Collateral Category Setup

A collateral category essentially categorizes the assets or collateral that you associate with a loan opportunity. Collateral Category serves as a grouping mechanism for the large variety of potential Collateral Type values that can be configured in Q2 Origination and enables you to categorize them into smaller groups. The system administrator can define custom collateral categories, for example, Business Assets or Real Estate. Collateral Types can be considered as sub-categories of collateral categories. For example, if Real Estate is considered a collateral category, possible subdivisions such as Commercial Real Estate and Consumer Real Estate can be considered as collateral types under this category. In this example, we can define collateral like hotels, offices, etc., according to business requirements.

You can associate lending products with it and define the document categories that use the collateral category. For example, for a collateral category, Real Estate, you can create House or Office Space as collateral and link it to the Real Estate Assets document category.

Q2 Origination supports the following collateral categories:

• Titled

• Possessory

• Real Estate

• Other

These values are loaded when you run the following script as a post-install step:

genesis.PostInstallManager.createSeedDataOnInstall();

For more information on post-install steps, refer to the section Installation and Initial Steps.

Prerequisites

None.

Steps

Perform the following steps to set up a collateral category:

1. Log in to your Salesforce account.

2. Go to Origination Configuration > Application Setup > Collateral Category.

3. Select New Collateral Category on the page that appears.

4. In the New Collateral Category page, specify a name for the collateral category, for example, Vehicle or Property.  

5. Select Save to create the collateral category.