At this stage of the Line of credit origination process, the application has been entered into Oracle Financial Services Lending and Leasing and approved manually by an underwriter or by the system. The next step is to view and complete the contract information and make a funding decision to finance or reject the application. This is accomplished by using the Funding screen.
This chapter explains how to:
In Oracle Financial Services Lending and Leasing, the funding process follows these basic steps:
When the system changes the status of the application to Final Document Check, it sends the application to a supervisor or Line of credit officer queue where it is viewed and verified. After this, the application’s status is changed to Approved - Verified. If the supervisor/ Line of credit officer decides to fund the Line of credit, he or she will change status of the application to Approved - Funded.
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 Application for more information on the following:
The Funding screen’s master screen displays information from the Application Entry and Underwriting screens, such as the application number, product and producer. It also contains the Status field that allows you to change the status/sub status of the application and begin the funding process.
For details on this screen refer Applications section in Underwriting chapter.
After opening the Funding screen and loading the application you want to work with, you must change its status to Approved - Verifying before you can begin the funding process. This allows you to begin working with the application.
To change the status and begin work on the application on the Funding screen
You can now begin making changes to the application.
After you have verified the application, entered the contract information and completed the contract edits, the application is ready to be funded. Applications can be approved automatically or manually. To manually fund an application, change the status to Approved - Funded.
After an application is funded, the Line of credit origination cycle is over. The system moves the application to the Line of credit servicing module (Customer Service form) where it receives an account number. The system also automatically creates a check requisition for the funded account.
Funding tasks
After you approve the application, the information on the Decision tab is unavailable. The application remains in this status of Approved - Verified until a user (usually a supervisor) changes the status to Approved - Funded. When the status is changed to Approved - Funded, the account is created.
The summary screen provides a unified view of the application details without navigating to the respective screens/ sub-tabs.
Using this screen, the user can view the applicant details, asset details, ratios (only for Primary Applicant), trade-In, requested details, approved details, itemization, decision history, alerts, comments, and checklist details in the respective section.
To view the Summary
For details on this screen refer Summary Tab section in Underwriting chapter.
Having selected and loaded an application, you can use the Applicants link to view information about the applicant (s). This is information that was recorded on the Application Entry screen or gathered during the credit pull. You can edit the data from the Application Entry screen at anytime in the following steps. Remember to save your work with each change. Information from the credit bureau pull is available to view only.
To verify information about an applicant
For details on this screen refer Applicant Tab section in Underwriting chapter.
If this application is an SME Line of credit (defined in the Applications section Class field as small business), the Business Applicant link appears on the Funding link bar. This link displays the small business information recorded on the application entry process. You can edit the Funding screen at anytime in the following steps. Remember to save your work with each change.
If there is no business information associated with the application, the Business Applicant link is unavailable.
For more information about the individual fields in this section, see the Application Entry chapter.
To verify business information from the Business Applicant link
For details on this screen refer Business Tab section in Underwriting chapter.
System displays the calculated Payment, Interest Rate, Term and Line of credit Amount in the Request tab.
For details on this screen refer Request Tab section in Underwriting chapter.
With the Decision tab, the system displays information gathered during the underwriting process. Depending on the type of application you are working with, system displays Line of credit information. On Clicking Calculate, the user can calculate the Line of credit amount, rate, term, and payment.
The fields on the Decision screens and sub screens are described in detail in the Underwriting chapter.
For details on this screen refer Decision Tab section in Underwriting chapter.
The Bureau tab displays the credit report (if pulled) for an applicant. If there is a need for another pull for any applicant, it can be done here manually using the New Request section.
To verify the credit bureau data using the Bureau tab
For details on this screen refer Bureau Tab section in Underwriting chapter.
The screens associated with the Contract link are the core of the funding process. They allow you to perform the important task of completing the truth-in-lending details. These screens include information mandated by Regulation Z; information about the financed amount, the payment schedule, the total of these payments, the finance charge, the resulting annual percentage rate (calculated according to Federal/Central bank guidelines; that is, within 125% of the Treasury OCC calculated APR) for the conventional Line of credit, and internal rate of return for Islamic Line of credit. Use the Line of credit packet to supply the required information.
In completing the truth-in-lending details on the Contract link, you will enter Line of credit information. The truth-in-lending details must be completed before a Line of credit can be funded.
The tabs opened from the Contract link share the following sub tabs:
On clicking Calculate, you can calculate the Line of credit amount, rate, term and payment. You can use the calculator available in Tools section for completing this step. For detailed information on using the Calculator tools, refer “Tools” chapter in the document.
To enter the contract details
(The system calculator may used when completing this section. For more information, see the Tools chapter.)
