Applications – Settings

General

AutoPal’s Loan Origination Module offers several options for customizability, giving you the freedom to configure the application as you see fit. Keep in mind as you configure your application, the Loan Origination Module is best used as a data recording tool, and should be utilized as such. While the content of the application is customizable, the formatting of the application is locked.

How To

To access the Application Settings navigate to the Applications tab, and select the “Settings” icon from within the tab.

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There are several sub-tabs within the Settings section, which are used to customize and configure the application, and the loan origination tool. A breakdown of the tabs are as follows:

Custom App

This tab is used to make custom changes to the end-user application and is broken into six columns of information.

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Through this tab, you will be able to implement a customized application, that includes only information pertinent to your underwriting processes. The breakdown of the columns are as follows:

  • Applicant Info: This field represents the location in the system where information will be saved.
  • Display Name: This represents the field title that is displayed on the customer view of the application. It should be understood that regardless of the title of the field, the field will still be saved in the location listed in the applicant info field.
  • Group: This represents which ‘page’ of the application the field is located on.
  • App Show: If this box is selected, the field will be displayed on the end-user application.
  • Show: If this box is selected, the field will be displayed on the underwriting view of the application (accessible through the Applications > Manage options). It should be noted that it is possible to have a field accessible through the underwriter view (show selected), and not on the customer view (app show).
  • Required: If this box is selected, the field to the left will be required in order to submit an application.

As a general rule of thumb, AutoPal recommends using as few required fields as possible for your application. This ensures a streamlined application process, that is not overbearing from the applicant’s perspective. Because the application itself is configurable for several different loan types, there are more than likely several fields that will need to be turned off for your specific needs. Please ensure that all three check boxes to the right of the field are deselected.

Custom Fields

There may be certain fields not offered by AutoPal that you require in your underwriting process. In order to alleviate this, AutoPal allows you to create custom fields that are place-able on the application.

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All custom fields entered for your application will be presented in a list format on the front page. To add a new custom field, select the “New Custom Field” icon. Once selected you will be presented with the following page:

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To create a new custom field, simply fill in the fields in this section:

  • Field Name: The name of the field you wish to create.
  • Required Field: Whether or not the new field is required for application submission.
  • Field Type: The entry type of the field. Options include Text, Number, Date, etc.
  • Max Length: The maximum character length of the field.
  • Section: The section or page of the application you would like the new field to appear in.
  • Default Value: Enter a default value for the new field that will appear during application generation.
  • Military: The AutoPal application has the option to differentiate custom fields based on whether or not the client is active duty military or not. If you select “Military” for example, the field will not appear in the event the applicant selects “Civilian”.
  • Display Order: This option selects the ordering location you would like the custom field to populate in. It should be noted that a value of “1” will not make this the first field in its respective section, but rather the first custom field in that section. To add to this point, custom fields will always appear after the default fields regardless of display order selection, and requirement.

Once satisfied with your entries, select the Save Custom Field icon to save the field.

Defaults

The “Defaults” section is used to assign default settings to applications prior to the loan conversion process. The settings set in this section will carry over into the new loan if the application is converted.

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The settings in this section are easy to assign, and should match your company default settings concerning loan creation.

  • Loan Category: Select the loan category you would like your pending applications to be assigned if converted to an application. Options include: Automobile, Real Estate, Consumer, and Other.
  • Loan Secured: Use this field to select whether or not the loan will be secured by collateral when created. If “no” is selected, collateral information (if entered) will not transfer to the loan.
  • Underwriting Fee: Set a default underwriting fee. This value will populate on the Initial Setup of the converted loan.
  • Discount Fee: Set a default discount amount. This value will populate on the Initial Setup of the converted loan.
  • Reserve Amount: Set a default reserve amount. This value will populate in the Additional Information of the Initial Setup of the converted loan. It should be noted, that this value will not affect loan calculations.
  • Interest Rate: Set a default interest rate. This value will populate in the Loan Terms of the Initial Setup of the converted loan.
  • Term: Set a default term. This value will populate in the Loan Terms of the Initial Setup of the converted loan.
  • Payment Frequency: Set a default payment frequency. This value will populate in the Loan Terms of the Initial Setup.
  • 1st Payment Date: Set the first payment due date of the loan.
  • Loan Type: Select the type of loan to be funded. Options include: Installment, Flooring, and Credit Limit.
  • Calculation Type: Select the calculation type you would like for the loan to be funded. Options include: Simple Interest, Simple Interest – Locked, Rule of 78, Interest Only, Lease, and Alternate Lease.
  • Interest Application: Select the default interest application for the loan to be funded. Options include: Between Periods, and Between Transactions.
  • Beg / End: Select whether you would like payments to apply at the beginning or end of the period. As a general rule of thumb, installment lines will be set to “End”, whereas lease calculations will be set to “Beg”.
  • Days in Year: Select how many days in year you would like to be used in the calculation of interest in the loan to be funded. Options include: Actual (365), and Frequency Specific (360 – payment frequency of monthly, 364 – payment frequency of bi-weekly).

If you have further questions concerning these defaults please see our article on the Advanced Configuration Settings.

Lending Standards

The Lending Standards are generally used to establish lending standards for your company to aid in deciding whether or not to approve applications.  It should be understood, that these values are primarily used for their numerical relevance and do not work as an auto decisioning tool.

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The sections available on this page are as follows:

  • Capacity: This section is used to measure a client’s ability to repay a loan based on their income and work history.
  • Credit: This section is used to measure your confidence in the client’s ability to fulfill their financial obligations.
  • Capital: This section measures the assets of an applicant.
  • Collateral: This section is used to measure the property that a loan is secured by.
  • Restricted Makes: This section allows you to enter in collateral makes that are NOT acceptable for funding, and will result in a decline.
  • Restricted Models: This section allows you to enter in collateral models that are NOT acceptable for funding, and will result in a decline.

