Loan Funding Panel

The Loan Funding panel provides users the ability to set a loan application's funding type.

Panel Configurations

The Loan Funding panel can be configured to appear within an Application type screen in System Management > Origination > Virtual Capture > Screens.

To begin configuring a Loan Funding panel:

Navigate to the Panels tab, and click within the Edit Screen window.
From the Select Panel window, select Loan Funding, and click .
Within the Edit Panel window, define the General panel attributes.
Once the General panel attributes have been defined, navigate to the Properties tab.

Complete the following attributes within the Properties tab:

Attribute

Description

Deposit

Select this check box to enable Deposit as a funding option within the Loan Funding panel.

If this check box is selected, a Deposit Message is required.

Unless Single Sign-On is implemented, only the account products that are added to the current application display as a funding option within the Loan Funding panel. If Single Sign-On is implemented, funds may be allocated to the primary applicant's current account products at the institution as well as all account products associated with the application.

Check

Select this check box to enable Check as a funding option within the Loan Funding panel.

Deposit Message

Enter the message that displays to applicants, when Deposit is selected as the funding type. The Deposit Message allows institutions to inform applicants why no accounts are available to deposit loan proceeds in.

The Deposit Message only displays when one of the following conditions are not met:

Single Sign-On log in method was not used to connect to Virtual Capture.
No Account Products were added to the current application.

This message may contain up to 2000 characters.

After all general attributes and properties are defined for the Loan Funding panel, click to continue defining the Application screen attributes.

If no funding options are selected within the Properties tab, an error message informs the administrator that at least one funding payment option must be selected.

When all screen attributes are defined, click to retain the screen settings.

Once saved, the screen including the Loan Funding panel must be assigned to a Virtual Capture Workflow Model. The workflow model must then be assigned to a loan application type within the General tab of the Virtual Capture Products page.

For information on assigning Virtual Capture Workflow Models, please see the Virtual Capture Products topic in this guide.

The Loan Funding Panel within Virtual Capture

When the Loan Funding panel renders in Virtual Capture, applicants are able to allocate loan proceeds as well as view a funding summary of the loan's proceeds.

At the top of the panel, the following buttons may be available depending on the administrator’s configuration of the panel:

The Loan Funding panel may only display one funding option, depending on the panel's configuration within System Management > Origination > Virtual Capture > Screens.

Button

Description

Allows a user to allocate loan proceeds to a core account or an account related to the current application. Upon clicking this button, the Edit Loan Funding - Deposit pop-up window opens, and applicants are able to fund the loan using a core account.

If the Single Sign-On log in method was not used to connect to Virtual Capture, or no Account Products were added to the current application, a Deposit Message displays to inform applicants why no accounts are available to deposit loan proceeds in.

When hovering over the deposit image, Virtual Capture indicates "Deposit Image" as the alternate text that is available to applicants using a screen reader.

Allows a user to allocate loan proceeds with a check issued by the financial institution. Upon clicking this button, the Edit Loan Funding - Check pop-up window opens, and applicants are able to fund the loan by check.

When hovering over the check image, Virtual Capture indicates "Check Image" as the alternate text that is available to applicants using a screen reader.

The Loan Funding panel also tracks loan funding amounts within the Loan Funding Summary grid. This grid allows users to view the current allocations as well as the remaining funds to be allocated.

The Loan Funding Summary grid contains the following columns:

Column

Description

Funding Type

The information displayed in the Funding Type column varies based on the funding option selected by the applicant:

Option

Description

Deposit

For accounts currently held by the institution, the Funding Type column displays: Deposit - <Account Number>.

For accounts being added with the current application, the Funding Type column displays: Deposit - <Account Product Name>(Description/No Description)

Check

For check funding types, the Funding Type column displays: Check - <First Payee Name>

In addition to the loan proceed allocations, the Funding Type column includes two standard rows that display the following running subtotals:

Subtotal	Description
Total Funding Amount	This value indicates the total amount of the loan that is to be funded.
Remaining Funding Amount	This value indicates the calculated difference between the Total Funding Amount and all loan allocations currently listed in the Loan Funding panel. Once this value reaches $0.00, all funds have been allocated.

