7. Underwriting

7.1 Introduction

Underwriting is the next step after application entry in Lease origination cycle. At the beginning of underwriting process, the application has been entered into Oracle Financial Services Lending and Leasing, receiving an application number. The application, then passes through the initial prescreening checks, and receives a credit bureau report. (Credit bureau pulls are based upon zip code setup.) The system assigns it a custom credit score and based on this, the application automatically updates its status and sent to the appropriate queue. In doing so, one of three things happen to the application:

This chapter explains how to use the Underwriting screen to complete the following tasks:

7.2 Underwriting Screen - an overview

The underwriting process follows these basic steps:

7.3 Loading an Application on the Underwriting screen

The first step in the underwriting process is to load the application you want to work with. For details about using the Loading an application, refer Searching for an Application in the chapter Search Function.

7.3.1 Applications

The Underwriting screen’s Applications section appears at the top of the screen opened from Underwriting master tab. The screen displays the application number and name on the header and contains information such as application purpose, product and producer.

In this section, you can perform any of the Basic Operations mentioned in Navigation chapter

A brief description of the fields is given below:

Field:

View this:

App #

The application number

Dt

The application date

Product

The Lease product of the application.

Channel

How the application information was received.

Priority

The priority of the application.

Company

The company of the application.

Branch

The branch of the company.

Status

The status of the application.

Origination Stage Code

The origination stage code of the application.

Billing Cycle

The billing cycle of the application. System displays the applicable billing cycle by default based on the product and the calculation method defined at Setup > Products screen. The editable nature of billing cycle is controlled by the system parameter UIX_BILL_CYCLE_AL­LOWED_IND. However, for Rent Factor type of lease cal­culation, only ‘Monthly’ is applicable and system displays an error on save if any other value is selected.

Purpose

The purpose of the application.

Producer

The producer type and producer of the application.

The Producer drop-down list displays all the Producers maintained in lookup code PRO_TYPE_CD (PRODUCER TYPE CODES).

Since the Company and Branch of the account and Pro­ducer need not be the same, you can select any Producer across all branches of the company to which the account belongs. This implies that a common Producer belonging to a company can be specified to accounts which belong to different branches but the same company.

Producer Name

The name of the producer of the application. The Producer Name is displayed as a hyperlink and clicking on the same will open ‘Producers’ page with details of the producer.

Producer Contact Num­ber

The system displays the contact number of the producer.

Region

The region of the producer.

Territory

The territory of the producer.

Existing Customer

Indicates if the customer is an existing customer.

Duplicate Application

Indicates if the application is a duplicate application.

Lease Currency

The Lease currency of the application.

Class

The class of the application.

Sales Agent

The sales agent of the application.

Contract Type

The type of application. ‘Manual’ indicates OFSLL gener­ated application, where as ‘eContract/Dealer’ indicates that application is generated from external system.

Joint

If selected, indicates this is a joint application.

Cosigned

If selected, indicates this is a co-signed application.

Contact

The contact of the application.

Lead #

The lead number will appear in the list only if a lead is already created using the Sales Lead link.

CRB Pull

Check this box to pull an initial credit bureau report, after the application passes the pre screen edits. Uncheck the box, if you want to enter an application without pulling a credit report. To use a previously pulled credit bureau report, uncheck this box and specify the Bureau and Bureau Reorder # fields on the Primary Applicant screen.

Override Ok

Check this box to ignore the overrides.

If the application has been marked as ‘Override OK’ then the system would allow you to change the application sta­tus even when override condition exists.

Warning Ok

Check this box to ignore the warnings.

If the application has been marked as ‘Warning OK’ then the system would allow you to change the application sta­tus even when warning exists.

Proxy for Underwriter

If you are acting as a proxy for an Underwriter, then you can select the Underwriter’s name from the adjoining options list. The list displays all the associated Underwrit­ers, Underwriting Supervisors, and Underwriting Manag­ers.

However, this is not mandatory and can be used while auctioning an application on behalf of another underwriter.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.3.2 Changing the Status of the Application

You can use underwriting screen’s Applications master screen to change the status and sub status of the application.

To change the status of the application

  1. On the Underwriting form’s Application master screen, change the status of application to either Approved, conditioned, or Rejected in the Status field and click Save.

The system checks the information on the Underwriting form using guidelines established during implementation.

The system finds an error based on these guidelines, a Warning message appears stating “Validation Error exist, Unable to Change the status. Please check the Edits.”

  1. Click the Verification link and begin verifying edits on the Edits screen (For more information, see the Verification link section in this chapter.)

During status change:

During status change, if there is a warning in the edit, the system displays an error message as ‘Warning Exists. Do you want to continue?’.

7.3.3 Rehashing an Application

Once the application moves to status of Approved, Rejected, or conditioned status, you cannot amend the information. However, you can amend the application, by changing the sub status of the application to Rehashing.

To Rehash the Application

  1. Open the Underwriting screen and load the application you want to change with the Approved, Rejected, or conditioned status.
  2. In the Applications master section, select Rehashing in the Sub Status field and click Save.

After you enter the information required in the application, you can change the status to Approved, Rejected, conditioned, or Withdrawn. (For more information, refer Decision Tab section in this chapter.)

Once the status is changed to Approved, Rejected, conditioned, or Withdrawn, you cannot make further changes to the information on the Decision tab.

7.3.4 Aging an Application

The Underwriting screen can be configured so that applications will be moved to a separate queue after a certain amount of time. (This time frame is determined in setup). This applications receive a sub status of Aged Application. This housekeeping function allows you to keep your system free of stagnant application by moving them into an archive.

7.4 Summary Tab

The summary screen provides a unified view of the application details without navigating to the respective screens/ sub-tabs.

Using this screen, you can view the following details in their respective sections:

To view the Super Summary

  1. Open the Underwriting screen and load the application you want to work with.
  2. Click Summary tab. By default the system opens the summary tab. Expand the Super Summary section.

The Super Summary tab provides a snapshot of all relevant details in a single screen and contains details of Applicant, Employment, Ratios, Bureau, Requested financials, Decision updates, Contract updates and Primary Collateral details. You need not have to navigate to each of these tabs for specific information on the application. Also clicking on the hyperlinks of Address, Employment, Ratios, and Trade-In helps you to directly navigate to respective tab(s),

During the Underwriting and Funding stages, 'verified' button is displayed just below the address and employment details for each of the applicants. This would be enabled only when the Verified by and Verified Dt in the respective tabs are blank. You can verify the details from the Super Summary tab. Clicking on Verified will do the following:

  1. System will copy the stated values to Actual values.
  2. System will stamp the “Verified By” as 'User Name' and 'Verified Date' as 'Current GL Date' for the respective applicant.
  3. If 'Verified Details' are already updated in tab or if the details are stamped, this button will be disabled.
  4. 'Verified' button will be available when 'Actual Amount' equal to ZERO or 'Verified By' or 'Verified Date' is NULL.

You need not navigate to Address and Employment tab for verifying applicant details.

Decision details will be displayed when application has Origination Stage as “Review, Decisioned, Contract or Funded”. In case an application is Rehashed, only Decision information will be displayed and Contract information will not be displayed. Contract details will be displayed when application has Origination Stage as “Contract or Funded”.

The system displays the collateral details maintained in the collateral tab on click of navigation button under the headings Primary Collateral and Secondary Collateral. Collateral details for Unsecured loan also will be displayed if they are maintained.

All the trade-in details, if any, maintained in the application would be displayed on click of Navigation button.

7.5 Applicant Tab

Having selected and loaded an application, you can view the information about applicant in the Applicants tab. This is information that was recorded on the Application Entry screen or gathered during the credit pull. You can edit 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.

Using the information supplied on the application, complete the Applicants tab details and the following sub tab details:

Primary Applicant details are required for SME applications also. The system uses information on the Financial and Liabilities sub tabs in determining the applicant’s net worth. The system uses information on the Employments screen and Other Incomes sub screen to calculate the applicant’s debt-to-income ratio.

To verify applicant information on the Underwriting screen

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Applicants tab.
  3. In this section, you can perform any of the Basic Operations mentioned in Navigation chapter

A brief description of the fields is given below:

Field

Do this

Relation Type

Select the relationship type from the adjoining drop-down list. For example, primary, spouse, secondary, or cosigner.

Salutation

Select the salutation from the adjoining drop-down list.

First Name

Specify the applicant’s first name.

MI

Specify the applicant’s middle name.

Last Name

Specify the applicant’s last name.

Family Name

Specify the applicant’s family name.

Suffix

Select the name suffix/generation from the adjoining drop-down list.

Birth Dt

Specify the applicant’s date of birth.

SSN

Specify the applicant’s social security number.

Class

Select the classification of the applicant from the adjoining drop-down list. For example, normal or employee. The system uses this information to restrict access to the database by recognizing employ­ees as ‘secured applications’.

You can create a SME (Small Medium Enterprise) application by selecting Small business. When you select small business and save your entry, the Business Applicants link on the Applicants link is available. (required).

Email

Specify the personal Email ID of the applicant.

Time Zone

Specify the time zone to which the applicant belongs. This information appears when you enter and save the zip code for the primary appli­cant’s current home address on the Address sub screen. You can also manually complete this field.

Identity Information Section

Nationality

Select the applicant’s nationality from the adjoining drop-down list.

National ID

Specify the national identification number.

Passport #

Specify the passport number.

Passport Issue Dt

Select the date on which passport was issued.

Passport Expiry Dt

Select the passport’s expiration date.

Visa #

Specify the applicant’s visa number.

License #

Specify the applicant’s license number.

License State

Select the state where the license was issued, from the adjoining drop-down list.

Prior Appli­cant

Check this box to indicate that the customer is an existing customer.

Existing Cus­tomer

Check this box to indicate that this applicant has a previous account.

Existing Cus­tomer ID

Specify the customer ID if the applicant is an existing customer.

Existing Cus­tomer #

Specify the customer number if the applicant is an existing customer.

On saving the applicant details, the data in ‘Existing Customer #’ is displayed as a link in ‘Applicant’ section header and clicking on the same will display the customer details in Search Results section of Servicing module.

Update Cus­tomer Info

Check this box to indicate if system can override the existing cus­tomer information and create the record with latest address and com­munication details of the customer.

Other Details section

Name in Local Language

Specify the applicant’s name in local language.

Gender

Select the gender of the applicant from the adjoining drop-down list.

Mother’s Maiden Name

Specify the mother’s maiden name.

Education

Select the education of the applicant from the adjoining drop-down list.

Language

Select the applicant’s native language from the adjoining drop-down list.

Dependents

Specify the number of dependents.

Marital Status

Select the marital status of the applicant from the adjoining drop-down list.

ECOA

Select the ECOA (Equal Credit Opportunity Act) code, from the adjoining drop-down list. This defines the various possibilities on who is liable; individual, joint, cosigner and so on.

Race

Select the applicant’s race from the adjoining drop-down list.

Ethnicity

Select the applicant’s ethnicity from the adjoining drop-down list. This is the information the Home Mortgage Disclosure Act requires to be reported.

Disability

Check this box if the application has a disability.

Privacy Opt Out

Check this box to indicate that the applicant has elected to refrain from the non-public sharing of information.

Insurance Opt Out

Check this box to indicate that the applicant has elected to refrain from insurance related inquiries.

Marketing Opt Out

Check this box to indicate that the applicant has elected to refrain from marketing related inquiries.

Share Credit Opt Out

Check this box to indicate that the applicant has elected to refrain from financial information and share credit related inquiries.

Prior Bank­ruptcy

Check this box if prior bankruptcy exists.

Bankruptcy Discharge Dt

Enter the discharge date of prior bankruptcy (if one exists).

Payment Hier­archy

Select the required Hierarchy Definition to be used for payment appro­priation from the drop-down list. The list is populated with all the pre-defined and enabled hierarchy definitions maintained Setup > Admin­istration > Users > Payment Hierarchy screen.

The Hierarchy Definition selected here is propagated to Servicing > Customer/Business details. If an existing hierarchy is modified and the ‘Update Customer/Business info’ option is enabled, then the Pay­ment Hierarchy in Servicing > Customer / Business details are also updated.

KYC Section

Reference #

Specify the reference number.

Status

Select the status of the applicant from the adjoining drop-down list.

FATCA Section

Birth Place

Specify the birth place of the applicant.

Birth Country

Select the country of birth of the applicant.

Permanent US Resident Sta­tus

Check this box if the applicant has permanent US resident status.

Power of Attorney Section

Power of Attorney

Check this box if you hold a power of attorney.

Holder Name

Specify the holder name of the power of attorney.

Address

Specify the address of the holder.

Country

Specify the country of the power of attorney holder.

Nationality

Specify the nationality of the power of attorney holder.

Telephone Number

Specify the telephone number of the power of attorney holder.

Military Service - this section can be used to capture applicant’s Active Military Duty details and can be validated with applicant Bureau Details.

Active Mili­tary Duty

Check this box to indicate if applicant is on Active Military Duty.

Effective Dt

Select the date from when the applicant is on Active Military duty using adjoining calendar.

Order Ref #

Specify the Order Reference number which indicates the applicant’s Active Military duty service.

Release Dt

Select the date from when the applicant was released from Active Mil­itary duty using adjoining calendar.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. You can verify the personal information about the applicant. Two check boxes indicate if this is an existing customer or a prior applicant. The Existing Customer field enables you to select the existing customer.

7.5.1 Address Sub Tab

You can specify more than one address for each applicant, such as a home address, second home address, and vacation home address. However, at least one must be marked as current. Also, only one address can be selected as the mailing address, and that address must be marked as current. Finally, while you can have more than one Home type address, only one can be marked as current.

To complete the Address sub tab

  1. Click Address sub tab.
  2. In this section, you can perform any of the Basic Operations mentioned in Navigation chapter.

Based on the country chosen in the address tab, the fields for capturing the address will vary.

A brief description of the fields is given below:

Field

Do this

Address Type

Select the type of address from the adjoining option list.

Current

Check this box if this is a current address.

The mailing address must be marked as current.

Confirmed

Check this box if the address is the confirmed one

Mailing

Check this box if this is the mailing address. Only one address entry can be marked as the mailing address.

Permission to Call

Check this box if customer has provided permission to contact through the specified phone number.

Atleast one phone number per application should have the permis­sion to call (flagged as 'Y') for the successful pre-qualification of the application. Else, an error message is displayed.

Permission to Text

Check this box if customer has provided permission to contact through text message.

Country

Select the country of mailing address from the adjoining drop-down list.

Address Details section

Postal Type

Select the postal address type from the adjoining drop-down list.

Address #

Specify the address number of the mailing address

Street Pre

Select the street prefix (directional) from the adjoining drop-down list.

Street Name

Specify street name.

Street Type

Select the street type from the adjoining drop-down list.

Street Post

Select the street postfix (directional) from the adjoining drop-down list.

Apt #

Specify the apartment number.

Address Line 1

Specify the first address line.

Address Line 2

Specify the second address line.

Address Line 3

Specify the third address line.

Zip

Select the zip code from the adjoining drop-down list.

For non US country, you have to enter zip code.

Zip Extn

Specify the extension of the zip code.

City

Specify the city of the mailing address.

State

Select the state of the mailing address, from the adjoining drop-down list.

Phone

Specify the phone number.

Additional Information section

Own / Rent

Select the ownership type from the adjoining drop-down list.

Landlord

Specify the landlord’s name.

Landlord Phone

Specify the landlord’s phone number.

Contact

Specify the person contacted on behalf of landlord.

Contact Title

Specify title of the person contacted on behalf of landlord.

Contact Phone

Specify phone number of the person contacted on behalf of landlord.

Extn

Specify the extension of the phone of the person contacted on behalf of landlord.

Census Tract/BNA code

Specify census tract/BNA (block numbering area). These are defined by the US Census Bureau code.

