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Once an application successfully completes the underwriting process with an approved decision, it enters the Approval category which consists of following application processes:

• Cross-sells
• Document Processing
• Attaching Files
• Contract Updates
• Fees
• Funding
• To-Dos
• Stipulations
• Disbursement

Approved applications may be completed manually by Loan or Account Origination modules end users or automatically by Event Processing and Rule configurations.

Manually Processing Approved Applications

Approved applications may be processed by manually completing screens or the workflow. To manually process an application, navigate to each screen and complete all application data that is required to successfully disburse the loan.

Automatically Processing Approved Applications

Approved applications may be processed automatically based on administrative configurations. Automated processing enables institutions to completely process an approved application with limited or no employee interaction through document processing and disbursement. This process may fully automate approval processing or only specific steps in the post-approval process.

Based on administrative configurations, the Event Processing engine may:

• Automatically allocate money from existing account products to fund new account products and/or allocate loan proceeds to assets, payees and deposit accounts.
• Automatically create new deposit accounts.
• Automatically assign account and/or loan suffixes.
• Automatically assign and enforce document generation stipulations and To-dos.
• Automatically generate application documents based on delivery method.
• Automatically assign and enforce disbursement stipulations and To-dos.
• Automatically disburse account and/or loan applications.

The following flowchart depicts a typical automated approval process:

Ready for Documents

To automatically proceed from the Application Approved stage to the Ready for Documents stage, the calculation process flags an application as IsLoanReadyForDocs and/or IsAccountReadyForDocs. For an application to be flagged as IsLoanReadyForDocs and/or IsAccountReadyForDocs the following items must be fulfilled:

• Primary Applicant Account Number is not blank.
• Application Account Number must have a value.
• Loan funds must be fully allocated. FinalLoanAmount – AllocatedAmount (Funding Records) = 0
• No remaining loan stipulations/to-dos required for documents:
  • Stipulations met/waived
  • Manual To-dos completed
  • Automated To-dos completed  
• No remaining account stipulations/to-dos required for documents:
  • Stipulations met/waived
  • Manual To-dos completed
  • Automated To-dos completed

Ready for Disbursement

To automatically proceed from the Ready for Documents stage to the Ready for Disbursement stage, the calculation process flags an application as IsLoanReadyForDisbursement and/or IsAccountReadyForDisbursement. For an application to be flagged as IsLoanReadyForDisbursement and/or IsAccountReadyForDisbursement the following items must be fulfilled:

• Document package statuses are set to Completed, once all signatures are received.
• No remaining loan stipulations/to-dos required for disbursement:
  • Stipulations met/waived
  • Manual To-dos completed
  • Automated To-dos completed  
• No remaining account stipulations/to-dos required for disbursement:
  • Stipulations met/waived
  • Manual To-dos completed
  • Automated To-dos completed

Disbursement

Once an application is flagged as IsLoanReadyForDisbursement and/or IsAccountReadyForDisbursement, Event Processing may disburse the application. Within the Disburse Application action, the following processes occur:

• Actions paired with the Pre-Disbursement event
• Disbursement validations
• Calculate
• Account and/or Loan disburse using the connector specified as the Disbursement Method

Additionally, the action checks the IsLoanReadyForDisbursement and/or IsAccountReadyForDisbursement flags. Disbursement occurs based on the following:

Application Type	IsAccountReadyForDisbursement	IsLoanReadyForDisbursement	Disburse?
Account and Loan	True	True	Account and Loan
Account and Loan	True	False	Account
Account and Loan	False	True	None Users must disburse accounts before loan.
Loan	N/A	True	Loan
Loan	N/A	False	None
Account	True	N/A	Account
Account	False	N/A	None

 

 

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