A brief description of the fields is given below:
Field: |
Do this: |
Contract section |
|
Contract Dt |
Specify the contract date. |
Credit Limit |
Specify the credit limit. |
Draw Term |
Enter the draw term. This is the period of time during which you can receive advances. |
Repmt Term |
Enter the repayment term. This is the period of time during which you must pay the outstanding balance of your account, with accrued interest, but may not request further advances. The repayment period begins at the end of the draw period. |
Term |
Enter the term. |
Maturity Dt |
Enter the maturity date. |
Index |
Select the index. |
Index Rate |
View the index rate. |
Margin Rate |
Specify the margin rate. |
Rate |
View the interest rate. |
1st Pmt Dt |
Specify the first payment date. |
Due Day |
Specify the due day. |
Rcvd Dt |
Enter the contract received date. |
Verified Dt |
Enter the contract verification date. |
Verified By |
View the user id who verified the contract. |
PDC Ind |
If selected, indicates that the customer has opted for PDC. |
Instrument Details – An instrument is a contract with specific rules tied to it. An instrument associated with the application indicates OFSLL of the type of contract being used for the approved loan. Items defined in the contract are “locked in” when you select the instrument from drop down list and click on "Load Instrument Details". These values cannot be changed on the funding screen. Any changes to the instrument in account will be handled by monetary/non-monetary transactions. The system loads all the rules established by the company that are required at the time of funding; for example, the accrual method, billing method, type of billing, tolerance, due dates, extensions and so on. |
|
Start Dt Basis |
View the accrual start basis. |
Accrual Method |
View the accrual calculation method. |
Base Method |
View the accrual base method. |
Start Days |
View the accrual start days. |
Stop Accrual Days |
View the accrual stop days. |
PDC Security Ind |
If selected, indicates that the customer has submitted the PDC as a security. |
ACH Fee Ind |
Indicates that the ACH fee should be applied or not. Depending on the status of check box, the ACH fee is applied based following conditions - When the check box is selected and the fee amount is ZERO, system will not apply the ACH fee. - When the check box is selected and the fee amount is BLANK, system will apply the ACH fee from Contract setup. - When the check box is selected and the fee amount is specified, system will apply the specified amount and overrides the ACH fee amount mentioned in Contract Setup. - When the check box is not selected, system will apply the ACH fee amount mentioned in Contract Setup. |
Promotion Details – If applicable, enter information regarding any promotion associated with the application in the Promotion section |
|
Promotion |
Select the promotion. |
Type |
View the promotion type. |
Term |
View the term. |
Index |
View the promotion index (displays only). |
Index Rate |
View the promotion index rate (displays only). |
Margin Rate |
View the promotion margin rate (displays only). |
Rate |
View the promotion rate. |
Rate Caps & Adjustments section |
|
Increase Per Year |
View the maximum rate increase allowed in a year. |
Increase Max Lifetime |
View the maximum rate increase allowed in the life of the Line of credit. |
Increase Ceiling |
View the rate cap (maximum). |
Decrease Per Year |
View the maximum rate decrease allowed in a year. |
Decrease Max Lifetime |
View the maximum rate decrease allowed in the life of the Line of credit. |
Decrease Floor |
View the rate decrease allowed. |
# of Adjs / Year |
View the maximum number rate changes allowed in a year. |
# of Adjs / Life |
View the maximum number of rate changes allowed in the life of the Line of credit. |
Initial Advance Min Amt |
View the minimum initial advance amount. |
Initial Advance Max Amt |
View the maximum initial advance amount. |
Advance Min |
View the minimum subsequent advance amount. |
Advance Max |
View the maximum subsequent advance amount. |
Billing section |
|
Draw Pre Bill Days |
This is the number of days before the first payment is due that accounts funded with this Loan instrument will be billed for the first payment. Thereafter, the accounts will be billed on the same day every month. If an account has a first payment date of 10/25/2003 and Pre Bill Days is 21, then first payment due will be on 10/04/2003, and then 4th of every month. |
Draw Period Payment % |
View the percentage of draw period payment allowed. |
Repmt Period Billing Method |
View the repayment period billing method allowed. |
Repmt Period Payment % |
View the percentage of repayment period payment allowed. |
Min Payment Amt |
View the minimum payment amount. |
Min Finance Charge |
View the minimum finance charge. |
Advance Tolerance |
View the advance tolerance amount. |
Advance Tolerance % |
View the advance tolerance percentage. |
Accural Past Maturity |
View the accural past maturity. |
Maturity Index |
View the maturity index rate. |
Margin Rate |
View the margin rate. |
Others |
|
Stmt preference mode |
Select the account statement preference mode as either Email or PHYSICAL from the drop-down list. By default, the option selected in ‘Product’ setup screen (Setup > Administration > Products > Contract screen) is displayed. |
The Contract sub screen records the application’s servicing branch and collector. It also displays additional information regarding the contract not covered on the Line of credit screen, such as the tolerance, delinquencies, due dates, billings, and extensions.
