Defaults – Loan Requirements

General

AutoPal makes it very easy to ensure that all appropriate underwriting and processing steps are completed during the funding of a loan. One method of keeping track of pending funding tasks is through the implementation of defaulted Loan Requirements. Loan Requirements are assigned to a specific item, that must be completed before a loan can be activated. This ensures that necessary steps cannot be skipped, and acts as a reminder for servicing users in the event something is inadvertently skipped.

For a generalized overview of all the default settings, please review the following article: Defaults – Overview.

How To

To set Loan Requirements select Settings > Defaults > Loan Requirements. Once selected, you will be redirected to the following page:

settings-defaults-loan-requirements

Loan Requirements can be set in three different areas: General, Checklist, and Loan Settings.

General Loan Requirements

settings-defaults-loan-requirements

The “General Loan Requirements” allow you to set the following requirements for activation of a loan:

  • Collateral: By selecting this option you will be required to add information to the Collateral tab of the loan in order to activate it.
  • Insurance: By selecting this option you will be required to add information to the Insurance tab of the loan in order to activate it.
  • References: By entering a value in this option, you will be required to add references to the loan. Simply enter a numerical value representing the number of desired references on the loan.
  • Employer: By selecting this option, you will be required to add information to the Employer tab of the loan in order to activate it.

Checklist

The “Checklist Loan Requirements” allow you to set checklist items as required fields for loan activation:

settings-defaults-loan-requirements-checklist

Here you will see a list of all checklist items currently in your company account. To the right of each option you will see a checkbox option, which if selected will require the checklist item be selected in order to activate the loan.

Loan Settings Requirements

The “Loan Settings Requirements” allow you to set items in the “Settings” tab of the loan as requirements for activation of the loan.

settings-defaults-loan-requirements-loan-settings

Here you will see a list of options that can be set as requirements on the loan settings tab for activation of the loan. Some options are selected through drop-down menus, and others are simple check box selections. The following options are available to set as requirements:

  • Servicing User: This option allows you to select a specific servicing user that must be assigned to your loans in order to activate them. When selected, the drop-down menu will expand revealing a list of all servicing users currently in your company.
    servicing-user-defaults
  • Source Company: This drop down menu allows you to require a specific source company to be assigned to the loan in order for it to be activated.
  • Loan Status: This option allows you to select a specific loan status that must be assigned to the account in order for it to be activated.
  • Sub Status: This option will become accessible if a “Loan Status” is selected. Once available, you will be able to select a Sub-Status (related to the required loan status).
  • Primary Portfolio: By checking this option, a primary portfolio must be assigned to a loan before it can be activated.
  • Secondary Portfolio: By checking this option, a secondary portfolio must be assigned to a loan before it can be activated.
  • GPS Status: By checking this option, a GPS status must be assigned to a loan before it can be activated.
  • eBilling: By selecting this option, an eBilling status must be assigned to a loan before it can be activated.
  • Grace Period: By selecting this option, a value must be entered into the “Grace Period” field in order for the loan to be activated.
  • Late Fee Type: By selecting this option, a value must be selected in the “Late Fee Type” field in order for the loan to be activated.
  • Late Fee Percent Base: By selecting this option,  a value must be selected in the “Late Fee Percent Base” in order for the loan to be activated.

Loan Requirements in Action

When Loan Requirements are set they must all be applied / completed prior to activation of a loan. If you attempt to activate a loan without completing the requirements you will be presented with the following system message:

loan-requirements

Once the requirements have been completed, you will be able to re-select the “Activate Loan” icon, and finalize the loan creation process.

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