MSA Code

Specify the metropolitan statistical area (MSA) code. These are sim­ilar in concept to a zip code, but used mostly on government reports.

Comment

Specify a comment.

Address Rent Mortgage Stated section

Years

Specify the stated number of years at residence.

Months

Specify the stated number of months at residence.

Currency

Select the currency code of payment amount, from the adjoining drop-down list.

Pmt Amount

Specify the stated payment amount.

Frequency

Specify the stated payment frequency.

Rent/Mortgage

The system displays the rent or mortgage amount.

Address Rent Mortgage Actual section

Years

Specify the Actual number of years at residence.

Months

Specify the Actual number of months at residence.

Pmt Amount

Specify the Actual payment amount.

Frequency

Specify the Actual payment frequency.

Rent/Mortgage

The system displays the rent or mortgage amount.

Verified Section

Verified By

The name of the verifier.

Verified Dt

The date of verification.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. If there are more than one addresses associated with the applicant, click Save And Add on the Address sub screen and add address details.

7.5.2 Employments Sub Tab

Use the Employment sub screen to record employment information about the applicant. You can have more than one entry.

To complete the Employments sub tab

  1. Click Employments sub tab
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Current

Check this box if this is the current employment.

Permission to Call

Check this box if customer has provided permission to contact through the specified phone number.

Atleast one phone number per application should have the permission to call (flagged as 'Y') for the successful pre-quali­fication of the application. Else, an error message is dis­played.

Permission to Text

Check this box if customer has provided permission to contact through text message.

Type

Select the address type from the adjoining drop-down list.

Employer

Specify the employer’s name.

Occupation

Select the occupation from the adjoining drop-down list.

Title

Specify the title.

Department

Specify the department of the employer.

Employee ID

Specify the employee identification.

Employer Address section

Country

Select the country from the adjoining drop-down list.

Address #

Specify the building number.

Address Line 1

Specify the first address line.

Address Line 2

Specify the second address line.

Zip

Select the zip code from the adjoining drop-down list.

For non US country, you have to enter zip code.

Zip Extn

Specify the zip code extension.

City

Specify the city.

State

Select the state from the adjoining drop-down list.

Additional Information section

Phone

Specify the work phone number.

Extn

Specify phone extension.

Contact

Specify the person contacted on behalf of the employer.

Contact Title

Specify title of the person contacted on behalf of the employer.

Contact Phone

Specify phone number of the person contacted on behalf of the employer.

Contact Extn

Specify the extension of the phone of the person contacted on behalf of the employer.

Comment

Specify a comment.

Employment Details Stated section

Years

Specify the stated number of years with the employer.

Months

Specify the stated number of months with the employer.

Pay Day

Select the stated payment day of the month using the adjoin­ing calendar. Ensure that the date selected is greater than or equal to current system date.

Frequency

Select the stated payment frequency from the adjoining drop-down list.

Currency

Select the currency code from the adjoining drop-down list

Income Amt

Specify the stated income.

Salary

View the salary of the customer.

Employment Details Actual section

Years

Specify the Actual number of years with the employer.

Months

Specify the Actual number of months with the employer.

Pay Day

Select the Actual payment day of the month using the adjoin­ing calendar. Ensure that the date selected is greater than or equal to current system date.

Frequency

Select the Actual payment frequency from the adjoining drop-down list.

Income Amt

Specify the Actual income.

Salary

View the salary of the customer.

Verified Section

Verified By

The name of the verifier.

Verified Dt

The date of verification.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.5.3 Telecoms Sub Tab

The Telecoms sub screen only needs to be completed if additional phone numbers exist. If not, this sub screen can be left blank.

To complete the Telecoms sub tab

  1. Click the Telecoms sub tab
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field

Do this

Type

Select the telecommunication type from the drop-down list.

Phone

Specify the phone number.

Extn

Specify the phone extension.

Current

Check this box if this Telecom number is current.

Permission to Call

Check this box if customer has provided permission to contact through the specified phone number.

Atleast one phone number per application should have the permission to call (flagged as 'Y') for the successful pre-qualification of the applica­tion. Else, an error message is displayed.

Permission to Text

Check this box if customer has provided permission to contact through text message.

Time Zone

Select the applicant’s time zone from the drop-down list.

Start Time

Specify the best time to start the call.

Period

Select the time period for the best time to call start time, am or pm, from the drop-down list.

Best day to call

Select the preferred day of the week to contact the customer from the drop-down list.

End Time

Specify the best time to end the call.

Period

Select the time period for the best time to call end time, am or pm, from the drop-down list.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.5.4 Summary Sub Tab

The system calculates debt ratios in the Ratios section on the Summary sub screen (Applicants link) using the data in the Incomes and Liabilities sections. Information in the Incomes section comes from the Employments sub screen and the Other Incomes sub screen during application entry. The information in the Liabilities section comes from the Address sub screen, the Liabilities sub screen during application entry, and the credit bureau pull.

To View Summary sub tab

  1. Click the Summary sub tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field

Do this

What if Pmt Amt

Specify the payment amount you want to use in the ratios.

Score

View the credit score for the application

Grade

View the credit grade for the application

Totals

Monthly Income- Stated Amt

The stated monthly income.

Monthly Debt- Stated Amt

The stated monthly liability.

Monthly Income- Actual Amt

The actual monthly income.

Monthly Debt- Actual Amt

The actual monthly liability.

Assets Amt - Liabilities Amt

The net worth amount.

Ratios

Debt - Stated Before (%)

The debt amount stated before.

Debt - Stated After (%)

The debt amount stated after.

Debt - Actual Before (%)

The actual debt amount before.

Debt - Actual After (%)

The actual debt amount after.

Disposable Inc - Stated Before (%)

The disposable income stated before.

Disposable Inc - Stated After (%)

The disposable income stated after.

Disposable Inc - Actual Before (%)

The actual disposable income before.

Disposable Inc - Actual After (%)

The actual disposable income after.

Revolving Debt - Stated Before (%)

The stated revolving debt before.

Revolving Debt -Stated After (%)

The stated revolving debt after.

Revolving Debt - Actual Before (%)

The actual revolving debt before.

Revolving Debt - Actual After (%)

The actual revolving debt after.

Pmt to Income - Stated Before (%)

The stated income payment before.

Pmt to Income - Stated After (%)

The stated income payment after.

Pmt to Income - Actual Before (%)

The actual income payment before.

Pmt to Income - Actual After (%)

The actual income payment after.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

Once the payment amount is approved in Decision screen, it will be copied and displayed in the What if Payment field in Summary sub screen.

Calculating Debt Ratios

The system offers powerful tools to the underwriter for analyzing an applicant’s debt-to-income ratios (total of an applicant’s debt obligation divided by that person’s regular income). The system calculates debt ratios in the Ratios section on the Summary sub screen (Applicants link) using the data in the Incomes and Liabilities sections. Information in the Incomes section comes from the Employments sub screen and the Other Incomes sub screen during application entry. The information in the Liabilities section comes from the Address sub screen, the Liabilities sub screen during application entry, and the credit bureau pull.

An underwriter may also add information to the Incomes and Liabilities sections on the Summary sub screen during the underwriting process.

The debt-to-income ratios in the Ratios section can be recalculated by including or excluding information from the Incomes section, Liabilities section and Financials sub screen.

To calculate debt ratios

  1. Open the Underwriting screen and load the application you want to work with.
  2. In the Underwriting link bar, click Applicants.
  3. On the Applicants Details screen, select the applicant you want to work with and click Show in the Details column.
  4. Click Summary sub tab.
  5. On the Summary sub screen, view the display only data in the Totals section.

    Field:

    View this:

    Monthly Income (Stated)

    The stated monthly income.

    Monthly Income (Actual)

    The actual monthly income.

    Monthly Debt (Stated)

    The stated monthly liability.

    Monthly Debt (Actual)

    The actual monthly liability.

    Assets

    The assets.

    Liabilities

    The liabilities.

    Net-Worth

    The net-worth.

  6. In the What if Pmt Amt field, enter the payment amount you want to use in the ratios. Once the payment amount is approved in Decision screen, it will be copied in the What if Payment field and the ratios are updated accordingly.

Whenever you modify the ‘What If pmt Amt’ field, system automatically calculates the below ratio's:

    • Stated Before DTI - if liabilities, stated income or applicant financials are updated.
    • Stated After DTI - if decision payment amount, liabilities, stated income or applicant financials are updated.
    • Actual Before DTI - if liabilities, actual income or applicant financials are updated.
    • Actual After DTI - if decision payment amount, liabilities, actual income or applicant financials are updated.
    • Stated PTI - if decision payment amount, stated income or applicant financials are updated.
    • Actual PTI - if decision payment amount, liabilities, actual income or applicant financials are updated.

7.5.4.1 Financials Sub Tab

The Financials sub screen only needs to be completed if financial assets exist on the application. If not, this sub screen can be left blank.

To complete the Financials sub tab

The Financials sub screen only needs to be completed if financial assets exist on the application. If not, this sub screen can be left blank.

  1. Click Financials sub tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field

Do this

Type

Select financial type from the drop-down list. For example, liquid assets, retirement assets, and so on.

Source

Specify source; for example, stocks, 401K, rent received, and so on.

Account #

Specify the account number.

Currency

Select the currency code from the drop-down list.

Lease Cur­rency Amount

View the Lease currency amount.

Amount

Specify amount.

Include

Check this box to indicate that the Asset is included.

Comment

Specify comment, if any.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.5.4.2 Liabilities Sub Tab

All the liabilities of the applicant that are entered during application entry are displayed in this tab. For example: Rent. In addition, if you need to record additional liabilities for an applicant the same can be done in this tab. Also any liability information of the applicant received through credit pull will be displayed under 'Credit Bureau Data' in Liabilities sub tab.

To complete the Liabilities sub tab

  1. Click Liabilities sub tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field

Do this

Include

Check this box to indicate that the liability is included.

Liability Type

Select the liability type from the adjoining drop-down list.

Currency

Select the currency code from the adjoining drop-down list.

Amount

Specify the liability amount.

Lease Currency Amount

View the Lease currency amount.

Frequency

Select the frequency from the adjoining drop-down list.

Account Type

Specify the account type.

Account Balance

Specify the account balance.

Lease Account Bal­ance

View the Lease currency amount.

Comment

Specify a comment, if any.

Credit Bureau Data

Bureau

View the name of credit Bureau.

Open Dt

View the opening date of credit account.

Pmt Manner

View the mode of payment.

Account #

View the account number.

Status

View the current status of credit account.

Account Type

View the type of account maintained.

Creditor's Name

View the name of the Creditor.

Subscriber #

View the Subscriber number.

ECOA

View the ECOA (Equal Credit Opportunity Act) code.

Term

View the term of credit.

Credit Limit

View the total credit limit amount.

High Balance

View the high balance amount if any.

Past Due Amt

View the total past due amount if any.

30

View the number of delinquency days.

60

View the number of delinquency days.

90

View the number of delinquency days.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. The Dedupe Liabilities button removes duplicate (“de-dupes”) liabilities that may be present from subsequent (manual) credit bureau pulls for nonspousal joint applications

7.5.4.3 Other Incomes Sub Tab

The Other Incomes sub tab only needs to be completed if other incomes exist on the application. If not, this sub screen can be left blank.

To complete the Other Incomes sub tab

  1. Click the Other Incomes sub tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field

Do this

Type

Select the income type from the adjoining drop-down list.

Note: In case, the other income of the applicant is from Employment, then the details of Actual Amount specified in the Employments Sub Tab is auto populated. Also if the income is verified in the Employments Sub Tab, then Verified By and Verified Dt details are auto populated. You can also verify the details here using the current system date.

Currency

Select the currency from the adjoining drop-down list.

Stated Amount

Specify the monthly stated income.

Frequency

Select the income frequency from the adjoining drop-down list.

Lease Currency Amount Stated

View the Lease currency amount stated.

Comment

Specify a comment, if any.

Include

By default the include check box is selected indicating that the other income details are included. You can deselect the same if not required.

When Include check box is selected system automatically adds the ‘Loan Currency Amount Stated’ and ‘Loan Currency Amount Actual’ details to Applicant > Summary Tab. Also system calculates the DTI and PTI ratio's based on ‘Actual Amount’ specified.

Actual Amount

Specify the actual monthly income amount.

Lease Currency Amount Actual

View the actual Lease currency amount.

Verified By

The Verified By field is auto populated with the logged in user name only after the record has been verified and saved.

Verified Dt

You can verify the record by selecting the current system date from the adjoining calendar icon.

Note: System displays an error message if any other dates is selected apart from current system date.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.5.4.4 Rescoring a Credit Bureau Report Manually

Any manually pulled credit bureau reports can be used to rescore an application.

To manually rescore a credit bureau report

  1. Open Underwriting screen and load the underwriting application you want to work with.
  2. Click Applicants.
  3. On the Applicants Details screen, select the applicant you want to work with and click View.
  4. Click the Credit Scores sub tab.
  5. In the Rescore Applicant section, select in the Credit Report ID field, the bureau report you want to use to rescore the applicant.
  6. Click Rescore.

The system displays the new information in the Credit Scores and Parameters sections. This new score automatically appears in the System Recommendation section on the Decision link.

7.5.5 Credit Score Sub Tab

You can view the credit score based on the system’s internal scoring models in Credit Scores sub tab.

To View Credit Scores sub tab

  1. Click the Credit Scores sub tab.

You can view the following details:

Note

If you select No Bureau in the Credit Bureau Report ID field and click Rescore, the best match internal scoring is used for rescoring the applicant without credit bureau report.

7.5.6 Duplicate Applicant Sub Tab

Click De-dupe Applicants to display the existing customer details of the applicant. While reviewing the de-dupe results, if the current applicant's credentials are exactly matching with an existing customer record, you can attach the current application to the existing customer. The same can be done by just keying in the customer ID in the applicants tab and clicking save.

In case a particular customer has more than one account, on clicking De-dupe Applicants the system displays only one account in ‘Duplicate’ sub tab. However, you can view all the accounts held by customer in 'Existing accounts' sub tab.

To View duplicate applicant’s details, click Duplicate Applicant sub tab. In this section you can view the duplicate applicant’s details.

A brief description of the fields is given below:

Field

Do this

Source Type

View the source type of the duplicate applicant

Applicant Id/ Cus Id

View the applicant ID if the source type is applicant and the customer ID if the source type is customer.

Application #

View the application number of the existing applicant details for the respective records.

Days since last appli­cation

View the total number of days elapsed since the last applica­tion date. System auto calculates this value as ‘Current sys­tem date (minus) Last application date’.

ID

View the applicant ID

First Name

View the first name of the duplicate applicant

Middle Name

View the middle name of the duplicate applicant

Last Name

View the last name of the duplicate applicant

Date of Birth

View the date of birth of the duplicate applicant

CIF

View the CIF no of the duplicate applicant

SSN # / National ID

View the national ID or SSN number of the duplicate appli­cant

Driving License #

View the driving license number of the duplicate applicant

City

View the city of the duplicate applicant

State

View the state of the duplicate applicant

Zip

View the zip of the duplicate applicant

7.5.7 Existing Account Sub Tab

The Existing Account Sub Tab displays the applicant's details, if it has been previously maintained in the system. Also along with the applicant's details, the account number of the applicant is displayed as a hyperlink. Clicking on the hyperlink will display the respective account details through the Customer Service screen of Servicing module.

In case you do not see a hyperlink associated with the account number, then you might have restricted access to the Servicing module. You can request your system administrator to navigate to Setup > User > Access screen, and enable the ‘ACCESS TO SERCOLL UCS CUSTOMER SERVICE TAB’ option in Security Access Definition section available in the 'Screen' tab. For more information, on defining user privileges, refer to ‘3.3.2 Screen’ section in Setup guide.

View the following details:

Field:

View this:

Account #

The account number.

Title

The account title.

Relation

The customer relationship.

Product

The Lease product.

