEL (indicating as fraud application and funding is withdrawn) or UNWIND (when application still has errors and allowed to update/rectify details and resubmit for funding).
Overall, this process minimizes the application processing time and fastens the funding process.
Parent topic: Funding