To complete the Contract sub tab
A brief description of the fields is given below:
Field: |
Do this: |
Servicing Branch |
Select the servicing branch for the contract. |
Collector |
Select the collector for the contract. |
Funder |
If you are acting as a proxy for a Funder, then you can select the Funder’s name from the adjoining options list. The list displays all the associated Funders, Funding Supervisors, and Funding Managers. However, this is not mandatory and can be used while auctioning an application on behalf of another Funder. |
Misc section |
|
Link To Existing Customer |
Select to link the application to the existing customer. |
Anniversary Period |
View the anniversary term. |
Default Pmt Spread |
View the spread. |
HMDA section |
|
Lien Status |
Select the lien status. |
HOEPA |
Select the home owner equity protection act (HOEPA) code. |
Rate Spread |
Specify the rate spread. You can calculate this spread from a tool on the Home Mortgage Disclosure Act (HMDA) website. |
Others section |
|
1st Pmt Deduction |
View the first payment deduction indicator. If selected, the first payment deduction is in use. |
Days |
View the first payment deduction days. |
1st Pmt Refund |
View the first payment refund indicator. If selected, the first payment refund is in use. |
Days |
View the first payment refund days. |
Pre-Pmt Penalty |
View the prepayment penalty indicator. If selected, a prepayment penalty can be applied. |
% of Term for Penalty |
View the prepayment penalty percentage of term. |
Pay Off Fee |
View the payoff fee indicator. If selected, a payoff fee can be applied to the Line of credit. |
Rebate section |
|
Rebate Method |
View the rebate calculation method. |
Rebate Term Method |
View the rebate term method. |
Rebate Min Fin Chg Method |
View the rebate minimum finance charge calculation method. |
Rebate Min Fin Chg Value |
View the minimum finance charge value. |
Acquisition Charge Amt |
View the acquisition charge amount. |
Tolerance section - This section displays the tolerance details as defined in Setup > Products > Contract screen. |
|
Refund Allowed |
View the refund allowed indicator. If selected, the refund policies in this section are in use. |
Refund Tolerance |
View the refund tolerance amount. |
Pmt Tolerance Amt |
View the payment tolerance amount. |
Pmt Tolerance% |
View the payment tolerance percentage. |
Promise Tolerance Amt |
View the ‘Promise to Pay’ tolerance amount. |
Promise Tolerance % |
View the ‘Promise to Pay’ tolerance percentage. |
Writeoff Tolerance |
View the write-off tolerance amount. |
Delinquency section |
|
Late Charge Grace Days |
View the late charge grace days. |
Delq Grace Days |
View the delinquency grace days. |
Delq Category Method |
View the delinquency category method. |
Time Bar Years |
View the total number of years allowed to contact the customer starting from the first payment date as defined in Setup > Products > Contract screen. |
Due Date section |
|
Max Due Day Change Days |
View the maximum due days. |
Min Due Day |
View the minimum due day. |
Max Due Day |
View the maximum due day. |
Max Due Day Change Year |
View the maximum due day changes allowed (year). |
Max Due Day Change Life |
View the maximum due day changes allowed (life). |
Extension section |
|
Max Extn Period / Year |
View the maximum extension allowed (year). |
Max Extn Period / Life |
View the maximum extension allowed (life). |
Max # Extn / Year |
View the maximum number of extensions allowed (year). |
Max # Extn / Life |
View the maximum number of extensions allowed (life). |
Minimum # Payments |
View the minimum number of payments. |
Extension Gap in Months |
View the extension gap in months. |
The Repayment sub screen records the application’s advance information, repayment schedule, and skipped repayment months for variable rate Line of credit.
To complete the Repayment sub tab
A brief description of the fields is given below:
Field: |
Do this: |
Repayment section: |
|
Flexible Repayment Allowed |
If this display only check box is selected, then the flexible repayment functionality is set up and allowed for this application's product type. |
Type |
Select the flexible repayment schedule you want to use from the following: SKIP PERIOD, USER DEFINED, UNDEFINED. If you select the repayment schedule type of SKIP PERIOD, you then select the months for which borrower won't make any payments in the Skip Months section. If you select the repayment schedule type of USER DEFINED, you then enter the repayment schedule requested by borrower in the Schedule section; for example, $300.00 for first 12 months, $350.00 for next 18 months, and so on. Note: The borrower may not provide a complete repayment schedule with the contract. Provisions are available with the system to compute the repayment schedule for remaining periods at a later time, if borrower provides partial repayment schedule. |
Skip Months section |
|
Jan |
If selected, indicates that repayment is skipped for January. |
Feb |
If selected, indicates that repayment is skipped for February. |
Mar |
If selected, indicates that repayment is skipped for March. |
Apr |
If selected, indicates that repayment is skipped for April. |
May |
If selected, indicates that repayment is skipped for May. |
Jun |
If selected, indicates that repayment is skipped for June. |
Jul |
If selected, indicates that repayment is skipped for July. |
Aug |
If selected, indicates that repayment is skipped for August. |
Sep |
If selected, indicates that repayment is skipped for September. |
Oct |
If selected, indicates that repayment is skipped for October. |
Nov |
If selected, indicates that repayment is skipped for November. |
Dec |
If selected, indicates that repayment is skipped for December. |
Extendable Balloon section |
|
Max Term |
Specify maximum number of payments. |
Repayment Schedule section |
|
Note: Complete the Schedule section only if you have entered USER DEFINED in the Repayment section’s Type field. Click Add to make new entries. |
|
Seq |
Specify the sequence number of the repayment schedule. |
Pmt Amt |
Specify the repayment amount borrower agreed to pay during the schedule. |
# of Pmts |
Specify the number of payments borrower agreed to pay for stated repayment amount during this schedule. |
Generated |
If selected, indicates that the schedule is system generated. |
Enabled |
If selected, indicates that the schedule is enabled. |
Payment Change Schedule section |
|
Seq |
Specify the payment sequence number. |
Option Type |
Select the option type. |
Frequency |
Specify the payment change frequency. |
Period |
Specify the period. |
# of Adj |
Specify the number of adjustments. |
Value |
Specify the adjustment value. |
The system lists the distribution of the Line of credit proceeds on the Itemizations sub screen when you choose Select Instrument on the Contract link. It lists amounts paid to the borrower directly, amount paid to the borrower’s account, and amount’s given on the borrower’ behalf to third parties. Itemizations are categorized according to advances, finance fees, prepaid fees, producers or escrows. If you have entered itemization amounts during application entry or underwriting, you will see these values in the Amount or Approved Amt columns.