Checklist

Similar in design and operation to Loan Checklists, you can utilize this section to set up checklist items used to measure a loans operational status, and whether or not there are items that still need to be completed prior to funding. It should be noted that available checklist items are fully configurable (meaning order, and content) on a company level.

application-checklist

AutoPal provides a series of default checklist items that are focused on the underwriting process. By using the arrows under the “Order” column, you can arrange the order in which the checklist items display on the page. Additionally, you will notice Delete, and Edit icons allowing you to fully delete, or edit existing checklist items. Additionally, by selecting the New Item icon, you can add custom items to the list.

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Simply add a title for the new item, and it will be added to the list. Once saved, you can alter the order and place it in the correct location in the checklist.

Custom Forms

The Loan Origination Module offers a full custom form generator, complete with variables for autofill fields. This custom form generator is similar in concept and execution to the loan custom form generator, though the variables are not cross compatible, and pull from different locations. Simply select the “Custom Forms” icon to access the tool.

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Your existing custom forms will be listed on this page, as well as tools allowing you to edit, or delete them. In the case of this example, we do not have any forms yet, so let’s select the “Create New Form” icon, and add one.

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Before entering the form editor, we must enter a “Form Name”, and select the size of the page. Once your selections have been made, select the “Continue to Form Editor” icon to create the form.

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Once on this page you can enter in the content of your new custom form, please note the tools available in this section mirror the tools available in the Settings > Loan Manager > Custom Forms section, a breakdown of which is available here. Additionally, it is important to understand that the variables in this section differ from those in the Loan Custom Form Generator, and are not cross-compatible. Meaning, you cannot simply copy and paste a form from the Loan Custom Form Generator to the Application Custom Form Generator.

To add variables to your custom form, please select the “Variable” icon located in the upper left-hand corner of the toolbar.

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Simply place your cursor in the custom form, and select the variable that meets your need. Once selected the variable will automatically post to the form, in the location your cursor was placed. Once you are comfortable with the setup of your form, select the “Save” icon to save the form. For further information concerning the usability of the custom forms tools, please view the following articles:

Disclaimer

The AutoPal Loan Origination Tool offers an application disclaimer that can be used to notify clients of potential needs, or underwriting timeframes.

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Simply enter your desired text into the disclaimer portion, and ensure the disclaimer is set to “enabled”. If set to “disabled”, the disclaimer will not post on the application. Additionally, you can use the tools located at the top of the textbox to format the text as desired. Once comfortable with your entries, you can select the “Save Changes” icon, to save the disclaimer.

Credit

The “Credit” tab allows you to set standards for credit score tiers, and automatic credit pulling settings.

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The “Credit” tab is divided into two primary sections, the “Credit Score Tiers”, and the “Automatic Credit Pull”.

The Credit Score Tiers are used as a means to recognize a customer’s acceptance into tiered product options. For example you may have three tiers, with different interest rates which clients qualify for based on their credit score.

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To add a new tier, simply select the “Add New Tier” icon. Once selected, you will be directed to the following page:

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Simply enter a title for the tier (e.g. Bronze, Silver, Gold, etc.), and enter the scoring range. Once entered, select the “Save Changes” icon to finalize the tiers.

The Automatic Credit Pull settings allow you to configure the system to automatically pull an applicant’s credit score and report. The credit pull settings are simple to configure, and are broken down as follow:

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  • Auto pull credit for new applications: Select whether you would like the system to pull automatic credit reports for your customers. Setting this field to “Yes” will automatically pull credit for submitted applications, “No” will not.
  • Auto pull credit for who: Select who should have credit reports generated. You can select the Applicant, Co-Applicant, or both. These reports will be saved directly to the applicant information.

Settings

AutoPal offers several configuration options allowing you to customize your application and the underwriting process.

To access the Settings tab select Applications > Settings > Settings option. Available on this page are controls that control application options and can alter the flow of submission.

  • AutoFill Applicant Information: This option allows you to select whether or not you want applicant information to autofill based on information entered during Applicant User creation. Please note that if you elect to skip the “Applicant User Creation” no information will autofill.
  • Disable Collateral Section on New Application: Select whether or not you would like the “Collateral” section to be enabled. If “No” is selected, this section of the application will fully turn off.
  • Skip Applicant User Creation for Application: This option allows you to select whether or not you would like to require the creation of an “Applicant User” during the application process. If “Yes” is selected, the applicant will be able to enter in an email address, and password, giving them the ability to login to their application in order to update information, and upload documents (if you would like).
  • Disable Comments on New Application: Select whether or not you would like clients to submit comments during the application process.
  • Disable Numbers Section on New Application: Select whether or not you would like clients to see the “Numbers” section of the application.
  • Enable Military Specific Applications: Select whether or not you would like a military specific application. If “Yes” is selected, an option page will appear during the creation phase allowing an applicant to select between “military” and “civilian” applications.
  • Disable References on New Application: Select whether or not you would like to disable the references section on the application.
  • Disable Military Section on New Application: Select whether or not you would like to disable the “Military” section on the application.
  • Show Custom Message Page: Select whether or not you would like to display a custom message after the application has been successfully submitted.
  • Custom Message: The Custom Message referenced in the “Show Custom Message Page” option. This Allows you to specify the Custom Message displayed after an application is successfully submitted (e.g. Successfully Submitted! Thank you for choosing Great Lending Company. )

While the application has many configurable settings and options, it is important to note that it is a template, and any desired changes beyond what is listed in this article are more than likely not possible.

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