Payoff Amount

The payoff amount.

Amount Due

The delinquent amount due.

Oldest Due Dt

The due date.

Status

The account status.

Company

The company.

Branch

The branch.

Total Pay Off Amt

The payoff amount.

Total Amt Due

The total due amount.

7.5.8 Tracking Attributes Sub Tab

You can add tracking attribute information to an application at any time in the underwriting process by using the Tracking Attribute tab.

The Tracking tab enables you to record further information associated with the application. What items you choose to track are setup during implementation.

To track attributes

  1. Click Tracking Attributes sub tab.
  2. Select the item you want to track.
  3. Click Edit to edit the following information:

    Field

    Do this

    Sub-Parameter

    View the sub-parameter

    Parameter

    View the parameter.

    Value

    Specify the information about the corresponding Value field.

  4. Save changes you made to the account.

7.5.8.1 Create Tracking

  1. Click Create Tracking, the system loads the tracking parameters.
  1. Specify the requested parameter in the Value field and click Save.

7.5.9 Customer Search Tab

While creating an application for an existing customer, you can retrieve and copy the customer details into the new application by using the Customer Search section of the Simple Application Entry screen.

You can modify only the address, employment, financial details and not the demographic and identification details.

To copy the Customer Details

  1. On the Underwriting screen, click Applicants tab.
  2. Click Customer Search tab.
  3. In the Search Criteria screen, use the Comparison Operator and Values columns to create the search criteria you want to use to find a customer.
  4. Click the Search button.

The system locates and displays all the customer details that meet your search criteria in the Search Results section.

Select Reset Criteria at any time to clear the Comparison Operator and Values columns on the Criteria screen.

  1. In the Search Results section, select a customer you want to load.
  2. Select the relation type and click Copy Customer Details.

7.6 Business Tab

Oracle Financial Services Lending and Leasing can record SME business related financial information and business partners on the Business section to assist in approving the Lease application during underwriting. The Business Applicant screen is available and contains the following sub screens:

If there are no business information associated with the application, the Business Applicant tab is unavailable.

To complete the Business tab

  1. If SME business information is included on the application, select small business in the Class field on the Applications section and click Save.

The Business tab appears on the Underwriting screen.

  1. Click BusinessTab.

  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Organization Type

Select the organization type.

Business Type

Select the type of the business.

Business Name

Specify the name of the business.

Legal Name

Specify the legal name of the business.

Tax ID

Specify the tax identification.

Start Date

Specify the business start date.

# of Employees (Cur)

Specify the current number of employees at the business.

# of Employees

Specify the number of employees at the business after financing.

Contact Person

Specify the contact person at the business.

Business Checking Bank

Specify the bank name of the business’s checking account.

Bank Acc #

Specify the bank account number.

Avg Checking Balance

Specify the average checking balance.

# of Locations

Specify the number of locations of the business.

Management Since

Specify the year the current management was established.

Existing Business

Check this box if it is an existing Business.

Existing Business Name

Specify the name of Business entity. If this is not an existing Business, the field is displayed as UNDEFINED.

Payment Hierarchy

Select the required Hierarchy Definition to be used for pay­ment appropriation from the drop-down list. The list is popu­lated with all the pre-defined and enabled hierarchy definitions maintained Setup > Administration > Users > Payment Hierarchy screen.

The Hierarchy Definition selected here is propagated to Ser­vicing > Customer/Business details. If an existing hierarchy is modified and the ‘Update Customer/Business info’ option is enabled, then the Payment Hierarchy in Servicing > Cus­tomer / Business details are also updated.

  1. Perform any of the Basic Actions mentioned in Navigation chapter

7.6.1 Address Sub Tab

You can enter more than one address for the business.

To complete the Address Sub Tab

  1. Click Address Sub Tab
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Current

Check this box if this is a current address.

The mailing address must be marked as current.

Permission to Call

Check this box if customer has provided permission to contact through the specified phone number.

Atleast one phone number per application should have the permission to call (flagged as 'Y') for the successful pre-qualification of the application. Else, an error mes­sage is displayed.

Permission to Text

Check this box if customer has provided permission to contact through text message.

Mailing

Check this box if this is the mailing address. Only one address entry can be marked as the mailing address.

Address Type

Select the address type.

Country

Select the country.

Address #

Specify the building number.

Own /Lease

Select the ownership type.

Comment

Specify a comment.

Postal Type

Select the address type.

Street Pre

Select the street prefix (directional).

Street Name

Specify street name

Street Type

Select the street type.

Street Post

Select the street postfix (directional).

Apt #

Specify the apartment number.

Address Line 1

Specify the first address line.

Address Line 2

Specify the second address line.

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.

State

Select the state.

Phone

Specify the phone number.

  1. Perform any of the Basic Actions mentioned in Navigation chapter
  2. If there are more than one addresses associated with business, click Save And Add and add the address details.

7.6.2 Telecoms Sub Tab

The Business tab’s Telecoms sub tab needs to be completed, if additional phone numbers for the business exist. If not, this sub tab can be ignored.

To complete the Telecoms sub tab

  1. Click Telecoms sub tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Permission to Call

Check this box if customer has provided permission to contact through the specified phone number.

Atleast one phone number per application should have the permission to call (flagged as 'Y') for the suc­cessful pre-qualification of the application. Else, an error message is displayed.

Permission to Text

Check this box if customer has provided permission to contact through text message.

Type

Select the telecommunication type.

Phone

Specify the phone number.

Extn

Specify the phone extension.

Current

If selected, indicates that this is a current telecom.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.6.3 Financials Sub Tab

The Business tab’s Financials sub screen only needs to be completed if financial assets exist on the application for the business. If not, this sub screen can be left blank.

To complete the Financials sub tab

  1. Click the Financials sub tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Type

Select financial type; for example, liquid assets, retirement assets, and so on.

Source

Specify source; for example, stocks, 401K, rent received, and so on.

Currency

Select the currency of the asset.

Amount

Specify amount.

Lease Currency Amount

The system displays the Lease currency amount

Comment

Specify comment, if any.

Include

Check this box to include this record in calculations on the Other Details sub section.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.6.4 Liabilities Sub Tab

The Business Applicant link’s Liabilities sub screen only needs to be completed if financial liabilities exist on the application for the business. If not, this sub screen can be left blank.

To complete the Liabilities sub tab

  1. Click Liabilities sub tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Type

Select the liability type.

Currency

Select the currency.

Lease Currency Amount

The system displays the Lease currency amount

Amount

Specify the liability amount.

Frequency

Select the frequency.

Account Type

Specify the account type.

Lease Currency Account Balances

The system displays available Lease currency account balance.

Account Balance

Specify the account balance.

Comment

Specify comments, if any.

Include

Check this box to include this record in calculations on the Other Details sub screen.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.6.5 Partners Sub Tab

You can enter more than one partner for the business.

To complete the Partners sub tab

  1. Click Partners sub tab
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Permission to Call

Check this box if customer has provided permission to contact through the specified phone number.

Atleast one phone number per application should have the permis­sion to call (flagged as 'Y') for the successful pre-qualification of the application. Else, an error message is displayed.

Permission to Text

Check this box if customer has provided permission to contact through text message.

First Name

Specify the partner’s first name.

MI

Select the partner’s middle name.

Last Name

Specify the partner’s last name.

Suffix

Specify the partner’s suffix.

SSN #

Specify the partner’s social security number.

Birth Dt

Specify the partner’s birth date.

Birth Place

Specify the partner’s birth place.

Title

Select the partner’s title.

Ownership (%)

Specify the percentage of ownership held by the customer.

Net worth

Specify the partner’s net worth.

Gross Income

Specify the partner’s gross income.

Language

Specify the partner’s language.

Nationality

Specify the partner’s nationality.

Country

Select the partner’s country code.

Address #

Specify the partner’s address number.

Address Line 1

Specify the partner’s first address.

Address Line 2

Specify the partner’s second address line.

Zip

Select the partner’s zip code.

For non-US country, you have to enter zip code.

Zip Extn

Specify the partner’s zip extension.

City

Specify the partner’s city.

State

Select the partner’s state.

Phone

Specify the partner’s phone number.

Extn

Specify the partner’s phone extension.

Email

Specify the partner’s email.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.6.6 Affiliates Sub Tab

You can enter more than one affiliate for the business.

To complete the Affiliates sub tab

  1. Choose Affiliates sub tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Organization Type

Select the affiliate’s organization type

Legal Name

Specify the affiliate’s legal name

Business Name

Specify the affiliate’s business name

Tax ID

Specify the affiliate’s tax identification

Ownership (%)

Specify the affiliate’s percentage of ownership

# of Employees

Specify the affiliate’s number of employees

NAICS CODE

Specify the affiliate’s North American Industry Classification System code.

Country

Select the affiliate’s country code.

Address #

Specify the affiliate’s address number.

Address Line 1

Specify the affiliate’s first address line.

Address Line 2

Specify the affiliate’s second address line.

Zip

Select the affiliate’s zip code.

For non US country, you have to enter zip code.

Zip Extension

Specify the affiliate’s zip extension.

City

Specify the affiliate’s city.

State

Select the affiliate’s state.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.6.7 Other Details Sub Tab

The Other Details sub screen records information regarding monetary amounts associated with the business such as profits, sales, and expenses.

To complete the Other Details sub tab

  1. Click Other Details sub tab.
  2. Click Edit.
  3. Verify financial details as well as assets and liabilities linked to the business.

A brief description of the fields is given below:

Field:

Do this:

Other Details section

Currency

Select the currency.

Business Type

Select the type of business.

Analysis Frequency

Select the analysis frequency.

Lease Currency Gross Margin Factor

The system displays the Lease currency business’s gross margin factor

Gross Margin Factor

Specify the business’s gross margin.

Organization Type

Select the type of organization.

Lease Currency Income

The system displays the Lease currency business income amount.

Income

Specify the business’s income amount.

Lease Currency Collec­tion Average

Specify the Lease currency collection average.

Collection Average

Specify the collection average.

Lease Currency Proj Coll Avg Annual

Specify the Lease currency annual projected collection aver­age.

Proj. Coll.Avg.Annual

Specify the annual projected collection average.

Lease Currency Book List

Specify the Lease currency business booklist.

Book List

Specify the business booklist.

Lease Currency Turn Over

Specify the Lease currency turnover amount.

Turn Over

Specify the turnover amount.

Lease Currency Capital Amount

Specify the Lease currency capital amount.

Capital Amt

Specify the capital amount.

Lease Currency Earned Surplus

Specify the Lease currency earned surplus amount.

Earned Surplus

Specify the earned surplus amount.

Lease Currency Gross Profit

Specify the Lease currency gross profit amount.

Gross Profit

Specify the gross profit amount.

Lease Currency Net Profit

Specify the Lease currency net profit amount.

Net Profit

Specify the net profit amount.

Lease Currency Work­ing Capital

Specify the Lease currency working capital amount.

Working Capital

Specify the working capital amount.

Lease Currency Annual Sales

Specify the Lease currency annual sales amount.

Annual Sales

Specify the annual sales amount.

Lease Currency Pro­jected Sales

Specify the Lease currency projected sales amount.

Projected Sales

Specify the projected sales amount.

Lease Currency Equity

Specify the Lease currency equity amount.

Equity

Specify the equity amount.

Open Delq

Specify the open delinquency amount.

Lease Currency Busi­ness Expenses

Specify the Lease currency business expenses amount.

Business Expenses

Specify the business expenses amount.

Lease Currency Per­sonal Expenses

Specify the Lease currency personal expenses amount.

Personal Expenses

Specify the personal expenses amount.

Lease Currency Total Expenses

View the Lease currency total expenses amount.

Total Expenses

View the total expenses amount.

Lease Currency Annual Proj Sales Amt

View the Lease currency annual projected collection amount.

Annual Proj Sales Amt

View the annual projected collection amount.

Lease Currency Annual Proj Exp Amt

View the Lease currency annual projected expenses amount.

Annual Proj Exp Amt

View the annual projected expenses amount.

Lease Currency Current Assets

Lease currency current assets.

Current Assets/Liability ratio

View the current asset to liability ratio.

Lease Currency Fixed Assets

View the Lease currency fixed assets.

Fixed Assets

View the fixed assets.

Lease Currency Intangi­ble Assets

View the Lease currency intangible assets.

Intangible Assets

View the intangible assets.

Lease Currency Current Liabilities

View the Lease currency current liabilities

Current Liabilities

View the current liabilities.

Lease Currency Long Term Liabilities

View the Lease currency long term liabilities.

Long Term Liabilities

View the long term liabilities.

Lease Currency Total Assets

View the Lease currency total assets

Total Assets

View the total asset amount.

Lease Currency Total Networth

View the Lease currency total net worth amount.

Total Net worth

View the total net worth amount.

Lease Currency Total Liability

Lease currency total liability amount.

Total Liability

View the total liability amount.

Debt Net worth Ratio

View the debt to net worth ratio.

Current Assets/Liability ratio

View the current asset to liability ratio.

Signatures

Title 1-4

Specify the title.

Signature1-4

Specify the signature.

7.7 Request Tab

In the Request tab you can define the required Lease parameters and calculate Payment, Interest Rate, Term and Lease Amount using the quick calculator. By default, system calculates for monthly repayment term basis. The payment frequency can be changed only in the Underwriting tab during decisioning.

To complete Request section:

  1. On the Application Entry tab, click Request tab.

  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields are given below:

Field

Do this

Gross Capitalized Cost

Specify the value of gross capitalized cost.

Capitalized Cost Reduction (-)

Specify the value of capitalized cost reduction which is the advance amount.

Adjusted Cap Cost (=)

View the adjusted capitalized cost which is calcu­lated as Gross Capitalized Cost - Capitalized Cost Reduction.

Pmt Amt

Specify the requested payment amount.

Term

Specify the requested term (number of payments).

Rate

Specify the requested Rate.

Balloon Amt

Specify the balloon amount (if exist).

Note: This field is displayed only if the lease calcu­lation method is ‘Interest Rate’.

Signing Dt

Specify the signing date

Probable Delivery Dt

Specify the probable delivery date.

Promotion

Select the promotion type from the drop-down list.

Note: This field is displayed only if the lease calcu­lation method is ‘Interest Rate’.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. In the ‘Requested’ section, there is a drop-down list adjacent to the ‘Calculate’ button with following options to auto calculate different Lease parameters based on the data provided. Select the record you want to work with and from the drop-down option, select the option you want system to calculate:

    Lease Type

    Calculate Option

    Rent Factor

    Calculate Payment

    Calculate Gross Capitalized Cost

    Interest Rate

    Calculate Payment

    Calculate Interest Rate

    Calculate Term

    Calculate Lease Amount

  3. Click Calculate. The system displays the requested calculation in the respective field.

7.7.1 Itemization Sub Tab

The Itemizations sub tab enables you to add or verify any itemized amounts associated with the application. The list of itemizations is determined by the product you select in the master screen during the application entry process. The Itemizations sub screen displays an itemization record of the amount financed, such as the cash price, cash down payment, trade-in, unpaid cash price balance and so on. Information that was entered on the Itemization sub screen during the application entry process will appear in the Requested Amt column. Information that you enter as an underwriter in the Approved Amt column will appear in the Itemizations sub tab on the Underwriting screen.

Application request details need to be essentially entered in the itemization sub tab for pre-screening to be successful. Else, the system displays error and application would not proceed to the next level in work flow. The details of down payment, trade-in, insurance, fees etc. and the total sale price are recorded under itemization.

To add or view itemizations

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Request > Itemizations sub tab.
  3. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Itemization

View the itemization.

+/-

View whether the itemized amount is added or subtracted from the Lease amount.

Requested Amt

Specify the requested amount.

Comment

Specify a comment.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.7.2 Trade-In Sub Tab

The Trade-In sub screen enables you to add or verify any trade-ins associated with the application. 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 application entry process.)

