2.4.3 Legal Opinion

This topic provides the systematic instructions to capture the legal opinion provided by the bank approved lawyer and decision provided thereon.

Legal Opinion is the next data segment of Loan Underwriting stage. This segment allows the user to capture the legal opinion provided by the bank approved lawyer and decision provided thereon.

To add legal opinion:

1. Click Next in previous data segment to proceed with the next data segment, after successfully capturing the data.

   The Legal Opinion screen displays.

   Figure 2-36 Legal Opinion

   
   

   
   Description of "Figure 2-36 Legal Opinion"

   
   
2. Specify the details in the relevant data fields. For more information on fields, refer to the field description table below.

   If Oracle Banking Origination is integrated with Oracle Banking Credit Facilities Process Management, the Legal Opinion details will be fetched from integration service and the values will be displayed in the respective fields as read only data. In the absence of Oracle Banking Credit Facilities Process Management integration, the user has to capture the Legal Opinion details manually in this data segment.

   Table 2-33 Legal Opinion – Field Description

   Field	Description
   Collateral Description	Displays the collateral description which is added.
   Collateral type	Displays the collateral type which is added.
   Category	Displays the category of the collateral which is added.
   Collateral Value	Displays the value of the collateral which is added.
   Owners	Displays the owners name of the collateral.
   Collateral ID	Displays the Collateral ID.
   Collateral Description	Displays the description of the collateral.
   Liability ID	Displays the Liability ID
   Liability Description	Displays the Liability description.
   Opinion Type	Select the opinion type. Available options are: External Internal
   Agency Code	Specify the agency code.
   Agency Name	Specify the agency name.
   Legal Remarks	Specify the legal remarks.
   Opinion Date	Select the opinion date. Date should not be earlier than the Collateral Valuation Date.
   Add Opinion	Click Add Opinion to add the legal opinion received from multiple agencies (both internal and external).

3. Click Next to navigate to the next data segment, after successfully capturing the data. The system validates for all mandatory data segments and data fields. If mandatory details are not provided, the system displays an error message for the user to take an action. The User cannot to proceed to the next data segment, without capturing the mandatory data.