The Itemizations sub screen offers the option of computing the values for itemization according to a itemization formula associated with the selected instrument based on system setup.
If you require any new itemizations, you can add them using the Setup menu Products command. (For more information, see the Products chapter in the Setup Guide.)
To complete the Itemizations
A brief description of the fields is given below:
Field: |
Do this: |
Itemization |
View the itemization. |
+/- |
View whether the itemization is added or subtracted. |
Amount |
View the amount. |
Approved Amt |
View the approved amount. This is information recorded on the Underwriting screen. |
Discount Rate |
Specify the discount rate. |
Tax |
View whether the itemization is taxable (Sales) if box is selected. |
Slr |
View the seller payment. |
Itemization Formula |
View the itemization type. |
Itemization Type |
View the itemization type. |
Prefunding Status |
View the prefunding status. |
Pmt Dt |
View the payment date. |
Pmt Ref # |
View the payment reference number. |
Comment |
Specify additional comments, if any. |
Itemization formulas are created on the Product Setup screen’s Origination Fees screens. (For more information, see the Org. Fees tab section of the Products chapter in the Setup Guide.)
To ensure you create the correct computed value, choose Compute after entering values for all base itemizations; that is, values of all such itemizations with an Itemization Formula of undefined.
You can also manually enter amounts for auto-computed itemizations.
If you click Initialize, the system sets the values of auto-computed itemizations to 0 (zero).
If there is any information regarding an itemized trade-in, use the Trade-In sub screen to enter the details in the system (This sub screen might already contain information supplied during the underwriting process.)
To complete the Trade-In sub screen
A brief description of the fields is given below:
Field: |
Do this: |
Trade In section |
|
Asset Type |
Select the asset type. |
Asset Sub Type |
Select the asset sub-type. |
Year |
Specify the year of the asset. |
Make |
Specify the make of the asset. |
Model |
Specify the model of the asset. |
Identification # |
Specify the identification number. |
Body |
Specify the body of the asset. |
Description |
View the asset description. |
Valuations section |
|
Wholesale Amt |
Specify the wholesale amount. |
Base Retail Amt |
Specify the retail amount. |
Addons Amt (+) |
Specify the add ons amount. |
Payoff Amt (-) |
Specify the payoff amount. |
Total Amt = |
View the total amount. |
Valuation Dt |
Specify the valuation date. |
Source |
Select the valuation source. |
Valuation Supplement |
Specify the valuation supplement. |
Edition |
Specify the valuation edition. |
With the Subvention sub screen, you can enter the subvention information and calculate the subvention amount, as well as override the calculated subvention amount. The participant’s information is automatically populated based on the selected subvention plan.
To use the Subventions sub screen
Field: |
Do this: |
Subvention section: |
|
Plan |
Select the subvention plan code. |
Description |
View the subvention plan description |
Sub Plan |
Select the sub plan. |
Sub Plan Description |
Select the subvention sub plan. |
Subvention Type |
View the subvention type |
Subvention Amount |
View the subvention amount for the plan. |
Include |
If selected, indicates that the subvention is included. |
View the following:
Participants section: |
|
Participant |
View the participant. |
Participant Type |
View the participant type |
Collection Method |
View the collection method. |
Rate |
View the subvention rate. |
Rent Factor |
View the subvention rent factor. |
Calculation Method |
View the subvention calculation method. |
Factor |
View the factor. |
Calculated Amount |
View the calculated subvention amount. |
Subvention Amount |
Specify the subvention amount. |
Total Subvention Rate |
View the total subvention rate. |
Total Subvention Amount |
View the total subvention amount. |
Include |
If selected, indicates that the subvention is included. |
If there is any information regarding an itemized insurance amount, enter the details on the Insurance sub screen. The Insurance sub screen also enables you to calculate the commission if there is a commission rule defined during Contract setup.
