Movement of application in a workflow
Loan or Lease applications are usually moved forward in a workflow from one stage to another; however, under certain scenarios, they are needed to be moved backward. You can configure whether the movement from one stage to another requires approval or not.
When is an Approval Process Mandatory
If the stages are mapped to roles, it is mandatory to configure approval process with the required due diligence, both for the forward and the backward movement between the stages.
Know More
To know more about the approval process, refer to Approval processes behavior.
Forward movement of stages
You can move an application to the next stage only after, all the mandatory tasks of the current stage are completed, and the approval is done if an approval process is configured for the movement to the next stage.
As shown in the following image you can move to the next stage, without the completion of Task 1 or Task 3 because they are optional but not without the completion of Task 2 because it is a mandatory task.
Backward movement of stages
You can move an application to previous stages. This is generally needed if there are significant changes to the application information.
The following are a few scenarios under which backward movement of an application might be needed:
If the underwriter decides that there is insufficient equity in the collateral.
If additional collateral to the loan like, adding a guarantor, or adding a savings/CD as additional collateral, is needed.
If the underwriter sends it back to the loan officer for obtaining additional information from the borrower.
Impact on the tasks when stages are moved backward in a workflow
All completed tasks in previous stages with the retained flag checked are retained.
All completed tasks with the retained flag unchecked are deleted and archived.
Old tasks that are applicable even with the application update are regenerated.
New tasks are generated for the stage that the application has moved to, as applicable due to application update.
Behavior when queues are mapped to stages
Let us assume that an application has to move through 4 stages to get completed. For each stage, the tasks are assigned to a queue.
| Department | Queue |
|---|---|
Stage 1 | Queue 1 |
Stage 2 | Queue 2 |
Stage 3 | Queue 3 |
Stage 4 | Queue 4 |
Current scenario:
Application Current Stage = Stage 3
Assigned Queue = Queue 3
Backward movement allowed to = Stage 2 or Stage 1
User selects to move to = Stage 1
Scenario after the movement:
The completed tasks in Stage 1, Stage 2, and Stage 3 are retained if the Origination Configuration > Deal Room and Dashboard Setup > Dashboard Setup > Task Template > Task Setup Detail > Retain Completed Task check box is selected.
The completed tasks in Stage 1, Stage 2, and Stage 3 are deleted and archived if the Origination Configuration > Deal Room and Dashboard Setup > Dashboard Setup > Task Template > Task Setup Detail > Retain Completed Task check box is clear.
Application Current Stage = Stage 1
Assigned Queue = Queue 1
Owner ID = User 1 (because User 1 from Queue 1 accepts the application)
Tasks for Stage 1 are generated for User 1.
Behavior when roles are mapped to stages
Let us assume that an application has to move through 4 stages to get completed.
Each stage is assigned to a role. A role has one or more users assigned to it.
| Department | Role |
|---|---|
Stage 1 | Role 1 |
Stage 2 | Role 2 |
Stage 3 | Role 3 |
Stage 4 | Role 4 |
Current scenario:
Application Current Stage = Stage 3
Assigned User = User from Role 3
Backward movement allowed to = Stage 2 or Stage 1
User selects to move to = Stage 1
The entry criteria to approval process should ensure that the correct approval process is triggered for movement to Stage 2 or Stage 1. This will determine the application owner field update.
Owner ID = User 1 (updated as a part of the approval process)
Scenario after movement:
The completed tasks in Stage 1, Stage 2, and Stage 3 are retained if the Origination Configuration > Deal Room and Dashboard Setup > Dashboard Setup > Task Template > Task Setup Detail > Retain Completed Task check box is selected.
The completed tasks in Stage 1, Stage 2, and Stage 3 are deleted and archived if the Origination Configuration > Deal Room and Dashboard Setup > Dashboard Setup > Task Template > Task Setup Detail > Retain Completed Task check box is clear.
Application Current Stage = Stage 1
Tasks for Stage 1 are generated for User 1.
Approval processes behavior
You can configure whether or not an approval process is required for the movement of an application to the next stage. This decides the behavior of the movement to the next stage as shown in the following image.
Approval Process
Configure your approval process
The approval process used in Q2 Origination is a Salesforce process. Do the following to configure it:
Under Setup, search for Approval Processes.
Under Workflows and Approvals, select Approval Processes.
Use the wizard to set the criteria that should be met to trigger approval process, and the other required due diligence.