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1. Credit Application Record
1.1 Prospect Conversion
A credit record is created through the prospect conversion functionality.
On the Prospect record, mark the check box for 'Run Prospect Conversion' as true. as Click on ‘Create Credit Application’ button as shown in the screenshot below.
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2. Credit application record gets created and attched to the prospect record as shown below. To access the Credit Application record, simply click on the link.
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1. 2 Create an application in salesforce
A Credit Application record can be created by manually entering the details.
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4. The Credit Application Record got created as shown below.
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1. 3 Complete the
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application form
The form can be customized as per the business requirements. There are two ways to fill in the form first, by the applicant - The applicant will be able to access the form through the link to the site. This will be unique for every company. And second, by the salesforce user.
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5. Once an application is filled, a credit application record is created as shown below.
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2. Run External Apps
This feature allows you to request reports from credit bureaus and external third party companies - Like like experien etc. You can send file requests and bank verification requests from this component.
Click on ‘Run External Reports’ to run reports, both individual and business reports, like Credit Report, Criminal Report, Business Credit Report, DL verfication and OFAC Report.
Mark the checkboxes as true to run the reports and clik on ‘Save’.
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3. Run reports would be visible in the related section of Business Role object
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3. Generating Lease/Loan Payment Schedule
This feature enables the user to generate lease or loan amortization schedules. Amortization means gradually paying off a debt over time through regular payments. It's like paying for something in small, equal installments until you've paid it off completely. An amortization schedule is a table that shows how your loan payments are split between paying off the principal (the amount you borrowed) and the interest (the cost of borrowing) over time. It also shows your remaining balance and total interest paid.
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6. Saved payment schedules will appear in 'Files' related section as shown below.
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4. Document Checklist
This feature is used to send stips and track received document checklist items.
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6. The changes made will appear as shown below.
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5.
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Adding a New Applicant
To add a new applicant, Click on the ‘Add new applicant' button
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2. Then, fill in all the details and click 'save'
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3. The new applicant will be added and shown in ‘Business Roles’ in related list.
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6. Decision Rule Engine
Click on 'Execute Decision Rules' button
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2. Select the decision rule and click on Execute.
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3. Then the decision will be displayed under “Decision Rule' tab as shown below.
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7. Offer Communication
To communicate the offers to applicants, click on ‘Send Offer/Pre-approval’ button as shown below.
Now, all the offers for a particular application will be displayed. You can mark the checkbox as true for offer(s) you want to communicate to the applicant.
The selected offers will be displayed in the table form as shown in the email below.
If you have any questions or you are facing any problems regarding this app please write to us at solutions@cloudmaveninc.com
We will be very happy to help you.