To complete the Insurance sub tab
A brief description of the fields is given below:
Field: |
Do this: |
Insurance Plan |
Select the insurance plan associated with the financed insurance product. |
Insurance Type |
View the insurance type associated with the insurance plan. |
Sub Type |
Select the insurance sub type offered under the insurance plan. |
Insurance Company |
Specify the insurance company associated with the insurance plan. The system populates the default insurance plan defined during product setup. |
Policy # |
Specify the insurance policy number. |
Effective Dt |
Specify the insurance effective date. |
Term |
Specify the insurance term. |
Expiry Dt |
Specify the insurance expiry date. |
Commission Rule |
View the insurance premium amount. |
Premium Amt |
Specify the insurance premium amount. |
Commission Amt |
View the insurance commission amount. |
Phone |
Specify the insurance company’s primary phone number. |
Extn |
Specify the insurance company’s primary phone extension. |
Phone |
Specify the insurance company’s alternate phone number. |
Extn |
Specify the insurance company’s alternate phone extension. |
Beneficiary section |
|
Primary |
Specify the primary beneficiary of the insurance. |
Secondary |
Specify the secondary beneficiary of the insurance. |
Cancellation/Refund section |
|
Cancellation Refund Allowed |
If selected, a refund is allowed. A selected box indicates that the insurance premium can be rebated to the customer in case of early payoff. |
Grace Days |
View the number of grace days allowed for cancellation without charging a cancellation fee. |
Calculation Method |
View the insurance premium refund/rebate calculation method to be used when insurance is cancelled. |
Grace Days Cancellation Fee Allowed |
If selected, indicates that cancellation fees during grace is allowed. |
Cancellation Fee |
View the amount of the cancellation fee to be charged when the insurance is cancelled. |
The commission appears in the Commission Rule and Commission Amt fields of the Policy Information section.
It also appears on the Itemizations sub screen.
You can overwrite the suggested value if you choose.
If there is information regarding an itemized extended service contract or warranty amount, enter the details on the ESC sub screen.
To complete the ESC (extended service contracts) sub tab
Field: |
Do this: |
Warranty Information section |
|
Service Contract |
View the extended service contract type. |
Policy # |
Specify the ESC number. |
Effective Date |
Specify the ESC effective date. |
Term |
Specify the ESC term. |
Expiration Dt |
Specify the ESC expiry date. |
Premium Amt |
View the ESC premium amount |
Commission Amt |
View the commission amount. |
Commission Rule |
View the commission rule. |
Warranty Company |
Specify the ESC company’s name. |
Comment |
Specify comment if any. |
Phone No |
Specify the ESC company’s primary phone number. |
Extn |
Specify the ESC company’s primary phone extension. |
Phone No |
Specify the ESC company’s alternate phone number. |
Extn |
Specify the ESC company’s alternate phone extension. |
Cancellation/Refund |
|
Allowed |
Check this box to allow cancellation/refund. |
Method |
Specify the method of cancellation/refund. |
The commission appears in the Commission Rule and Commission Amt fields of the Warranty Information section.
It also appears on the Itemizations sub screen.
You can overwrite the suggested value if you choose.
If there is escrow information selected on the Itemization sub screen, enter information about it on the Escrow sub screen. The Escrow sub screen records escrow details regarding disbursement, insurance, and property tax -- information that is parsed to the Customer Service screen on the Customer Service (2) master tab, where it is available for maintenance.
This sub tab is available if escrow is allowed for the instrument selected on the Line of credit screen.
The Escrow Analysis screen enables you to view and perform the initial escrow analysis. You can perform multiple analyses; however, the system records only the most recent analysis.
To complete the Escrow sub screen
A brief description of the fields is given below:
Field: |
View: |
Escrow |
The escrow itemization code and description. |
Escrow Type |
The escrow type. |
Escrow Sub Type |
The escrow sub type. |
Advance Amt |
The amount that’s been approved for the Item in the itemization screen under the escrow. |
Required Escrow |
If selected, indicates that this is mandatory itemization and customer can not opt out of this escrow item. |
Cushion Allowed |
If selected, indicates that cushion is allowed. |
Field: |
Do this: |
Rule |
Select disbursement rule. |
Yearly Amt |
Specify yearly disbursement amount. |
Account # |
Specify reference account number for vendor. Note: If the organizational parameter UIX_HIDE_RESTRICTED_DATA is set to Y, this appears as a masked number; for example, XXXXX1234. |
Vendor |
Specify the vendor name. |
Maturity Dt |
Specify the maturity date, if one exists. |
Field: |
Do this: |
Coverage Type |
Specify the coverage type. |
Coverage Term |
Specify the coverage term. |
Policy # |
Specify the policy number. |
Coverage Amt |
Specify the coverage amount. |
Effective Dt |
Specify the effective date. |
Expiration Dt |
Specify the expiration date. |
Field: |
Do this: |
Property Tax Type |
Specify property tax code. |
Comment |
Specify a comment. |
The Proceeds sub screen displays the payment amount due to the dealer, based on the Compensation and Itemization sub screens. It is a view only sub screen, though you can record comments.
To use the Proceeds
A brief description of the fields is given below:
Field: |
Do this: |
Itemization |
View the proceed itemization. |
+/- |
View whether the itemization is added to or subtracted from the total proceeds. |
Amount |
Specify the amount. |
Currency |
Specify the currency of the proceed. |
Comment |
Specify a comment. |
Total Amount |
View the total amount. |
The Disbursement sub screen records how the Line of credit payment is disbursed and records payments to third parties such as the Department of Motor Vehicles. This sub screen needs to be completed if there is an itemized disbursement.