Amount

Displays the amount of the loan proceeds funded by an allocation, the Total Funding Amount, and the Remaining Funding Amount.

When an allocation is added to the loan, it populates in the grid along with a

that allows fund allocations to be deleted.

Show Edit Loan Funding - Deposit

When a user selects Deposit as the funding option, the Edit Loan Funding - Deposit screen opens in a new window to allow the applicant to allocate loan proceeds directly to their deposit accounts within the institution.

Within the Edit Loan Funding - Deposit screen, the following fields allow users to allocate loan proceeds via deposit:

Fields

Description

Amount

Enter the amount that is to be deposited into the applicant’s account. This field is required.

Account #

From the drop-down list, select the account where the application proceeds are to be deposited. This drop-down list contains the primary applicant's current account products at the institution as well as all account products associated with the application.

If the account number of an account product, on the current application, has not been determined, the drop-down list displays "Account Number Not Assigned - Account Product Name."

If the account product is removed from the application, all associated funding records are removed from the Account # drop-down.

Comments

Enter any applicable funding comments.

Once the deposit allocation has been entered, click to finalize the deposit allocation selection. Click to return to the Loan Funding panel without selecting a deposit allocation.

Show Edit Loan Funding - Check

When a user selects Check as a funding option, the Edit Loan Funding - Check screen opens in a new window.

The Edit Loan Funding - Check screen allows users to identify up to three payees, as well as the following check information:

Field	Description
Amount	Enter the value of the check being issued from the loan proceeds.
Memo	Enter the memo statement that appears on the check.
Comments	Enter any applicable funding comments.

Once the check information is entered, identify a maximum of three check payees for each check used to fund a loan application. Starting with Payee 1, enter the names of the individuals to appear on the check(s). Each payee panel contains the following fields:

Field

Description

First Name

Enter the first name of the check payee.

Last Name

Enter the last name of the check payee.

If the payee is a business, use the Last Name field to enter the business name.

Address 1

Enter the check payee's street address.

Address 2

Enter the check payee's street address line 2.

City

Enter the check payee's city.

State

Enter the check payee's state.

Zip

Enter the check payee's postal code.

If multiple payees are added to check, the check is made payable with an OR relationship

Once the check allocation has been entered, click to finalize the check allocation selection. Click to return to the Loan Funding panel without selecting a check allocation.

When a user selects Check as the funding option, the Edit Loan Funding - Check screen opens in a new window. Within this window, users are able to identify up to three payees, as well as additional check information.

Complete the following fields within the Edit Loan Funding - Check screen:

Field	Description
Account	Enter the value of the check being issued from the loan proceeds. This field is required.
Memo	Enter the memo statement that appears on the check.
Comment	Enter any applicable funding comments.

Once the check information is entered, identify a maximum of three payees for each check used to fund a loan application. Starting with Payee 1, enter the names of the individuals to appear on the check(s). Each payee panel contains the following fields:

Field

Description

First Name

Enter the first name of the check payee.

Last Name

Enter the name of the check payee

If the payee is a business, use the Last Name field to enter the business name and leave the First Name field blank.

Address 1

Enter the check payee’s street address.

Address 2

If necessary, enter the check payee's street address line 2.

City

Enter the check payee's city.

State

Enter the check payee's state.

Zip

Enter the check payee's postal code.

Once the check allocation has been entered, click to finalize the check allocation selection. Click to return to the Loan Funding panel without selecting a check allocation.

Funding a Loan

Navigate to the screen containing the Loan Funding panel.
Select the desired funding option.
Complete all applicable fields in the pop-up window.
Once all applicable funding fields have been entered, click .
Continue adding allocations until the Remaining Funding Amount is $0.00.

Editing Funding

Double-click on the desired allocation
Update all applicable fields in the pop-up window.
Once all applicable funding fields have been updated, click .
If the Remaining Funding Amount no longer is equal to $0.00, continue adding allocations until the Remaining Funding Amount is equal to $0.00.

Deleting a Loan Funds Allocation

To delete an existing funding record, select the desired record within the Funding grid and click .
A confirmation message appears to confirm that the record(s) should be deleted. Click Yes to remove the funding record(s) from the application, or click No to retain the record(s).