To complete the Trade-In sub screen

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Request > Trade-In.
  3. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Trade-In

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.

Body

Specify the body of the asset.

Identification #

Specify the identification number.

Description

View the asset description.

Valuation

Wholesale Amt

Specify the wholesale value.

Base Retail Amt

Specify the retail value.

Addons Amt (+)

Specify the add ons value.

Pay Off Amt (-)

Specify the payoff amount.

Total Amt =

View the total value.

Valuation Dt

Specify the valuation date.

Source

Select the valuation source.

Valuation Supplement

Specify the valuation supplement.

Edition

Specify the valuation edition.

  1. Perform any of the Basic Actions mentioned in Navigation chapter

7.7.3 Subvention Sub Tab

With the Subvention sub tab, available only for Lease, you can review the subvention information from the application entry 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 complete the Subvention sub screen

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Request > Subvention sub tab.
  3. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Subvention Plan section:

Plan

Select the subvention plan.

Description

View the subvention plan description.

Sub Plan

Select the sub plan.

Sub Plan Description

View the subvention sub plan description.

Subvention Type

View the subvention type.

Include

Check this box to include this record in calculations on the Other Details sub section

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.8 Decision Tab

If the application was initially approved automatically, the system displays its recommendations on the Decision tab’s Approved section.

If the application was initially rejected automatically, the system displays its reasons on the Decision link’s Stipulation sub tab.

If you choose to approve or reject the Lease manually, you must manually select the pricing (rule) set by the portfolio company for a specific product. The system validates this pricing against the information in the System Recommendation sections. The information in the Requested section comes from the application entry process and can be edited.

You can use the quick calculator provided with the drop-down list adjacent to the ‘Calculate’ button to calculate the required Lease parameters. You can also 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 verify the application decision data

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Decision tab.

  3. Perform any of the Basic Operations mentioned in Navigation chapter.
    • A brief description of the fields is given below:

      Field:

      Do this:

      Pricing section

      Current

      Check this box to indicate that this is the current deci­sion.

      Pricing

      View the pricing.

      Decision Dt

      View the decision date.

      Underwriter

      View the underwriter id.

      Status

      View the application status.

      Sub Status

      View the application sub-status.

      Approved section

      Decision Term

      Specify the approved decision term.

      Pmt Amt

      Specify the approved payment amount.

      Note: If the system parameter ‘Auto Calculate PMT’ is set to ‘Y’ in Setup > Administration > System > System Parameter screen, the system auto calculates the pay­ment amount whenever there is a change in Decision Term or Decision Rate or Max Financed Amount fields.

      Note: Once the payment amount is approved, it will be copied on to the What if Payment field in the Summary sub screen of the Applicants Details screen.

      Index

      Select the applicable index type from drop-down list.

      Index Rate

      Specify the approved index rate.

      Decision Margin Rate

      Specify the approved decision margin rate.

      Pricing Buy Rate

      View the pricing buy rate.

      Approved Buy Rate

      View the approved buy rate which is by default the Pric­ing Buy Rate displayed above. You can also specify the required approved buy rate.

      Rent Factor

      Specify the rent factor.

      Note: This field is displayed only if the lease calculation method is ‘Rent Factor’.

      Buy Rent Factor

      View the buy rent factor.

      Note: This field is displayed only if the lease calculation method is ‘Rent Factor’.

      Gross Capitalized Cost

      Specify the value of gross capitalized cost.

      Capitalized Cost Reduction (-)

      Specify the value of capitalized cost reduction which is the advance amount.

      Adjusted Cap Cost (=)

      View the adjusted capitalized cost which is calculated as Gross Capitalized Cost - Capitalized Cost Reduc­tion.

      Residual %

      Specify the residual percentage.

      Maturity Index

      Select the approved maturity index.

      Note: This field is displayed only if the lease calculation method is ‘Interest Rate’.

      Maturity Margin Rt

      Specify the maturity margin rate.

      Note: This field is displayed only if the lease calculation method is ‘Interest Rate’.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. Click Select Pricing.

The system determines the best pricing match of all enabled Lease pricing strings in the Setup menu and displays the results in the Pricing and Approved sections.

  1. Quick Calculate

In the ‘Decision Information’ section, there is a drop-down list adjacent to the ‘Calculate’ button with following options to auto calculate different Lease decision parameters based on the data provided. Select the required option from the drop-down list and click ‘Calculate’:

Lease Type

Calculate Option

Rent Factor

Calculate Payment

Calculate Residual Percent

Calculate Gross Capitalized Cost

Interest Rate

Calculate Payment

Calculate Interest Rate

Calculate Term

Calculate Lease Amount

The system displays the requested calculation in the respective field.

  1. Re-Score

A 'Re-Score' button is available next to 'Calculate'. Whenever any sensitive Financial or Collateral information is amended in the Application, OFSLL displays a warning message 'Scoring sensitive information is changed. Re-score the application'. You need to click on Re-Score to re-validate the grade and pricing accordingly.

The display of the warning message to Re-score the application can be controlled using the respective System parameter. If the defined System Parameter is flagged 'Y', only then the message is displayed.

If you are underwriting a Lease, record the following information on the Decision tab:

  1. If you are approving the application, complete the Approved section with the values you want to approve as an underwriter. You can update the default values that appeared when you selected the pricing string in step 3. (The system calculator may be of use when completing this section. For more information, refer the Tools chapter.)
  2. Click Calculate Tax. System calculates the ‘Lease Sales and Usage tax’ for upfront category which is billed during application funding. For more details, refer to Sales Tax Calculation at Origination section in Appendix chapter.

7.8.1 System Recommendation

The System Recommendation sub screen displays the system generated Score, Decision and Grade. You will also be able to view the request details of the application under 'Requested' section itself.

A brief description of the fields in System Recommendation section are given below:

Field:

Do this:

Score

View the system recommended score.

Decision

View the system recommended decision.

Grade

View the system recommended grade.

A brief description of the fields in Requested section are given below:

Field

Do this

Requested Advance Amt

View the requested advance amount

Pmt Amt

View the requested payment amount.

Term

View the requested term (number of payments).

Requested Rate

View the requested rate of interest.

Down Pmt%

View the down payment percentage

Down Pmt

View the down payment amount

Approx Prc

View the approximate cash price

Promotion

View the promotion type from the drop-down list.

Balloon Amt

View the balloon amount.

Signing Dt

View the signing date

Probable Delivery Dt

View the probable delivery date.

7.8.2 Stipulations Sub Tab

The Stipulations sub screen allows to add any stipulations or reasons for adverse action you want to attach to the application. Stipulations are items that need to be addressed before the Lease can be funded.

If the application was automatically rejected during the application entry edits, the system displays the automatically generated adverse action codes in this sub screen. If the application is manually rejected by the Underwriter due to adverse action reasons received from bureau or otherwise, the same can be recorded for each of the applicant.

In addition, you can enter comments against specific stipulations as required. Whenever a Stipulation is marked as 'Not Applicable' it becomes mandatory to specify the reason in comments field. Else, system prompts for the reason while processing the application.

To add or view stipulations or reasons for adverse action

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Decision > Stipulations sub tab.
  3. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below.

Field:

Do this:

Type

Select the reason type. Type can be Stipulation Reasons or Adverse Action Reasons and Adverse Action Reasons can also be those received from Bureau.

Name

The system displays all applicant’s name in the drop down list. You can select the name of the applicant for whom adverse action reason needs to be recorded. In case the stipulation reason is at the appli­cation level, then select ALL.

Code

Select the reason.

Description

Specify the required description.

Stips Satisfied

Use the Yes/No/NA buttons to indicate if you verified the stipula­tion(s) in the Type field

Comment

Specify the comment.

Verified By

The system updates the user ID of the person who verified the details

Verified Dt

The system updates the date when the details are verified.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

If your system is set up to manually load predefined stipulations, click the Load Stipulations button (For more information, refer the following section, Loading Stipulations.)

7.8.2.1 Add Multiple

The system enables you to add multiple records to stipulations using the 'Add Multiple' option.

To add multiple stipulations

  1. Click the drop down list adjacent to the 'Add Multiple' button.
  2. Select the check box against to the required stipulations. You can also select ’All’ to load all the available stipulations.
  3. Click Add Multiple.
  4. If required, you can perform any of the Basic Actions mentioned in Navigation chapter.

7.8.2.2 Copying Stipulations

The system enables you to automatically transfer stipulations from previous decisions on the Stipulations sub screen with the Copy Stipulations button. This is particularly useful when you are rehashing an application and want to use the same stipulations as those in place for the previous decision.

7.8.2.3 Loading Stipulations

The system supports the automatic generation of default stipulations on the Underwriting screen’s Stipulations sub screen. The default stipulations can be maintained by company, branch, product, state, application status and application sub-status. When the application status changes (either manually and automatically), the system populates the maintained stipulations with a Stips Satisfied indicator of ‘No’. You can review and update the stipulations accordingly.

You have the option to manually load predefined stipulations by clicking the Load Stipulations button on the Stipulation screen.

To load predefined stipulations

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Decision > Stipulations.
  3. Click Load Stipulations. The system loads the default stipulations on the Stipulations sub screen.
  4. Use the Yes/No/NA buttons in the Stips Satisfied column to indicate if you verified the stipulation(s) in the Type field.
  5. Click Save on the Stipulations sub screen.

7.8.3 Itemization Sub Tab

The Itemizations sub screen enables you to add or verify any itemized amounts associated with the application. The list of itemizations is determined by the product you selected in the master screen during the application entry process. The Itemizations sub screen displays an itemization record of the amount financed, such as the cash price, cash down payment, trade-in, unpaid cash price balance and so on. Information that was entered on the Itemization sub screen during the application entry process will appear in the Requested Amt column. Information that you enter as an underwriter in the Approved Amt column will appear in the Itemizations sub screen on the Underwriting screen.

To add or view itemizations

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Decision > Itemizations sub tab.
  3. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Itemization

View the itemization.

+/-

View whether the itemized amount is added or subtracted from the Lease amount.

Requested Amt

Specify the requested amount.

Approved Amt

Specify the approved amount.

Discount Rate

Specify the discount rate.

Comment

Specify a comment.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.8.4 Trade-In Sub Tab

The Trade-In sub screen enables you to add or verify any trade-ins associated with the application. 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 application entry process.)

To complete the Trade-In sub screen

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Decision > Trade-In sub tab.
  3. Perform any of the Basic Operations mentioned in Navigation chapter.

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.

Valuation section

Wholesale Amt

Specify the wholesale value.

Base Retail Amt

Specify the retail value.

Addons Amt (+)

Specify the add ons value.

Payoff Amt (-)

Specify the payoff amount.

Total Amt =

View the total value.

Valuation Dt

Specify the valuation date.

Source

Select the valuation source.

Valuation Supple­ment

Specify the valuation supplement.

Edition

Specify the valuation edition.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.8.5 Rate Schedule Sub Tab

The Rate Schedule sub screen is only available for variable rate Lease and displays the rate adjustment frequency information based on product setup.

To view the Rate Schedule sub screen

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Decision > Rate Schedule sub tab. Click View.

A brief description of the fields is given below:

Field:

View this:

Seq

The rate adjustment sequence number.

Adjustment Frequency Type

The rate adjustment frequency type.

Period

The rate adjustment period for the frequency.

# of Adjustments

The number of rate adjustments for the frequency.

7.8.6 Subvention Sub Tab

With the Subvention sub tab, available only for Lease, you can review the subvention information from the application entry 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 complete the Subvention sub tab

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Decision > Subvention sub tab.
  3. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Plan

Select the subvention plan.

Description

View the subvention plan description.

Sub Plan

Select the sub plan.

Sub Plan Description

View the subvention sub plan description.

Subvention Type

View the subvention type.

Include

Check this box to include this record in calculations on the Other Details sub section

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. In Subvention Detail section, perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below.

Subvention Detail 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 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.

Include

View if the subvention is included in the application or not.

Total Subvention Rate

View the total subvention rate.

Total Subvention Amt

View the total subvention amount.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. Select the Initialize button to reset the subvention amount to zero.
  3. Select the Calculate button to calculate the subvention amount.

7.8.7 Compensation Sub Tab

The Compensation (Lease) sub tab records and displays the terms of compensation between the finance company and the dealer for Lease transactions.

To complete the Compensation (Lease) sub screen

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click the Decision > Compensation sub tab.
  3. On the Compensation sub screen’s Compensation section, select in the Compensation Plan section the compensation plan you want to use from the drop-down list. Note that, the compensation plan will use decision information to calculate compensation.
  4. Click Load.

The system loads the following information on the Compensation sub screen:

Field:

Do this:

Compensation section

Compensation Plan

View the compensation plan.

Disbursement Method

View the compensation payment method.

Calculation Method

View the compensation calculation method.

Chargeback section

Paid Calc Method

View the charge back calculation method (early payoff).

Paid %

View the percentage of charge back paid.

Paid Basis

View the charge back paid basis.

Paid Term

View the charge back paid term.

Paid Days

View the charge back paid days.

Charge off Calc Method

View the charge back calculation method (charge off).

Charge off %

View the charge back percentage (charge off).

Charge off Basis

View the charge back basis (charge off).

Charge off Term

View the charge back term (charge off).

Days

View the charge back days (charge off).

Calculation section

Spread Formula

View the compensation spread formula.

Buy Rate

Specify the buy rate.

Buy Rent Factor

View the compensation buy rent factor.

Factor

View the compensation factor.

Addl Factor

View the additional compensation factor.

Max Spread

View the maximum spread allowed.

Max Markup Or Percent

View the maximum compensation Markup.

Flat Amt

View the flat amount.

Compensation Amt

View the compensation amount.

  1. Make any necessary changes in the Approved Buy Rate and Maximum Financed Amount fields in the Decision tab.
  2. Click Calculate.

The system displays the details and amounts for this compensation plan.

7.8.8 Tax Details

When you click ‘Calculate Tax’ on the Decision tab, the lease sales and usage tax are calculated based on tax rules defined in setup screen. If there is any exemption for tax on the current application, the same can be defined here so that the lease tax is not levied when the application is funded.

Note

Tax exemption is allowed only if the exemption option is selected both here and in Setup screen (Setup > Administration > System > Sales Tax screen).

For information on defining lease tax exemption in this tab, refer to Exempt Sales Tax in Decision/Contract tab section in Appendix chapter.

7.9 Customer Credit Limit tab

This tab is available only if the selected product has the ‘Customer Credit Limit’ check box in selected in Products setup screen (Setup > Products > Products).

Customer Credit limit in general refers to the maximum amount of credit that a financial institution can extend to a prospective customer which can then be leveraged by an underwriter while funding an application.

In Oracle Financial Services Lending and Leasing, you can define the Customer Credit Limit during underwriting stage based on the customer credit worthiness or historical customer data. Using this limit, applications can be funded up to the credit limit amount allowed. However, application funding with or without customer credit limit is controlled based on the setup and applications can still be funded with the normal process when a particular customer is not allocated with any credit limit.

A customer credit limit facilitates for quick decisioning by an underwriter and also facilitates for auto approval of accounts on-boarded from external system with basic validations. While approving, underwriter has to ensure that the sum of utilizations should always be equal to the financed amount which can be distributed within applicants primary / secondary or business categories.

A minimum of one application has to be funded to define customer credit limit for funding subsequent applications and the defined information is updated into credit limit details. A credit limit once defined can further be increased from servicing module by posting the required transaction which is referenced in origination module during application funding.

On receiving a payment, the amount is reinstated to the credit limit balance which can be re-used while funding next application. Similarly, the credit limit balance is also updated when account is moved to VOID status. On reversing a payment, the Total Utilization of credit limit is increased by the principal portion of the payment and decreased with the Available Amt field. Also, the Suspended and Hold amount fields are increased and decrease based on the respective transactions posted.

