Add a Check Funding Record to a Loan

Using the Add a Check Funding Record to a Loan action template, rule authors are able to create check loan allocations by determining specific allocation amounts, payees, and memos. Additionally, this template gives rule authors the ability to exclude payees from OFAC.

To begin authoring this type of rule, navigate to System Management > Origination > Rules Management and click to open Rules Manager. Create a new rule using the Event Processing category.

Within the If Statement, define the conditions which must be met in order for a check funding record to be added. For example:

Application Approved
Application Auto Approved

When authoring the Then Statement, select the "add an Asset Deposit Record to a Loan" action template. Upon selecting this template, the following vocabulary populates:

Add a Check funding record to a Loan for <enter check amount> where Payee1 is <enter payee's first name> <enter payee's last name>, Payee1 Is Business is <true/false>, Payee1 Exclude from OFAC is <true/false>, Payee2 is <enter payee's first name> <enter payee's last name>, Payee2 Is Business is <true/false>, Payee2 Exclude from OFAC is <true/false>, Payee2 Required to Sign is <true/false>, Payee3 is <enter payee's first name> <enter payee's last name>, Payee3 Is Business is <true/false>, Payee3 Exclude from OFAC is <true/false>, Payee3 Required to Sign is <true/false>, Memo is <enter memo text>

<enter check amount> allows rule authors to determine how much of the loan proceeds should be allocated in a check.
<enter payee's first name> allows rule authors to identify the first name of the first, second, and third payees.
<enter payee's last name> allows rule authors to identify the last name of the first, second, and third payees.
is Business is <true/false> allows rule authors to identify if the first, second, and third payees are business names.
Exclude from OFAC is <true/false> allows rule authors to identify if the first, second, and third payees are subject to an OFAC check.
Required to Sign is <true/false> allows rule authors to identify if the second and third payees are required to sign the check created.
<enter memo text> allows rule authors to determine the memo line that appears on the loan proceeds check.

Below two examples provide a demonstration of check templates.

The first example provides a demonstration of a rule that issues a check to the Primary Applicant for the Final Loan Amount.
The second example provides a demonstration of a rule that issues a check to the indirect vendor for the Final Loan Amount

After the rule is created, it is assigned to an event by the Execute Rules action type within Event Processing.