To complete the Disbursement sub screen
A brief description of the fields is given below:
Field: |
Do this: |
Disbursement section |
|
Validate Payee |
Check this box to validate payee. |
Description |
View the disbursement description. |
Number |
Specify the disbursement party’s number. |
Payment Mode |
Select the payment mode. |
Name |
Specify the company name. |
Account # |
Specify the account number. Note: If the organizational parameter UIX_HIDE_RESTRICTED_DATA is set to Y, this appears as a masked number; for example, XXXXX1234. |
Amount |
View the payment amount. |
Currency |
Specify the currency. |
ACH Account Type |
Specify the account type. |
Account # |
Specify the ACH account number. Note: If the organizational parameter UIX_HIDE_RESTRICTED_DATA is set to Y, this appears as a masked number; for example, XXXXX1234. |
ACH Bank |
Specify the bank number. |
ACH Routing # |
Specify the routing number. |
BIC |
Select the Business Identifier Code from the drop-down list. The list displays the BIC codes defined in the system. |
IBAN |
Specify the IBAN (International Bank Account Number). IBAN is used for identifying bank accounts across national borders with a minimal of risk of propagating transcription errors. Ensure that value entered satisfies the check-digit validation based on modulo 97. On save, system automatically validates the IBAN number length based on country code, characters, white spaces, and checksum. Validation is also done during posting non-monetary transaction (ACH Maintenance). You can maintain the IBAN length and other details required as per the country code in the user defined table (Setup > Administration > System > User Defined Tables). Note: IBAN for 'NL' country code (IBAN_FORMAT_NL) is defined by default with length of IBAN as 18. |
Comment |
Specify a comment. |
Country |
Select the country. |
Address Line 1 |
Specify the address line 1. |
Address Line 2 |
Specify the address line 2. |
Zip |
Specify the zip code. For non US country, you have to enter zip code. |
City |
Specify the city. |
State |
Select the state. |
Phone 1 |
Specify the primary phone number. |
Extn |
Specify the primary phone extension. |
Phone 2 |
Specify the alternate phone number. |
Extn |
Specify the alternate phone extension. |
Disbursement tab will display the records only if a third party itemization is maintained during contract setup.
The Fee sub screen is a view-only table displaying what fees on the Line of credit instrument are in use, based on the contract.
To view the Fee
Field: |
Do this: |
Fee |
View the fee type. |
Fee Calc Method |
View the fee calculation method. |
Txn Amt From |
View the minimum transaction amount. |
Credit Limit From |
View the minimum value of credit limit for the pricing. |
Percent |
View the maximum percentage. |
Min Amt |
View the minimum fee amount. |
Max Amt |
View the maximum fee amount. |
Enabled |
If selected, the fee rule is enabled. |
The ACH sub screen records details about automatic clearing house, if this is a direct deposit payment account; otherwise, it remains empty. This information is used to receive payments, primarily when working with the Payments screen.
To complete the ACH
A brief description of the fields is given below:
Field: |
Do this: |
Bank Name |
Specify the bank name. |
Routing # |
Specify the routing number. |
Status |
Select the required ACH status from the drop down list. By default, the ACTIVE status is selected. |
Default |
By default, this check box is selected indicating that the current ACH is the default one. If not, you need to uncheck the same. |
Start Dt |
Specify the ACH start date. By default the first payment date of the contract is auto populated and can be edited. |
End Dt |
Specify the ACH end date. |
Account Type |
Select the account type. |
Account # |
Specify the account number. Note: If the organizational parameter UIX_HIDE_RESTRICTED_DATA is set to Y, this appears as a masked number; for example, XXXXX1234. |
BIC |
Select the Business Identifier Code from the drop-down list. The list displays the BIC codes defined in the system. |
IBAN |
Specify the IBAN (International Bank Account Number). IBAN is used for identifying bank accounts across national borders with a minimal of risk of propagating transcription errors. Ensure that value entered satisfies the check-digit validation based on modulo 97. On save, system automatically validates the IBAN number length based on country code, characters, white spaces, and checksum. Validation is also done during posting non-monetary transaction (ACH Maintenance). You can maintain the IBAN length and other details required as per the country code in the user defined table (Setup > Administration > System > User Defined Tables). Note: IBAN for 'NL' country code (IBAN_FORMAT_NL) is defined by default with length of IBAN as 18. |
Pmt Day |
Specify the payment day. By default the payment due day specified for the contract is auto populated and can be edited. |
Pmt Amt |
Specify the payment amount. By default the payment amount decided for the contract is auto populated and can be edited. Note: If the payment amount is specified as ZERO, system will automatically consider the EMI amount. |
Pmt Amt Excess |
Specify the additional payment (if any). This is the additional amount over and above the regular EMI. Appropriation of this amount is based on the ‘Spread’ defined in the contract. |
Pmt Freq |
Select the payment frequency. By default the bill cycle frequency defined for the contract is auto populated and can be edited. |
The Coupon sub screen enables you to order (or re-order) new coupon books. This sub screen is only available if the bill type for this application is a coupon payment, not a statement.
To complete the Coupon
A brief description of the fields is given below:
Field: |
Do this: |
Order |
Select to order coupon book. |
Order Dt |
Specify the coupon book order date. |
Ordered By |
Select the user id of the user who ordered the coupon book. |
# of Coupons |
Specify the number of coupons. |
First Pmt Dt |
Specify the first payment date. |
Coupon Starting # |
Specify the starting number of the coupon book. |
The References link enables you to enter any number of people as a reference on the application.
