8.3 Funding Screen’s Master Screen

This topic provides information on the funding screen’s master screen, which consolidates funding data into a single interface for tracking, reviewing, and managing financial allocations.

The Funding screen’s master screen displays information from the Application Entry and Underwriting screens, such as the application number, product and producer. It also contains the Status field that allows user to change the status/sub status of the application and begin the funding process.

Figure 8-1 Funding


Description of Figure 8-1 follows
Description of "Figure 8-1 Funding"

For details on this screen refer Applications section in Underwriting chapter.

After opening the Funding screen and loading the application user want to work with, user must change its status to APPROVED - VERIFYING before user can begin the funding process. This allows user to begin working with the application.

To change the status and begin work on the application on the Funding screen
  1. Open the Funding screen and load application user want to verify.
  2. In the Funding screen’s Applications master screen, use the Status field to select APPROVED - VERIFYING.
  3. Click Save on the Funding screen.

    User can now begin making changes to the application.

Funding an Application

After user have verified the application, entered the contract information and completed the contract edits, the application is ready to be funded. Applications can be approved automatically or manually. To manually fund an application, change the status to APPROVED - FUNDED.

After an application is funded, the Loan origination cycle is over. The system moves the application to the Loan servicing module (Customer Service form) where it receives an account number. The system also automatically creates a check requisition for the funded account.

Funding tasks
  1. Load the application on the Funding form
  2. Change the status and initiate Funding process
  3. Verify the applicant information
  4. Complete Contract (5) details
  5. Verify the documents
  6. Generate letters
  7. Attempt to change the application status
  8. Verify edits
  9. Complete Funding

After user approve the application, the information on the Decision tab is unavailable. The application remains in this status of Approved - Verified until a user (usually a supervisor) changes the status to Approved - Funded. When the status is changed to Approved - Funded, the account is created.

Parent topic: Funding