When two applications are being funded simultaneously (i.e. moving application to ‘Approved Funded’ status), the utilization amount will be considered for first application while the second one will be on HOLD since there could be a difference in the available credit limit after funding. In such a case, you need to re-hash the application, fetch the details in Origination > Decision tab, (if required) increase credit limit from servicing module, and then proceed for funding.

While processing applications using Customer Credit Limit, the ‘Update Customer Info’ (check box in applicant tab) and ‘Link to Existing Customer’ (check box in contract tab) are selected by default for all the existing customers. This is to ensure the application details are propagated to customer accounts.

On funding a new application for an existing customer using customer credit limit, the details are updated into the existing customer details in the Servicing module. Also, while posting any monetary transaction that results in increase of account maturity date, system auto validates if the same is within the 'Customer Credit Limit Expiry date' of any one or all of the customer(s) who contributed for funding the Account. In case it is greater, system displays an error indicating that the resulting Maturity date is greater than 'Customer Credit Limit Expiry date' and does not allow to post the transaction.

To define Credit Limit Details

  1. Open Underwriting screen and load the underwriting application you want to work with.
  2. Click ‘Customer Credit Limit’ tab.

  3. Perform any of the Basic Operations mentioned in Navigation chapter. A brief description of the fields are given below:

    Field:

    Do this:

    Relation Type

    View the relationship type. This field is pre-populated with details from Applicant tab.

    Customer # / Busi­ness #

    This field is displayed blank for new customer/business and for an existing customer/business, the details are populated from Servicing > Customer Service > Customer details.

    Name

    View the customer name. This field is pre-populated with details from Applicant tab.

    Max Limit

    Specify the value of maximum credit limit amount that can be provided to the customer.

    For new customer/business, the amount is pre-populated based on selected pricing in Decision tab for new applicant/business. However, you can override the amount by entering the required value.

    Total Utilized Amt

    View the total credit limit amount utilized for previously funded applications.

    Available Amt

    View the available credit limit amount on the account which is the difference of Max Limit - (Hold + Total Utilized + Sus­pended) amount.

    Hold Amt

    View the credit limit amount on hold which is based on the Hold transaction posted in servicing.

    Suspended Amt

    View the credit limit amount suspended which is based on suspended transaction posted in servicing.

    Grade

    Select the required grade from the drop-down list. There is no validation performed on the selected grade and can be selected based on customer credit worthiness.

    Max Late Charge

    Specify the maximum late charge amount.

    Limit Expiry

    Select the credit limit expiry date from the adjoining calendar. The expiry date is validated if application is being funded based on customer credit limit.

    Limit Next Renewal

    Select the date on which the credit limit has to be renewed from the adjoining calendar.

    Application Utilization section - This section allows you to define the portion (either percentage or amount) of credit limit utilization against the financed amount.

    For example,

    if the amount financed it 10,000 $ and percentage of Utilization for Primary is 80% then Utilized amount should be 10,000*0.8 = 8000 $.

    Similarly, if the percentage of Utilization for Spouse is 20% the Utilized amount should be 10,000*0.2 = 2000 $.

    Note: On specifying either percentage or amount of utilization, the other field is auto calculated based on financed amount.

    % of Utilization

    Specify the percentage of credit limit utilization allowed against each applicant (Customer and business) added to the application.

    Utilization Amt

    Specify the amount of credit limit utilization allowed against each applicant (Customer and business) added to the appli­cation.

  4. Perform any of the Basic Actions mentioned in Navigation chapter.

7.10 Master Account tab

The Master Account tab in Origination screen facilitates to categorize the current application to be considered as ‘Master Account’ or link the current application to another existing master account in the system after funding. If the current application is considered as ‘Master Account’, you can also define Payment Hierarchy for payment appropriation during servicing.

Master account here refers an account which has similar type of accounts of the same customer grouped under one head. When there are multiple accounts of the same customer, marking one of them as Master Account and grouping all the associated loan/line/lease accounts under an Individual customer/Business in the system helps to generate consolidated statement, make payments, manage ACH, generate payoff quote, post due date change and extension transitions.

For example, grouping of all loan accounts under one master account of a customer, or grouping of lease accounts funded with same contract terms during the current financial year.

To define Master Account Details

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click ‘Master Account’ tab.
  3. In the Master Account Details, click ‘Edit’. You can also perform any of the Basic Operations mentioned in Navigation chapter.

  4. Do one of the following:

If the Account details are received from external system through Onboarding process and the application is already marked as Master Account, then the same Account # is populated in Master Account # field once the application is funded.

On funding the application, both the accounts (newly created and existing) are interlinked and system updates the ‘Linked Account’ field with Account # respectively.

Note

If account is created using ‘Account Onboarding Service’, the ‘LinkedAccountXrefNumber’ element available under ‘ApplicationData’ parent element, can be used to indicate Linked Account Xref number to link to Associated Account if both Master and Associated Ac­counts are in a single payload.

System performs the following edits before linking the accounts:

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.11 Bureau Tab

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.

If there are any adverse comments received from the Bureau, system displays them under 'Exceptions/ Comments' section against the specific Bureau record to alert the User. Following are some of the reasons:

  1. Application Indicates Potential Fraud
  2. Bureau Indicates Social Security Number Variance
  3. Duplicate Application Exists
  4. Bureau Indicates a Possible Current Delinquency
  5. Bureau Indicates Bankruptcy
  6. Bureau Indicates Consumer Statement
  7. Bureau Indicates a Possible Repossession
  8. Bureau Reports OFAC hit
  9. Bureau Reports Applicant as Deceased
  10. Potential Delinquencies for Auto Loans in Past 12 Months
  11. Customer Rate (APR) Exceeds the State Usury Rate
  12. Open Consumer Credit Counselling

The reasons will also be displayed in the Summary tab in 'Bureau' details under 'Exceptions /Comments' section.

To verify the credit bureau data using the Bureau tab

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Bureau.

  3. In the Bureau Details section, view the following information:

    Field:

    View:

    Type

    The credit bureau request type.

    Bureau

    The credit bureau.

    #

    The credit bureau request number.

    Status

    The status of credit bureau request.

    Dt

    The credit bureau request date.

    Report

    The credit bureau report type.

    Credit Bureau Reorder#

    The credit bureau reorder number.

    App Ind

    If selected, indicates that a bureau was pulled for an application.

  4. In the Applicant/Customer Detail section, view the following information:

    Field:

    Do this:

    Type

    View the relation type.

    First Name

    Specify the first name.

    MI

    Specify the middle name.

    Last Name

    Specify the last name.

    Status

    View the credit bureau request status.

    Birth Dt

    Specify the date of birth.

    SSN

    Specify the social security number.

    Note: If the organizational parameter UIX_HIDE_RESTRICTED_­DATA is set to Y, this appears as a masked number; for example, XXX-XX-1234.

    Suffix

    Select the generation.

    Include Debt

    Select to include credit bureau information in the Liabilities section of the Summary sub screen.

    Populate Debt

    Select to load debt information from the credit bureau in the Liabili­ties section of the Summary sub screen.

    Address Type

    Select the address type.

    Country

    Select the country.

    Address #

    Specify the building number.

    City

    Specify the city.

    State

    Select the state code.

    Street Pre

    Select the street pre type.

    Street Name

    Specify the street name.

    Street Type

    Select the street type.

    Street Post

    Select the street post type.

    Apt #

    Specify the apartment number.

    Address Line 2

    Specify the address line 2.

    Zip

    Select the zip code.

    For non US country, you have to enter zip code.

    Zip Extn

    Specify the zip extension.

    Phone

    Specify the phone number.

  5. In the Report Header section, view the following information:

    Field:

    View:

    Bureau

    The bureau.

    First Name

    The first name.

    MI

    The middle initial.

    Last Name

    The last name.

    SSN

    The social security number.

    Note: If the organizational parameter UIX_HIDE_RESTRICTED_­DATA is set to Y, this appears as a masked number; for example, XXX-XX-1234.

    Birth Dt

    The birth date.

    Note: The SSN and Birth Dt fields in Report Header section are displayed in red if there is a mismatch in the respective data present in the above Applicant/Customer Details section.

    Report Dt

    The report date.

    Onfile Dt

    The on file date.

    Credit Report Id

    The credit report id.

    Best Match

    The best match.

  6. Click Bureau Report.

The system parcels out the details from the credit bureau report in the Bureau screen’s sub tabs (Summary 1, Summary 2, Tradelines, Public Records, Collections, Fraud Messages, Inquiries, Also Known As, Consumer Statements, and Credit Scores).

  1. Click Summary 1 sub tab.
  2. You can view the following information:

    Field:

    View:

    Trades

    Records of extended installment payments, mortgage and revolving credit, as detailed in the credit bureau report.

    Bankruptcy

    The total number of times the applicant has applied for Chapter 7, Chapter 11 and Chapter 13 bankruptcies, recently and throughout life.

    Past Due

    The total number of times the applicant has been past due on pay­ments by 30, 60, or 90 days in the last year, two years, and throughout life.

    Public Records

    Number of legal actions, including liens, public records, and judgments over the course of the applicant’s life, as well as any that are currently open.

    Collection

    Trades referred to an outside vendor for collection.

    Credit Scores

    View the FICO and bankruptcy scores.

    Statistical Trade Ages

    Ages of the oldest and newest trades, as well as the average age of the open and total trades.

    Derogatory Trades

    Tradelines that an action other than being late was reported; this includes collections, repossessions, charge offs, and bankruptcies.

  3. Click Summary 2 sub tab
  4. You can view the following information:

    In this section:

    View:

    Trades

    Records of extended credit for auto, bank, credit card, retail, Lease finance, and sales finance Lease, as detailed in the credit bureau report.

    Inquiries

    Requests for a credit report regarding Lease in the Trades section over the last six months, as well as total requests over 6, 12, and 24-month periods, as well as the newest and oldest request.

    Balance

    The total balance of retail and bank trades, as well as the high balance of each.

    Open Derogatory

    The following information for all of the customer’s open trade lines: the shortest and longest period of time (in months) since the customer’s most recent minor derogatory (30-60 days late), major derogatory (90-180 days late), and derogatory (bankruptcy, repossession, or charge off).

    Derogatory

    The following information for all of the customer’s total trade lines (open and closed): the shortest and longest period of time (in months) since the customer’s most recent minor derogatory (30-60 days late), major derogatory (90-180 days late), and derogatory (bankruptcy, repossession, or charge off).

  5. Click Tradelines sub tab to view information about trade lines, such as the creditor’s name, trade’s status, type and code and balance information
  6. View the following details:

    Field:

    View:

    Creditors Name

    The creditors name.

    Status

    The status of the tradeline.

    Type

    The type of tradeline, such as bank, first mortgage, travel card, and so on.

    Type Code

    The code for the type of tradeline.

    Past Due Amt

    The past due amount

    Balance

    The balance of the tradeline.

    Balance Dt

    The balance date.

    Open Dt

    The date the tradeline was opened.

    History Dt

    The trade line’s history date.

    History Data

    The trade line’s history data.

    30

    The number of times the tradeline was 30 days past due.

    60

    The number of times the tradeline was 60 days past due.

    90

    The number of times the tradeline was 90 days past due.

    Creditors Subscriber #

    The creditor’s subscriber number.

    Mop

    The method of payment.

    Account #

    The account number.

    Credit Limit

    The credit limit.

    Term Pmt Amt

    The term payment amount.

    High Balance

    The high balance of the tradeline.

    Reported Dt

    The reported date.

    Duplicate

    If selected, the tradeline is a duplicate.

    Special Exclu­sion

    If selected, the tradeline is a special exclusion.

  7. Click the Public Records sub tab to view information about public records, including each one’s type, status, and amount, as well as the date the record was filed and resolved
  8. View the following details:

    Field:

    View:

    Record Type

    The record type.

    Status

    The status.

    Amount

    The amount.

    Filed Dt

    The filed date.

    Satisfied Dt

    The satisfied date.

  9. Click the Fraud Messages sub screen to view information about fraudulent attempts to use the applicant’s credit.
  10. Click the Inquiries sub screen to view all the credit reports for the applicant in reverse chronological order
  11. View the following details:

    Field:

    View:

    Inquirer Name

    The inquirer’s name.

    Inquirer Subscriber #

    The inquirer’s subscriber number.

    Inquirer Industry Code

    The inquirer’s industry code.

    Inquiry Dt

    The inquiry date.

    Rate Shopping

    If selected, the inquiry concerned rate shopping.

    Duplicate

    If selected, if the inquiry was a duplicate.

  12. Click the Also Known As sub screen to view other names used by the applicant.
  13. Click the Consumer Statements sub screen to view statements that the applicant has issued to the credit bureau.
  14. Click the Credit Scores sub screen to view the score model, the score factor, and the score returned from the credit bureau report.

7.11.1 Printing the Credit Bureau Data as a Text/PDF Report

To print the credit bureau data as a text or PDF report

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. In the Underwriting screen, click Bureau.
  3. In the Bureau Report tab, the system displays the report in text format. You can also view the report in PDF format by selecting ‘PDF’ option as View Report.

Note

Google Chrome does not support search functionality in the PDF format of the report. Hence you have to enable the ad-hoc plug-in in chrome to use the search facility.

  1. In the Print Report section, click Print Report to send the information to the default printer.

7.11.2 Requesting a Credit Bureau Report Manually

The Credit Bureau Summary screen enables you to manually request a credit pull. Information from a manual credit pull can be used to validate an application.

To manually request a credit bureau report

  1. Open the Underwriting screen and load the underwriting application you want to work with.
  2. Click Bureau tab.
  3. In the Bureau Details section click Add.
  4. Specify the following information:

    Field:

    Do this:

    Applicant

    Select the applicant.

    Spouse

    Select the applicant’s spouse (if applicable).

    Bureau

    Select the credit bureau.

    Report

    Select the credit bureau report type.

  5. Click Create Request.

The system displays this information in the Bureau Details section.

Note

If you are requesting a report from Experian Credit Bureau for Premier Attribute Consumer report, you can do so without impacting the consumer FICO score. To facilitate the same, the ‘Soft Pull’ check box is to be selected in Bureau Details section. This option is available only when the system parameter ‘EXP_PA_SOFT_PULL_IND’ is enabled in the System Parameters screen and Bureau is selected as ‘EXP’ with Report as ‘PREMIER ATTRIB­UTE’ in the Bureau Details section.

  1. Select Include Debt and Populate Debt in the Applicant/Customer Detail section to populate the Liability section on the Applicants link’s Summary sub screen with data from the credit bureau pull.
  2. If you want to receive a copy of a previously pulled credit bureau report, enter the credit bureau reorder number in the Credit Bureau Reorder # field on the Bureau Details section. This enables you to receive a previously pulled credit report.
  3. In the New Request section, click Submit Request.

The system displays the latest status of the currently requested bureau report in the Bureau Details section. When the report pull process is complete, the Status field in the Bureau Details section changes from pending to Completed.

7.12 Collateral Tab

Having selected and loaded an application, you can view the information about the collateral of the Lease.

The Collateral link opens screens with information regarding any collateral associated with an application. Depending on the type of Lease, collateral can be a vehicle, home or something such as major household appliances. The Collateral tab is unavailable if this is an unsecured Lease.

To verify information about the collateral

  1. Open the Underwriting screen and load the application you want to verify.
  2. Click the Collateral tab.

Depending on the type of collateral, information about the vehicle, home, or other type of collateral appears.

If you are entering an unsecured Lease, the Collateral link is present but inactive; in which case, skip this step.

  1. In the Collateral Details section (This is information that was recorded during the application entry process or gathered during the credit pull.)

To enter collateral information

  1. On the Underwriting screen, click Collateral. If the collateral is a vehicle, the Collateral link displays information about the vehicle.

  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Existing Asset

Check this box to indicate that the vehicle is an existing asset.

Existing Asset ID

View the existing asset identification number.

Primary

Check this box if this is the main asset on the application.