To complete the Reference screen (Contract link)
A brief description of the fields is given below:
Field: |
Do this: |
Relationship |
Select the reference type. |
Name |
Specify the reference name. |
Status |
Select the status of the reference from the drop-down list. |
Years |
Specify the number of years. |
Months |
Specify the number of months. |
Comment |
Specify a comment. |
Country |
Select the country. |
Address Line 1 |
Specify the address line 1. |
Address Line 2 |
Specify the address line 2. |
State |
Select the state. |
Zip |
Select the zip code. For non US country, you have to enter zip code. |
Zip Extn |
Specify the zip extension. |
City |
Specify the city. |
Phone 1 |
Specify the reference’s primary phone number. |
Extn |
Specify the reference’s primary phone extension. |
Permission to call |
Check this box if customer has provided permission to contact through the specified phone number. When selected, system auto validates this option against the phone number specified. Atleast one phone number should have the permission to call for successful pre-qualification of the application. Else, an error message is displayed. |
Phone 2 |
Specify the reference’s secondary phone number. |
Extn |
Specify the reference’s secondary phone extension. |
Permission to call |
Check this box if customer has provided permission to contact through the specified phone number. When selected, system auto validates this option against the phone number specified. Atleast one phone number should have the permission to call for successful pre-qualification of the application. Else, an error message is displayed. |
If you want to add another reference, click Add and repeat steps 3 and 4.
The Real Estate Fields screen records additional information regarding manufactured home Line of credit.
To complete the Real Estate Fields screen
A brief description of the fields is given below:
Field: |
Do this: |
Note Transmittal Number |
Specify the note transmittal number. |
Deed Transmittal Number |
Specify the deeding transmittal number. |
Cancel/Cashout Transmittal Number |
Specify the deeding cancel/cash out transmittal number. |
Deed Input Date |
Specify the deed input date. |
Deed Recording Date |
Specify the deed recording date. |
Deeding Book Number |
Specify the deeding book number. |
ConDeeding Page Number |
Specify the condeeding page number. |
Mortgage Recording Date |
Specify the mortgage recording date. |
Mortgage Book Number |
Specify the mortgage book number. |
Mortgage Page Number |
Specify the mortgage page number. |
The PDC sub screen displays any post dated checks associated with the contract.
To complete the PDC
A brief description of the fields is given below:
Field: |
Do this: |
PDC Ind |
If selected, indicates that this account involves a post dated check as a method of repayment. |
PDC Type |
Select the post dated check type, Security checks or post dated checks for payment. |
Account # |
Specify the account number, on which the cheque is drawn. |
Routing # |
Specify the routing number of the cheque. It is the number printed on the cheque, also called MICR number (Magnetic Ink Character Recognition). |
Account Type |
Specify the type of the account |
Bank Name |
Specify the bank name of the customers cheque |
Branch Name |
Specify the Branch name of the customers cheque |
Docket # |
Specify the docket number where post dated checks are supposed to be stored. |
Check # |
Specify the starting cheque number. |
Check Dt |
Select the check date. In case there are multiple checks being deposited that have sequential serial numbers, the date of the first cheque in the series would be entered in the date field. The remaining cheque dates would be anniversary dates based on the frequency set up. For example, the cheque range could be from 111 to 180. If the date on the first cheque-111 is October 12, 2003 and the frequency is set to Monthly, the next cheque would be picked up for processing on November 12, 2003. |
Check Amt |
Specify the appropriate cheque amount. |
No of Checks |
Specify the total number of checks in the range. |
Billing Cycle |
Select the frequency at which the checks are to be sent for collection. |
Comments |
Specify any remarks for the details. |
Field: |
View this: |
Select |
If selected, indicates that this is the current record. |
PDC Type |
The type of post dated check in use. |
Account # |
The account number of the post dated check. |
Bank Name |
The bank name of the post dated check. |
Check # |
The check number of the post dated check. |
Status |
The status of the post dated check. |
Check Dt |
The check date of the post dated check. |
Check Amt |
The check amount of the post dated check. |
Account Type |
The account type of the post dated check. |
Having selected and loaded an application, you can view the information about the collateral of the Line of credit.
The Collateral link opens screens with information regarding any collateral associated with an account. Depending on the type of Line of credit, collateral can be a vehicle, home, or something else, such as major household appliances. The Collateral link is unavailable if this is an unsecured Line of credit.
A detailed explanation of the fields found on the Collateral link’s screens and sub screens can be found in the Application Entry chapter.
To verify information about the collateral
Depending on the type of collateral, information about the vehicle, home or other type of collateral appears.
If the collateral is a vehicle, the Collateral link displays information about the vehicle.
If the collateral is a home, the Collateral link displays information about the home.
If the collateral is anything other than a vehicle or home, the Collateral link displays information about the other type of collateral.
For details on this screen refer Collateral Tab section in Underwriting chapter.
When using the Underwriting screen, you can add comments to an application at any time in the underwriting process by using the Comments screen.
Whenever an application is funded by a proxy user, a system generated comment with timestamp is inserted in the comments tab in the format ‘<User 1> actioned as proxy for Funder <User2>’. Here, User 1 refers to the logged in user who has acted on behalf of User2, who is the concerned Funder. The concerned Funder’s name will also be selected in Contract Tab > 'Funder' field.
To add comments to an application
For details on this screen refer Comments Tab section in Underwriting chapter.
