Converting an Application to a Loan

General

Properly understanding the underwriting tools is essential to effectively using the Loan Origination Module in AutoPal. Due to the fact that there are several different methods of implementation, this article will cover the process of converting an application to a loan once it has been submitted, and the resulting loan that is created.

How To

Conceptually, the applications center is fully separate from the loan manager. Because of this, every piece of information will need to be transferred from the application center, to the newly created loan. This must be done in a specific order, and any information that is required for the creation of a loan, must be added to the application (either by the applicant, or by you during the underwriting process) in order for it to transfer.

As a first step, locate the application that has been submitted, that you would like to underwrite and convert to a loan:

applications-applications-list2

For this example we will be underwriting the application for ‘Nancy Billings’. To access the application submitted by the customer, select the “Manage” icon to the right of the applicant’s name. Once selected the application will open presenting the following page:

Upon first accessing the “Manage” icon, you will be able to review the originally submitted information. Once satisfied with the information, select the “Lender Review ” icon to access the deal numbers menu.

applications-lender-review2

At this point, you can use the tabs on the left hand side of the page to review information submitted by the client. Additionally you will be able to update any information that you find necessary through the individual tabs.

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Once you have finalized the submitted information, and are ready to move forward with the process, select from the available options at the bottom of the page.

applications-tool-bar

Using the above options you will be able to further the application along. Explanations of the options are as follows:

  • Save Only: Will save the information entered into the “Deal Numbers” page.
  • Approve: This will save all values entered in for the deal, and allow you to further complete, and convert the deal to a loan.
  • Counter: This will place the loan into a countered status, allowing the client to review the new terms for acceptance.
  • Decline: Will decline the application, allowing you to delete it if you wish.
  • Info Needed: This option is very similar to the counter option, rather than requesting the client’s acceptance of  new terms, this option instead lets the applicant know further information is needed to finalize the application.
  • Delete Application: This option will close the application and allow you to delete it if you wish.

If you have selected the “Approve” icon, a second entry window will open on the page:

applications-calculate-save

At this point, you can enter values into the application, that will be transferred directly to the loan. Once the “Calculate and Save” icon is selected, you will see the payment calculation displayed below:

applications-save-and-submit-approval

Upon reviewing the values that have been produced, select the “Save and Submit Approval” icon, to enable the ability to convert the application to a loan.

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At this point select the “Convert to Loan” icon to begin the conversion process.

applications-convert-to-loan

Simply select the “Create Loan” icon to the right to begin the process. Once selected, similar icons will appear for all other sections of the conversion process. Simply move down the line to convert each section to the loan. Please note that each section will have specific requirements in order to be saved on the loan side. If for any reason required information is not stored in the application the system will give you a request for further information.

Once completed you will be greeted with the following screen:

applications-converted-loan

From here you will notice that each category of information that was sent across will have a “Completed” status, and a time date stamp of the completion. Additionally, you will notice a link in the upper right hand corner of each application. By selecting the link, you will be redirected from the Applications tab to the loan manager, where you can finalize the loan values and activate the new loan!

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