Asset Class

Select the asset class.

Asset Type

Select the asset type.

Sub Type

Select the asset sub type.

Status

Select the asset status.

Type and Description

Select Make and Model

Select the make and model of the vehicle from drop-down list.

Year

Specify the year of the vehicle.

Age

View the age of the vehicle

Make

Specify the make of the vehicle.

Model

Specify the model of the vehicle.

Body

Specify the body of the vehicle.

Registration #

Specify the vehicle registration number.

Identification #

Specify the vehicle identification number.

Description

View the vehicle description.

Condition

Select the vehicle condition.

Address

Country

Select the country.

Address #

Specify the apartment number.

Address Line 1

Specify the first address line.

Address Line 2

Specify the second address line.

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.

State

Select the state.

County

Select the county.

Usage / Rental Details (Cycle)

The below Usage / Rental sections are displayed only if the current Collateral is either of type VEHICLE or HOUSEHOLD GOODS AND OTHER COLLATERAL and the billing is based on Lease Usage or Rental type.

For more information on how OFSLL handles Usage based leasing, refer to Appendix - Usage Based Leasing chapter and for Rental based leasing, refer to Rental Agreement section in Application Entry chapter.

Usage / Rental Cycle

Select the frequency of billing the asset from the drop-down list and click on ‘Load Details’ button. If details are maintained for the selected billing frequency in Setup > Products > Asset Types > Usage/Rental Details screen, the same is auto populated and can be modified in this screen.

This field is enabled only for USAGE agreement type.

Min Usage per cycle

View/specify the minimum usage value of the allowed range.

Max Usage per cycle

View/specify the maximum usage value of the allowed range.

Base Rental Amount

View the calculated Base Rental Amount populated from Rental Agreement tab. This field is applicable for Rental/Usage Rental agreement type.

Security Deposit

View the security deposit amount paid upfront for the term. This field is applicable for Rental/Usage Rental agreement type.

Discount %

View/specify the percentage of discount exempted from final billing.

Discount Amount

View the flat discount amount allowed upfront from the final billing. This field is applicable for Rental/Usage Rental agreement type.

Usage Rollover/ Advance

View/select the type of asset usage calculation as one of the follow­ing:

- ROLLOVER (remaining usage balance is carried forward to next cycle)

- NO-ROLLOVER (remaining usage balance is not carried forward)

- ROLLOVER AND ADVANCE (remaining usage balance is carried forward to next cycle + total usage limit for current cycle can be uti­lized upfront)

- ADVANCE (total usage limit for current cycle can be utilized upfront)

Note: For Rental based lease agreement, only non rollover usage method is applicable.

Reset Frequency

View/specify the reset frequency of the billing cycle. This field is available for ROLLOVER, ADVANCE and ROLLOVER AND ADVANCE methods of asset usage billing.

Elastic Term Calc Method

View the system predicted term remaining to reach the asset usage life which is calculated by one of the following methods as per cur­rent usage pattern.

- ACTUAL - here the current details updated/received is treated as the final record for usage term calculation.

- AVERAGE - here the average of usage details received in previ­ous cycles are considered for usage term calculation.

Excess Rent Col­lection Method

If you have selected the Agreement Type as USAGE RENTAL, view the Charge Matrix selected as one of the following type to derive the Excess Rent Collection Method:

- USING USAGE MATRIX

- USING RENTAL MATRIX

Usage / Rental Calculation

Calc Method

View/select the calculation method as one of the following from the drop-down list.

- TIERED (billing is based on the defined Usage/Rental Charge Matrix). This is the default value for Rental/Usage Rental agree­ment type.

- NON-TIERED (system automatically chooses the applicable slab based on the final usage value)

Usage / Rental Receipt

Usage / Rental Details

View/select the Usage / Rental details as one of the following from the drop-down list.

- INCREMENTAL (Details updated/received is considered as incre­mental record and is updated as new record in Servicing > Collat­eral > Usage History section without modifying existing record)

- ACTUAL (Details received with latest end date is considered for billing and is updated in Servicing > Collateral > Usage History sec­tion). This is the default value for Rental/Usage Rental agreement type.

Usage Details (Life)

The details maintained in this section is used to calculate ‘EXCESS USAGE FEE’ in pay­off quote and termination transactions.

Start

View/specify the start unit of asset usage.

Base

View/specify the base units.

Extra

View/specify the extra usage units.

Total

View/specify the total usage units.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

Interface with VINTEK (If interface is installed)

Using the Vintek interface, the system retrieves the year, make, model and body of the vehicle when you choose Vehicle Details. This time saving feature reduces data entry errors. Using the VIN entered in the Identification Number field, the system populates following fields in the Type & Description section:

If the Vintek interface is unable to retrieve information based on the VIN entered in the Identification Number field, the system displays an error message.

If the collateral is a home, the Collateral link displays information about the home.

  1. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Existing Asset

Indicates that the vehicle is an existing asset.

Existing Asset ID

View the existing asset identification number.

Primary

Select if this is the main asset on the application.

Asset Class

Select the asset class.

Asset Type

Select the asset type.

Sub Type

Select the asset sub type.

Occupancy

Select owner occupancy type.

Identification #

Specify the vehicle identification number.

Address section

Country

Select the country.

Address #

Specify the home number.

Address Line 1

Specify the first address line.

Address Line 2

Specify the second address line.

State

Specify the state.

County

Select the county.

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.

Type and Description

Census Tract/BNA Code

Specify census tract/BNA (block numbering area) code.

MSA Code

Specify the metropolitan statistical area (MSA) code.

GEO Code

Specify the geographical code for the property.

Condition

Select the condition of the home.

Description

Specify a description of the home.

Select Make and Model

Select the make and model from the drop-down list

Year

Specify the year when the property was built.

Age

View the age of the home.

Make

Specify the make of the home.

Model

Specify the model of the home.

Width

Specify the asset width.

Length

Specify the asset length.

Area

Specify the area of the collateral

PO#

Specify the asset purchase order number.

Legal Description

Specify the legal description.

Lot

Specify the asset lot.

Sub Division

Specify the asset sub division.

Parcel ID

Specify the parcel id of the home.

Metes-Bounds

Check this box to indicate the home is considered Metes-Bounds.

Flood Zone

Check this box to indicate the home is in a flood zone.

1098 Not Required

Check this box to indicate that the home does not require 1098

Deed Details

Construction per­mit Dt

Specify the date on when the construction is permitted.

Deed Dt

Specify the date on when the deed is issued

Deed Place Of Issue

Specify the place where the deed is issued.

Properties Bound­ary from East

Specify the boundary of the property from the east side.

North

Specify the boundary of the property from the north side.

West

Specify the boundary of the property from the west side.

South

Specify the boundary of the property from the south side.

Vacation Ownership Details

Billling

Check this box to indicate if the asset is considered for billing.

Due Amt Account Type

Select one of the following account type from the drop-down list to indicate on which account this asset is to be considered for billing.

- Current Account

- Linked Account

- Master Account

Note: If ‘Billing’ option is checked and the Due Amt Account Type is selected as Current/Linked/Master Account, then the billing batch job posts the transactions based on Asset Billing Rate setup in Current account / Linked Account of current Account / Master Account of current Account respectively.

Trade Eligible

This check box is selected by default and indicates that the asset is eligible for trade.

If checked (Trade Eligible = Y) then Asset Status is marked as INACTIVE during Trade. If unchecked (Trade Eligible = N) Asset status is marked as ACTIVE.

Consolidate Points at Master

Check this box to indicate that point can be consolidated at mas­ter account level. Refer to ‘Consolidate Points at Master’ section for more details.

Points Consolida­tion Type

Select the type of points consolidation option from drop-down list. This field is used to identify the assets at Associated accounts to consolidate the points.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

Consolidate Points at Master

If ‘Consolidate Points at Master’ option is checked, system consolidates the asset level points at Master Account of the associated account provided the following conditions are satisfied:

Points consolidation is done in following scenarios:

To ‘Consolidate Points at Master’, following validations and update options are provided:

If the collateral is any other, the Collateral link displays information about that collateral.

  1. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Existing Asset

Check this box to indicate that the vehicle is an existing asset.

Existing Asset ID

View the existing asset identification number.

Primary

Check this box if this is the main asset on the application.

Asset Class

Select the asset class.

Asset Type

Select the asset type.

Sub Type

Select the asset sub type.

Status

Select the asset status.

Select Make and Model

Select the make and model of the vehicle from drop-down list.

Year

Specify the year of the vehicle.

Age

View the age of the vehicle

Make

Specify the make of the vehicle.

Model

Specify the model of the vehicle.

Body

Specify the body of the vehicle.

Registration #

Specify the vehicle registration number.

Identification #

Specify the vehicle identification number.

Description

View the vehicle description.

Condition

Select the vehicle condition.

Address

Country

Select the country.

Address #

Specify the apartment number.

Address Line 1

Specify the first address line.

Address Line 2

Specify the second address line.

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.

County

Select the county.

Usage / Rental Details (Cycle)

The below Usage / Rental sections are displayed only if the current Collateral is either of type VEHICLE or HOUSEHOLD GOODS AND OTHER COLLATERAL and the billing is based on Lease Usage or Rental type.

For more information on how OFSLL handles Usage based leasing, refer to Appendix - Usage Based Leasing chapter and for Rental based leasing, refer to Rental Agreement section in Application Entry chapter.

Usage / Rental Cycle

Select the frequency of billing the asset from the drop-down list and click on ‘Load Details’ button. If details are maintained for the selected billing frequency in Setup > Products > Asset Types > Usage/Rental Details screen, the same is auto populated and can be modified in this screen.

This field is enabled only for USAGE agreement type.

Min Usage per cycle

View/specify the minimum usage value of the allowed range.

Max Usage per cycle

View/specify the maximum usage value of the allowed range.

Base Rental Amount

View the calculated Base Rental Amount populated from Rental Agreement tab. This field is applicable for Rental/Usage Rental agreement type.

Security Deposit

View the security deposit amount paid upfront for the term. This field is applicable for Rental/Usage Rental agreement type.

Discount %

View/specify the percentage of discount exempted from final billing.

Discount Amount

View the flat discount amount allowed upfront from the final billing. This field is applicable for Rental/Usage Rental agreement type.

Usage Rollover/ Advance

View/select the type of asset usage calculation as one of the follow­ing:

- ROLLOVER (remaining usage balance is carried forward to next cycle)

- NO-ROLLOVER (remaining usage balance is not carried forward)

- ROLLOVER AND ADVANCE (remaining usage balance is carried forward to next cycle + total usage limit for current cycle can be uti­lized upfront)

- ADVANCE (total usage limit for current cycle can be utilized upfront)

Note: For Rental based lease agreement, only non rollover usage method is applicable.

Reset Frequency

View/specify the reset frequency of the billing cycle. This field is available for ROLLOVER, ADVANCE and ROLLOVER AND ADVANCE methods of asset usage billing.

Elastic Term Calc Method

View the system predicted term remaining to reach the asset usage life which is calculated by one of the following methods as per cur­rent usage pattern.

- ACTUAL - here the current details updated/received is treated as the final record for usage term calculation.

- AVERAGE - here the average of usage details received in previ­ous cycles are considered for usage term calculation.

Excess Rent Col­lection Method

If you have selected the Agreement Type as USAGE RENTAL, view the Charge Matrix selected as one of the following type to derive the Excess Rent Collection Method:

- USING USAGE MATRIX

- USING RENTAL MATRIX

Usage / Rental Calculation

Calc Method

View/select the calculation method as one of the following from the drop-down list.

- TIERED (billing is based on the defined Usage/Rental Charge Matrix). This is the default value for Rental/Usage Rental agree­ment type.

- NON-TIERED (system automatically chooses the applicable slab based on the final usage value)

Usage / Rental Receipt

Usage / Rental Details

View/select the Usage / Rental details as one of the following from the drop-down list.

- INCREMENTAL (Details updated/received is considered as incre­mental record and is updated as new record in Servicing > Collat­eral > Usage History section without modifying existing record)

- ACTUAL (Details updated/received is considered as latest record and is updated in Servicing > Collateral > Usage History section with Active/ current status as ‘Y’). This is the default value for Rental/Usage Rental agreement type.

Usage Details (Life)

The details maintained in this section is used to calculate ‘EXCESS USAGE FEE’ in pay­off quote and termination transactions.

Start

View/specify the start unit of asset usage.

Base

View/specify the base units.

Extra

View/specify the extra usage units.

Total

View/specify the total usage units.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.12.1 Valuations Sub Tab

The Valuation sub tab contains information about the value of the asset. The Values section enables you specify the value of the asset. The Addons section records information about any add ons associated with the collateral.

To complete the Valuations sub tab

  1. Click the Valuations sub tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Value section

Current

Select if this is the current valuation.

Valuation Dt

Specify the valuation date.

Source

Select the valuation source.

Currency

Select the currency based on which the valuation is to be done.

Edition

Specify the valuation edition.

Supplement

Specify the valuation supplement.

Whole Sale

Lease Cur­rency Whole­sale Base Amt

Specify the Lease currency wholesale value.

Wholesale­Base Amt

Specify the wholesale value.

Usage

Specify the usage value; that is, the monetary effect that the current mileage has on the value of the vehicle.

Retail

Retail Base Amt

Specify the retail value.

Addons Amt (+)

View the add-ons value.

Usage Value Amt (+)

Specify the usage. This pertains to Lease and usually is entered as the current mileage on the vehicle.

Total Value Amt (=)

View the total value.

Lease Cur­rency Retail Base Amt

View the Lease currency retail value.

Lease Cur­rency Addons Amt(+)

View the Lease addons.

Lease Cur­rency Usage Value Amt (+)

View the Lease currency usage value.

Lease Cur­rency Total Value Amt (=)

View the Lease total value.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. In the Addons Section, perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Description

Select the description for the attribute.

Value

Specify the value of the attribute.

Amount

Specify the add-on amount.

Lease Currency Amount

Specify Lease currency amount.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

Complete the Addons/Attributes, Value, and Amt fields for each of the asset’s add-ons and attributes on the application.

7.12.2 Tracking Sub Tab

The Tracking sub screen enables you to record further information associated with the collateral. What items you choose to track are setup during implementation.

To track attributes for the collateral

  1. Click Tracking sub tab
  2. On the Tracking sub screen, click Load Details.
  3. In the Tracking Items section, select the item you want to track.
  4. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Tracking Item

View the tracking type

Disposition

Select the disposition.

Start Dt

Specify the tracking start date.

End Dt

Specify the tracking end date.

Follow up Dt

Specify the next follow-up date.

Enabled

Select to track the information from the start date in the Start Dt field.

Comment

Specify any comments regarding the tracking item.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. Complete the Tracking Item Details section by entering information about a parameter in the corresponding the Value field.

7.12.3 Vacation Ownership tab

In the Vacation Ownership sub tab you can capture and maintain ‘Timeshare’ specific collateral details of an account. This tab is displayed only for ‘Home’ collateral and allows to maintain only one record for the selected account.

In Vacation Ownership or Timeshare industry, ‘points’ represent monetary equivalent value and in a points-based timeshare ownership system, members/owners use the allotted points to exchange/trade collaterals. OFSLL uses these points for Asst Billing calculations while deriving the transaction amount as detailed in Setup > Asset Billing Rate screen.

Also in Vacation Ownership or Timeshare industry, ‘Tiers’ are used to classify a membership into different levels based on total points at Master Accounts. Each level of membership offers more perks than previous level. OFSLL supports points-based ‘Tier Calculation’ at Master Account level using the Formula parameters in Setup > User Defined Parameters screen.

Data in Vacation Ownership tab can also be populated from the following options:

To maintain Vacation Ownership Elements for an account

  1. Click Vacation Ownership sub tab
  2. Perform any of the Basic Operations mentioned in Navigation chapter.
  3. In the Vacation Ownership Elements section, view or edit the following information:

    In this field:

    View this:

    Club Name

    Select the Club Name from the drop-down list.