When using the Funding screen, you can add tracking attribute information to an application at any time in the underwriting process by using the Tracking Attributes screen.
To enter the tracking attributes for an application
For details on this screen refer Tracking Tab section in Underwriting chapter.
The Document Maintenance link allows you to view documents attached to an application in the form of GIF files, PDF files, DOC files, XLS files, and TXT files and add comments regarding a selected document.
For more information, see the chapter Document Management in this User Guide.
To view a document attached with an application
For details on this screen refer Document Tab section in Underwriting chapter.
The system can be configured to automatically validate portions of an application when you attempt to change its status. The results of this data check appear on the Verification link’s Edit screen as an Error, a Warning or an Override.
If it is an Error, the system will not allow you change the application’s status and approve the Line of credit until you fix all the errors.
If it is a Warning, the system enables you to change an application’s status without correcting the matter. While you should still investigate the problem, Warning messages are of a lesser importance than Error messages.
If it is an Override, the system displays a dialog box informing you that an override is needed; your responsibility level does not have the authority required to process this step. (Choose Yes on the dialog box to move the application to the queue of the user with the required authority.)
The system can be configured to verify different sets of information; for example, the system could check one set of data when checking application entries for completeness and another when approving auto Line of credit. Each one of these “edit types” has its own set of “edit details.”
Note
The Edit Details section’s errors and warnings are created during the setup process.
To complete the Verification tab
Edit details are displayed in the table below along with the result, expected value, actual value and the override responsibility. This is based on the product and contract set up details that is done initially.
For more information, refer to Configuring Lending and Leasing setup guides.
For details on this screen refer Verification Tab section in Underwriting chapter.
Ad-hoc correspondence enables you to include information from applications in document templates you create yourself without manually transferring the data. Ad-hoc documents can be generated as either Microsoft Word or PDF files.
Ad-hoc correspondence can be viewed on the Correspondence link’s Correspondence screen when you have opened an account. The screen enables you to generate a new letter or view a previously generated letter.
To generate an ad hoc correspondence
For details on this screen refer Correspondence Tab section in Underwriting chapter.
If escrow is allowed for the selected instrument, the Escrow Analysis link is available on the Contract drop-down link. This screen enables you to view and perform the initial escrow analysis. When you are satisfied with the analysis, complete the Approval Dt field in the Approval section and save your entry.
The escrow payment for the Line of credit account starts on the 1st date of the Line of credit payment month. The disbursement happens on the 10th of the month (as per the disbursement rules). The escrow analysis lasts for a year (12 months) irrespective of the Line of credit term.
You can perform multiple analysis; however, the Escrow Analysis screen only records the last analysis performed. No record of any earlier analysis is currently available.
To complete the Escrow Analysis screen
Field: |
View: |
Escrow |
The escrow item. |
Disbursement Rule |
The escrow disbursement rule. |
Yearly Amt |
The escrow disbursement yearly amount. |
Field: |
View: |
Parameters section |
|
Date |
The date. |
From Dt |
The FROM date for the escrow activity. |
To Dt |
The TO date for the escrow activity. |
Opening Bal (Act) |
The opening balance actual amount. |
Opening Bal (Est) |
The opening balance estimated amount. Calculation: cushion amount + low required balance |
Cushion Type |
The cushion type. |
Cushion Value |
The cushion value. |
Cushion Amt |
The cushion amount. Calculation: as per the shortage /cushion Rule maintenance |
Results section |
|
Std Pmt Amt |
The standard payment amount. |
Escrow Pmt Amt (+) |
The escrow payment amount. Calculation: Yearly Amount/12. |
Spread Pmt Amt (+) |
The spread payment amount. Calculation: Surplus amount / 12 |
Other Pmt Amt (+) |
The other payment amount. |
New Pmt Amt = |
The new payment amount. Calculation: standard payment amount + escrow payment amount + spread payment amount + other payment amount |
Surplus section |
|
Surplus /<Shortage Amt> |
The surplus shortage amount. Calculation: escrow account balance - opening balance |
Refund Amt |
The refund amount. |
Field: |
View: |
Txn Dt |
The transaction date. |
Transaction |
The escrow transaction. |
Vendor |
The vendor name. |
Txn Amt |
The amount of the transaction. |
Balance Amt (Est) |
The estimated amount of balance. |
Balance Amt (Act) |
The actual amount of balance. |
Information on the Analysis Details sub screen is based on expected cash flow from contract and escrow disbursement setup. Payments received appear before escrow disbursement in any given month.
If you want to approve the escrow analysis, complete the following information fields on the Approval section:
Field: |
View: |
Approval section |
|
Approval Dt |
The approval date. |
Approved By |
The person who approved the Line of credit. |
The Tools tab calculates the payment amount, term, interest rate, Line of credit amount, amortization schedule and allows for the printing of a report.
For detailed information on using the tools, refer “Tools” chapter in the document.
The Review Request tab facilitates to flag an Application for the attention of another Oracle Financial Services Lending and Leasing user and ask for review / feedback. It allows the system users to send and receive requests (including e-mail) commenting on a specific account or application. The Review Request tab supports iterative review of selected Application and also to process the review with multiple reviewers.
For detailed information on using this feature, refer to ‘Review Request’ section in Underwriting chapter of the document.