    Points

    Specify the points up to two decimal digit.

    Billing Points

    View the auto populated billing points.

    If the Asset Usage Type Sub Code is selected as FULL, this field is populated with total Points available in Points field.

    If the Asset Usage Type Sub Code is selected as HALF, this field is populated with total Points/2 available in Points field.

    First Year Proration

    Select the check box for first year proration.

    Resort Identifier

    Select the Resort Identifier from the drop-down list.

    Association Id

    Select the Association Id from the drop-down list.

    Building

    Select the Building from the drop-down list.

    Room/Unit Type

    Select the Room/Unit Type from the drop-down list.

    Unit

    Select the Unit from the drop-down list.

    Week

    Select the Week from the drop-down list.

    Site of Inventory

    Select the Site of Inventory from the drop-down list.

    Phase Number

    Select the Phase Number from the drop-down list.

    Usage Type

    Select the Usage Type from the drop-down list.

    Usage Start Date

    Select the Usage Start Date from adjoining calendar.

    Plus Membership Type

    Check this box to indicate Plus Membership Type.

    PR Marking

    Check this box to indicate PR Marking.

    Signature Grand Father

    Check this box to indicate Signature Grand Father.

    Club Indicator

    Check this box to indicate Club Indicator.

    Expiration Date of Asset

    Select the Expiration Date of Asset from adjoining calendar.

    This date is used for ‘Tier Calculation’ and Point Consolida­tion in the system.

    Asset Travel Date

    Select the Asset Travel Date from adjoining calendar.

    Resale Indicator

    Check this box to indicate Resale.

    On disabling this check box system considers Asset Billing Points and Grand Father Points for ‘Tier Calculation’ using formula Parameters.

    Grand Father Points

    Specify the Grand Father Points.

    These points are used for ‘Tier Calculation’ in the system using formula parameters.

    Additional Attributes - This section consists of additional 15 configurable fields as indicated below

    5 check boxes - Membership 1-5 Opt

    5 drop-down lists - Other Attribute 1-5

    5 Calendar fields - Other Attribute 5-10

  4. Perform any of the Basic Actions mentioned in Navigation chapter.

Tier Calculation

Based on the value defined for Expiration Date of Asset, Resale Indicator, and Grand Father Points, OFSLL supports the following types of ‘Tier’ calculations at Master Account level using pre-defined formula parameters in Setup > User defined Parameters screen.

Type

Formula Parameter

Calculation

Total Tier points at the Master account

$ASE_TIER_POINTS

Sum of Asset Billing Points where ‘Resale Indicator’ is ‘N’ and ‘Expiration Date of Asset’ is ‘greater than’ GL Date.

Total Grand Father Points at the Mas­ter Account

$ASE_GRAND_FA­THER_POINTS

Sum of Grandfather Points where ‘Resale Indicator’ is ‘N’ and ‘Expiration Date of Asset’ is ‘greater than’ GL Date.

Note: For a non Master Account, system uses Master Account # to pick-up all Associated Accounts.

7.12.3.1 Tracking Attributes sub tab

The Tracking Attributes screen enables you to link information to collateral that is not tracked by default in the system. These attributes are loaded when user loads the tracking attributes from Collateral > Collateral (Home) >Tracking tab.

To maintain the Tracking Attributes

  1. Click Tracking Attributes sub tab
  2. Perform any of the Basic Operations mentioned in Navigation chapter.
  3. Complete Tracking section by entering the requested parameter in the Value field.
  4. Save the changes.

7.12.4 Seller Tab

The Collateral link’s Seller Details tab enables you to enter the seller details of the collateral of the Lease.

To enter the Seller details

  1. Click the Seller Details tab.
  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this

Seller Information section

Seller Type

Select the seller type.

Seller Name

Specify the seller name

Nationality

Select the seller’s nationality.

National ID/Reg #

Specify the national identification number or registration number.

Authorized Signatory

Specify the authorized signatory of the seller.

Seller Address section

Mailing

Select if this is the mailing address. Only one address entry can be marked as the mailing address.

Current

Select if this is a current address. The mailing address must be marked as current.

Country

Select the country code.

Address #

Specify the address number.

Address Line 1

Specify the first address line.

Address Line 2

Specify the second address line.

State

Select the state.

Zip

Select the zip code.

For non US country, you have to enter zip code.

Zip Extn

Select the zip extension.

City

Specify the city.

Phone

Specify the telephone number.

Extn

Select the telephone extension.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.12.5 Usage Charge Matrix sub tab

The Usage Charge Matrix sub tab allows you to define and maintain different chargeable slabs based on the combination of Billing Cycle and Charge Type. The details maintained here are used for billing calculation based on a particular asset usage.

On clicking ‘Initialize’ in Rental Agreement tab, the information in this sub tab is auto-populated based on details maintained in Asset Type setup. For more information about field details, refer to ‘Usage Charge Matrix’ section in Setup guides.

7.12.6 Rental Charge Matrix sub tab

The Rental Charge Matrix sub tab allows you to define and maintain different chargeable slabs based on the combination of Billing Cycle, Rental Duration, Charge Per Cycle and Charge Type. The details maintained here are used for billing calculation based on a particular asset usage.

On clicking ‘Initialize’ in Rental Agreement tab, the information in this sub tab is auto-populated based on details maintained in Asset Type setup. For more information about field details, refer to ‘Rental Charge Matrix’ section in Setup guides.

7.13 Comments Tab

When using the Underwriting screen, you can add/delete comments to an application at any time in the underwriting process by using the Comments screen.

Whenever an application is decisioned 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 Underwriter <User2>’. Here, User 1 refers to the logged in user who has acted on behalf of User2, who is the concerned Underwriter. The concerned Underwriter’s name will also be selected in Application section > 'Proxy for Underwriter' field.

To add comments

  1. Click Comments tab.

  2. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Alert

Check this box to make the comment appear on the Customer Service screen Alert section

Type

Select the type of comment you are adding.

Sub Type

Select the sub type of comment you are adding.

Comment

Specify your comment.

Comment By

The system displays your user ID.

Comment Dt

The system displays commented date and time stamp.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.13.0.1 Deleting Comment(s)

You can delete ‘REGULAR’ type comments displayed in the Comments sub tab.

To delete a comment

  1. Select the row which consists of the comment and click Delete from the actions.
  2. Click ‘Yes’ to confirm delete in the warning message displayed.

7.14 Tracking Tab

When using the Underwriting 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

  1. Click Tracking tab.

  2. On the Tracking Attributes screen, click Load Tracking to load the tracking attributes.
  3. Select the item you want to track.
  4. Click Edit to edit the following information:

    Field

    Do this

    Sub-Parameter

    View the sub-parameter

    Parameter

    View the parameter.

    Value

    Specify the information about the corresponding Value field.

  5. Save changes you made to the account.

7.14.1 Field Investigation Sub Tab

The Field Investigation link enables lending institutions to perform field investigations and verify an applicant’s contact points (address and employment information, for example) and credentials (such as asset details). Clients can chose the details to be verified (address, employment, asset or any combination of the three), as well as the verifying agency.

With the Underwriting screen’s Field Investigation screen, you can select which details from application entry are to be verified. The verifying agency performs a field investigation of the details and responds to the lending institution with either XML or a text file. The details are entered in the system for an underwriter to review when making a decision.

  1. Click Field Investigation sub tab.
  2. In Field Investigation section, perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field

Do this

Applicant

Select the applicant from the adjoining drop-down list

Verification Type

Select the verification type from the adjoining drop-down list.

Verification Agency

Select the verification agency from the adjoining drop-down list.

Status

Select the status from the adjoining drop-down list.

Spoke to

Specify the name of the person applicant spoke to

Call Dt

Specify the call date

# of Attempts

Specify the number of attempts made.

Result

Select the result from the adjoining drop-down list

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. In Verification Details section, perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field

Do this

Verification Match

Check the box if the verification has matched.

Remarks

Specify remarks, if any

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

7.15 Document Tab

The Document tab allows you to view documents attached to the application in the form of GIF files, PDF files, DOC files, XLS files and TXT files and add comments regarding a selected.

For more information, see the chapter Document Management in this User Guide.

To view a document attached

  1. Click Document tab.

  2. In the Application Document section, perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below.

Field:

Do this:

Document Type

View the document type.

Comment

Specify any comments regarding the document.

Field:

View this:

Document Sub Type

The document sub type.

Version

The version. (Version numbers will be incremental by batch job, first version will start with 1.0.)

Page #

The page number.

Document File Type

The document file type.

Tracking #

The tracking number of the document.

Docket #

The docket number of the document.

Location

The location of the of the document.

Received Dt

The effective date of the document.

Effective Dt

The effective date of the document.

Expiry Dt

The expiration date of the document.

Comment

Any comments regarding the document.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.
  2. Click View Document.

The system opens a browser to display the actual document (which browser appears depends on what type of document you selected and what browsers are set up to work in conjunction with your system).

7.15.1 Checklist Sub Tab

The Checklist sub tab enables you to view tasks performed during the underwriting process.

To view the underwriting Checklist screen

  1. Click Document > Checklist.
  2. If the Checklist section is empty, click Load Checklist in the Checklist section.
  3. In the Checklist Actions section, click Regular sub tab.
  4. In Checklist Actions section, complete the tasks listed in the Checklist Action column.
  5. Use the Yes/No/NA buttons in the Yes No NA column to indicate whether you completed the task or not.
  6. Use the Comment field to add remarks regarding any of the tasks, if you choose.
  7. When you are finished completing the tasks, choose Complete in the Checklist section.
  8. Click Save.
  9. In the Checklist Actions section, click the Documents sub tab
  10. In the Documents section, select the record you want to work with and click View in the Details column.
  11. In the Documents section, view the following information:

    Field:

    Do this:

    Action

    View the action to be performed.

    Document Type

    View the document type.

    Document Sub Type

    View the document sub type.

    Status

    Select the status of the action.

    Response

    Use the Yes/No/NA buttons to indicate whether or not you completed the task.

    Comment

    Specify comment.

7.16 Verification Tab

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 Lease 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 Lease. 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.

7.16.1 Edit Sub Tab

To complete the Edits section

  1. Open the Underwriting screen and load the application you want to work with.
  2. Click Verification > Edits.

  3. In the Edits screen’s Edit Type section, select the type of edit you want to verify.
  4. Click Check Edits.

The system checks the data for the verification process selected in the Edit Type section and displays the results in the Edit Details section.

The Edit Details section contains the following display only information:

Field:

View this:

Edit Name

The edit.

Result

The result.

Expected Value

The expected value.

Actual Value

The actual value.

Override Responsibility

The override responsibility, if an override is required.

  1. In the Edit Details section, view the verification results and begin making corrections on the Underwriting screen. Remember, edits resulting in Error must be corrected. Edits resulting in warning can be by passed.

The system begins processing the credit application.

7.16.2 Audits Sub Tab

The Audits screen is a display only screen that enables you track changes to the contents of predetermined fields (which fields are determined during set up). For example, the Audits screen can be configured to monitor when the contents of the Status and Sub Status is changed. The Audits screen lists the field that was changed, who made the change, when the change was made, and the old and new values in the field.

To view the Audits

  1. Open the Underwriting screen and load the application you want to work with.
  2. Click Verification > Audits.
  3. In the Audit Details section, view the following display only information:

    Field:

    View:

    Record Id

    The record identifier for the record changed.

    Field

    The field which was changed.

    Old Value

    The old value of the column which was changed.

    New Value

    The new value of the column which was changed.

    Changed By

    The user code who made the change.

    Changed Date

    The date and time when the change was made.

7.16.3 History Sub Tab

You can track the time it took a user to complete each stage of the application process with the History section. It displays:

  1. To view the History Open the Underwriting screen and load the application you want to work with.
  2. Click Verification > HistoryIn the Application Status History section, view the following display only information:

    Field:

    View this:

    Status

    The application status.

    Sub Status

    The application sub status.

    User

    The user name.

    Start Dt

    The date and time when the application moved to that status.

    End Dt

    The date and time when the application moved from that sta­tus.

    Elapsed Time

    The elapsed time between the status change.

7.17 Correspondence Tab

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.

7.17.1 Correspondence Sub Tab

To generate an ad hoc correspondence

  1. Open the Underwriting screen and load the application you want to work with.
  2. Click Correspondence > Correspondence.

  3. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Correspondence

Select the correspondence you want to generated.

ID

System displays the correspondence ID.

Date

System displays the correspondence generation date.

  1. Perform any of the Basic Actions mentioned in Navigation chapter.

The Documents section displays all the types of documents available for the type of correspondence you selected.

  1. In the Documents section, view the following information for each document:

    Field:

    View this:

    Document ID

    The document ID.

    Document

    The document description.

    Recipient

    The recipient description.

    E-Form Source

    The e-form source.

    Source Type

    The source type.

    Selected

    If selected, indicates that this document is selected to be included in the correspondence.

    Generated

    If selected, indicates that the system generated the document.

  2. In the Documents section, select the correspondence you want to view.
  3. The Document Elements section displays the elements the system used to generate the correspondence. You view the following information:

    Field:

    Do this:

    Element Type

    View the element type.

    Element

    View the element description.

    Content

    Specify/view the value of the element.

- or -

  1. In the Document Elements section, click User Defined and complete the Content fields for the Document Element fields you want to include in the correspondence.
  2. In the Document Elements section, click Save.
  3. In the Documents section, click Generate.

The system ‘locks’ the information included in the correspondence and prevents it from being changed.

  1. In the Document Elements section, click View.

The system displays a PDF of the ad hoc correspondence.

7.17.1.1 Recipient Details Sub Tab

The recipient details sub tab facilitates you to send ad-hoc correspondence to Applicants, Customers, Producers, and Others as either Fax or Email.

To add recipient details

  1. Open the Underwriting screen and load the application you want to work with.
  2. Click Correspondence > Recipient Details.
  3. Perform any of the Basic Operations mentioned in Navigation chapter.

A brief description of the fields is given below:

Field:

Do this:

Recipient

Select the recipient from the drop-down list. The list displays the following options:

- Applicant

- Customer

- Producer

- Others

Note: Based on the type of recipient selected the other corre­spondence options are displayed for selection.

Mode

Select the mode of correspondence from the drop-down list. The list displays the following options:

- Fax

- Email

Note: When the recipient is selected as ‘Applicant’, the Mode is defaulted to Email.

Type

Based on the recipient selected, the following type of correspond­ence is listed for selection:

- When the recipient is selected as Applicant, you can select the ‘Applicant Type’ from the drop-down list and ‘Type’ as either EMAIL/ADHOC. The ‘Mode’ is defaulted as ‘Email’.

- When the recipient is selected as Customer / Producer, you can select the ‘Mode’ as either FAX/EMAIL and ‘Type’ as FAX/ADHOC or EMAIL/ADHOC respectively.

- When the recipient is selected as Others, you can select the ‘Mode’ as either FAX/EMAIL and ‘Type’ as ADHOC only.

FAX/Email

Specify the FAX/Email details for correspondence.

Comments

Specify additional information as comments.

  1. In the Recipient Details section, click Save.
  2. Click Send to FAX/Email the correspondence details to the specified recipients.

System validates the correspondence details and generates a PDF document through BI Publisher with the Correspondence details. The same is emailed to the specified recipient as an attachment and a system generated comment is updated in ‘Comments’ Tab. The correspondence consists of following header details::

Alert

Type & Subtype

Comment

Comment By

Comment Date

N

System Generated

<Type> <Correspondence type> sent to <Recipient Type> through < Mode> to <'Email' id>

Logged in user

Current System date with time stamp

7.17.2 Letters Sub Tab

The Letters link enables you to generate letters using predefined letter templates for Lease.

Letters can be sent in hard copy or Email / Fax. Among the two options provided for each of these options, you can select the required mode for sending letters.

In addition to the above, a section for recording 'Recipient details' opens below. On clicking 'Add' you can specify recipient details, Mode, Type, provide comments and Save the same.

Comments captured will be appended to Fax / Email sent to recipient. You will then need to click on the 'Send' in the action block for email / fax to be sent from OFSLL. In case the correspondence generation is dependent on any job run, then on click of 'Send' system displays an error message "Fax / Letter not generated. Please try sending later”; else event successful message is displayed.

On the Underwriting screen, these predefined correspondences are as follows:

To generate letters on the Underwriting screen

  1. Open the Underwriting screen and load the application you want to work with.
  2. Click Correspondence > Letters.
  3. In the Letters screen, select the type of letter you want to generate, and click View Letter.

UNDERWRITING:

    • If you select Decision Fax, and click View Letter, the system displays the decision letter.

The predefined Decision letter is automatically sent after an application receives a status of approved, rejected, or conditioned on the Underwriting screen.

The Decision fax/e-mail is available for Lease (fixed and variable rate).

    • If you click Adverse Action, and click View Letter, the system displays the adverse action letter.

The predefined Lease Adverse Action letter is automatically sent to the producer after a configurable number of days when an application receives a status of rejected on the Underwriting screen.

The Adverse Action letter is available for Lease (fixed and variable rate).

    • If you click Conditional Adverse Action, and click View Letter, the system displays the adverse conditional letter.

The predefined Conditional Adverse Action letter is automatically sent to the producer a configurable number of days after an application receives a status of conditioned on the Underwriting screen.

The Conditional Adverse Action letter is available for Lease (fixed and variable rate).

  1. In the Recipient Details section, you can send the ad-hoc correspondence. You can specify the following details:

    Field:

    Do this:

    Recipient

    Select the recipient from the drop-down list. The list displays the following options:

    - Applicant

    - Customer

    - Producer

    - Others

    Note: Based on the type of recipient selected the other corre­spondence options are displayed for selection.

    Mode

    Select the mode of correspondence from the drop-down list. The list displays the following options:

    - Fax

    - Email

    Note: When the recipient is selected as ‘Applicant’, the Mode is defaulted to Email.

    Type

    Based on the recipient selected, the following type of correspond­ence is listed for selection:

    - When the recipient is selected as Applicant, you can select the ‘Applicant Type’ from the drop-down list and ‘Type’ as either EMAIL/ADHOC. The ‘Mode’ is defaulted as ‘Email’.

    - When the recipient is selected as Customer / Producer, you can select the ‘Mode’ as either FAX/EMAIL and ‘Type’ as FAX/ADHOC or EMAIL/ADHOC respectively.

    - When the recipient is selected as Others, you can select the ‘Mode’ as either FAX/EMAIL and ‘Type’ as ADHOC only.

    FAX/Email

    Specify the FAX/Email details for correspondence.

    Comments

    Specify additional information as comments.

  2. In the Recipient Details section, click Save.
  3. Click Send to FAX/Email the correspondence details to the specified recipients.

System validates the correspondence details and generates a PDF document through BI Publisher with the Correspondence details. The same is emailed to the specified recipient as an attachment and a system generated comment is updated in ‘Comments’ Tab. The correspondence consists of following header details:

Alert

Type & Subtype

Comment

Comment By

Comment Date

N

System Generated

<Type> <Correspondence type> sent to <Recipient Type> through < Mode> to <'Email' id>

Logged in user

Current System date with time stamp

7.18 Tools Tab

The Tools tab calculates the payment amount, term, interest rate, Lease amount, amortization schedule and allows for the printing of a report.

For detailed information on using the tools, refer “Tools” chapter in the document.

 

7.19 Review Request

The Review Requests screen is primarily a work flow tool used 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 Application. The Review Request tab supports iterative review of selected Application and also to process the review with multiple reviewers.

In this chapter, you will learn how to compete the following tasks:

Note

To complete the above mentioned tasks for an Application Review Request, use Review Request tab available in the Origination (Application Entry, Underwriting and Funding) screens.

7.19.1 Filter and View Review Requests

The Review Requests tab contains the following sections:

Query Section

The Query section enables you to filter records based on User and type of review requests using any of the following options:

The ‘User’ drop-down lists your User ID along with your Supervisor ID if the same has been defined in User Definition screen (Setup > Administration > User > Users). If you are the supervisor, you can view all your subordinates User ID’s along with yours for selection.

On selecting a particular User ID from the list, system displays all the requests which are created, reviewed, closed and completed by that user.

You can further filter the review request based on the following:

Query Options

Descriptions

Originator

Displays the records of all the active review requests created by the selected User.

Receiver

Displays the records of all the active review requests received by the selected User.

Both

Displays all the review requests records created as well as reviewed by the selected User with the status other than ‘CLOSED’ and ‘COM­PLETED’.

View All

Displays all the review requests records created as well as reviewed by the selected User with all the statuses.

Forwarded Only

Displays all the review requests records which are forwarded by the selected User to another user for review.

Action Section

The Action section enables you to Send (create), Respond, Close, or Complete the review request.

Action Options

Descriptions

Open Applica­tion

Displays the Application Entry screen with the Application details assigned for review.

Send Request

Sends a review request to another Oracle Financial Services Lend­ing and Leasing user.

Send Response

Sends a response to a review request received from another Ora­cle Financial Services Lending and Leasing user.

Close Request

Changes the status of review request to CLOSED and can be viewed by selecting ‘View All’ option in the ‘Query’ section.

Complete Request

Changes the status of review request to COMPLETED and can be viewed by selecting ‘View All’ option in the ‘Query’ section.

Remove Filter

Removes the selected filters applied to narrow the view of review request. The option is available when a review request is accessed from DashBoard > My Pending Review Requests section.

Email Section

The Email section enables you to send an email to either originator or receiver of the review request if an email setup is configured. However, note that a review request cannot be responded or replied back from email recipient.

Email Options

Descriptions

Originator

Sends an email of review request information to the person listed in the Originator column on Review Request page.

Receiver

Sends an email of review request to the person listed in the Receiver column on Review Request page.

The ‘Review Requests’ section in Origination screen displays the following information for each record:

Fields

Descriptions

Request #

View the system generated review request number. The same can be used to query and track the review requests.

Originator

The user id of the review request originator.

Priority

The request priority: HIGH, NORMAL, or LOW.

Receiver

The recipient of the review request.

Application #

The Application number which needs review.

Application Status

The Application status of the request being reviewed.

Applicant

Applicant’s name in the review request.

Phone

Applicant’s phone number in the review request.

Address

Applicant’s address in the review request.

Email

Applicant’s email in the review request.

Reason

Stated reason in the review request.

Status

The current status of review request. Following status are tracked in this column:

WAITING FOR RESPONSE - when request is sent to reviewer

RETURN TO ORIGINATOR - when reviewer has responded to request

CLOSED - when the request is closed

COMPLETED - when the request is completed

Date

The date and time when the review request was created.

Comment History

The ‘Comment History’ section displays the log of comments or additional information added by originator or receiver while creating or reviewing a request.

During an iterative review, where there are multiple trails of communication exchanged between originator and receiver, the ‘Comment History’ section tracks all the updates as individual records for reference.

The Comment History section also allows you to know the actually reviewer when an Application review request is forwarded to multiple reviewers and is reviewed or completed by second or third person other than the one assigned by originator.

In the Comment History section, you can view the following details of the selected review request:

Comments From

Descriptions

Type

View the type of request and is indicated as REVIEW REQUEST by default as maintained in ‘COMMENT_TYPE_CD’ lookup code.

Sub Type

View the sub type of request which can be ORIGINATOR, RECEIVER, or SYSTEM GENERATED as maintained in COM­MENT_SUB_TYPE_CD lookup code.

Note: The sub type ‘SYSTEM GENERATED’ is automatically posted by the system when the review request is forwarded to another user by the assigned reviewer. The same is also updated with a com­ment in the next column.

Comment

View the Originator’s or Reviewer’s comment.

SYSTEM GENERATED comments are posted in the format - REVIEW REQUEST: <Request #> FORWADED FROM <first assigned user id> TO <next assigned user id>.

Comment By

View the user who has posted the comment.

SYSTEM GENERATED comments are marked as ‘INTERNAL’.

Comment Dt

View the Date and time when the comment was posted.

7.19.2 Create and Send Review Request

The review request tab primarily allows you to flag an Application for the attention of another OFSLL user through a request asking for review / feedback. While doing so, you can either choose to send it to the reviewer immediately on creating the request or only create the request and later send for review.

To Create and Send Review Request

  1. On the Oracle Financial Services Lending and Leasing Application home page, click Origination > Simple Application Entry / Application Entry / Underwriting / Funding screen and select ‘Review Requests’ tab.

  2. In the Review Requests section, select ‘Originator’.
  3. Click ‘ADD’. You can also perform any of the Basic Operations mentioned in Navigation chapter. A brief description of the fields are given below:

    In this field:

    View this:

    Request #

    View the system generated request number.

    Originator

    View the requester’s user ID auto generated by system upon creating the request.

    Priority

    Select the priority of review request as High, Normal, or Low from the drop-down list. This helps the reviewer to prioritize the request while responding but does not affect the order in which messages are sent or received.

    Receiver

    Select the user ID of the reviewer from the drop-down list.

    Comment

    Specify additional details for review (if any) which can be sent to the reviewer along with the review request.

    Sender

    View the user ID of previous reviewer, if a request has been forwarded to another reviewer.

    Note: A forwarded review request can only be viewed in the review request tab by filtering user ID of previous reviewer and selecting ‘Forwarded only’ check box.

    Application #

    Select the Application to be reviewed from the drop-down list. The following fields are auto-populated based on selection:

    Application Status

    Applicant

    Phone

    Address

    Email

    Reason

    Select the purpose for request from drop-down list.

    Status

    View the status of review request auto updated by system upon creating the request.

    Date

    View the date and time when the request was created. Sys­tem appends the current date by default.

    Send Request

    (Optional) Select this check box to send it to reviewer immedi­ately on creating the request.

    However, if the request still need changes, retain the check box unselected and proceed to create the request. The same can later be sent for review by selecting ‘Send Request’ option from the action section.

  4. Perform any of the Basic Actions mentioned in Navigation chapter.

The review request(s) appear on the recipient’s ‘My Pending Review Request’ window in DashBoard and also on the ‘Review Request’ tab header with (Pending: <count of unseen requests>). The status of request is updated as WAITING FOR RESPONSE.

7.19.3 Reviewing a Request

When you receive a review request, the system notifies you by creating an entry in ‘My Pending Review Requests By Priority’ section in DashBoard with the number of unseen messages. Clicking on the Application # link opens the Review Request tab.

To review requests

  1. On the Oracle Financial Services Lending and Leasing Application home page, click Origination > Simple Application Entry / Application Entry / Underwriting / Funding screen and select ‘Review Requests’ tab.

  2. In the Query section, click ‘Receiver. System displays all open review request you have received.
  3. Click ‘Open Application’. The Application details are displayed in Application Entry > Summary tab.
  4. Review the details in particular to the details specified in the comment (if any).

7.19.4 Responding to Review Request

On completing the review, you can Send Response detailing the feedback of your review. It is ideally recommended to send a response back to the originator by providing your views on the review as a comment. The details are recorded in the ‘Comment History’ section as reference.

However, system also allows your forward the same request to another reviewer in case of additional clarifications.

To respond to review request

  1. On the Oracle Financial Services Lending and Leasing Application home page, click Origination > Simple Application Entry / Application Entry / Underwriting / Funding screen and select ‘Review Requests’ tab.
  2. In the Query section, click ‘Receiver’. System displays all open review request you have received.
  3. In the Review Request section, select the record that you have reviewed.Click ‘Edit’. Specify your review response in the Comment’ field. Select the ‘Send Request’ check box to send the review response immediately to originator. In case of any further changes, retain the check box unselected and save the details. The response is not sent and the same can later be sent to originator by selecting the record and clicking on ‘Send Response’ option from the action section.

The details are updated in Review Request tab and status of request is updated as RETURN TO ORIGINATOR.

7.19.5 Reassign Review Request

While reviewing a request, system also facilitates you to reassign (i.e. forward) the review request to another user for review. In such a case, you become the ‘Sender’ and the assigned user will be the reviewer of the request. The request can further move to other reviewers if required.

When the request is reassigned or forwarded to another reviewer, the actual originator can still track the status of request by selecting user ID in Query section. As a ‘Sender’, you can view the reassigned review requests by selecting the ‘Forwarded Only’ check box in Query section. Also, on reassigning or forwarding a review request, system automatically posts a comment in ‘Comment History’ section in the format - REVIEW REQUEST: <Request #> FORWADED FROM <first assigned user id> TO <next assigned user id> with Sub Type as ‘SYSTEM GENERATED’ and Comment By as ‘INTERNAL’.

Note

It is recommended to limit the reassignment of review request since tracking the request status becomes difficult.

To reassign review request

  1. On the Oracle Financial Services Lending and Leasing Application home page, click Origination > Simple Application Entry / Application Entry / Underwriting / Funding screen and select ‘Review Requests’ tab.
  2. In the Query section, click ‘Receiver’. System displays all open review request you have received.
  3. In the Review Request section, select the record that you have reviewed and click Edit.

  4. Select the required reviewer from ‘Receiver’ drop down list.
  5. (Optional) Specify the reason for reassignment in the ‘Comment’ field. The same is tracked in ‘Comment History’ section.
  6. Select the ‘Send Request’ check box to reassign review request immediately on update. In case of any further changes, retain the check box unselected and save the details. The reassignment can later be completed by selecting the record and clicking on ‘Send Response’ option from the action section.

The details are updated in Review Request tab and status of request is updated as WAITING FOR RESPONSE.

7.19.6 E-mailing Review Request

While system updates ‘My Pending Review Requests By Priority ‘section in the DashBoard to notify you about the new requests, you can also e-mail a review request to both the originator and a receiver, as applicable. The system will use e-mail address recorded for both the originator and receiver in Setup > Administration > User > User Definition section.

To e-mail a review request

  1. On the Oracle Financial Services Lending and Leasing Application home page, click Origination > Simple Application Entry / Application Entry / Underwriting / Funding screen and select ‘Review Requests’ tab.
  2. In ‘Email’ section, click ‘Originator’ to send the message to the person listed in Originator field.

-or-

  1. Click ‘Receiver’ to send it to the person listed in the Receiver field.

The system emails the details of selected record to e-mail address recorded in user setup.

7.19.7 Closing Review Request

You can close a review request you created at anytime, regardless of status. However, you can only close review requests that have your user id in the Originator field. When you close a review request, the system removes it from Review Request tab.

To close a review request

  1. On the Oracle Financial Services Lending and Leasing Application home page, click Origination > Simple Application Entry / Application Entry / Underwriting / Funding screen and select ‘Review Requests’ tab.
  2. Select the request you want to close in the Review Request section.
  3. In the Action section, click ‘Close Request’.

The system assigns the request as Closed and removes it from your Review Request record. The closed review requests can be reviewed anytime by selecting ‘View All’ in the Query section.

7.19.8 Complete Review Request

When a particular review request has completed the review process from reviewer with required changes and confirmation, the same can be marked as ‘COMPLETE’ in the Review Request tab. However, you can complete a request only if you are the originator of the request. When you complete a review request, system removes it from Review Request tab.

To complete a review request

  1. On the Oracle Financial Services Lending and Leasing Application home page, click Origination > Simple Application Entry / Application Entry / Underwriting / Funding screen and select ‘Review Requests’ tab.
  2. Select the request you want to close in the Review Request section.
  3. In the Action section, click ‘Complete Request’.

The system assigns the request as ‘COMPLETED’ and removes it from your Review Request record. The completed review requests can be reviewed anytime by selecting ‘View All’ in the Query section.