Appraisal administration setup
Applicants are required to pledge collateral as part of applying for a lease or some specific types of loans such as commercial real estate or secured loans. The pledged value of the collateral is verified against its appraised value to arrive at the final collateral value. An appraisal request is created by a user who is defined as Appraisal Administrator and associated with a collateral category in the system.
A collateral category can have only one appraisal administrator. However, an appraisal administrator may be associated with multiple collateral categories.
As part of appraisal administration, you must associate each collateral category with an appraisal administrator.
Prerequisites
Before you begin to set up collateral appraisal administration, ensure that the following prerequisites are met:
A user with a party type of Appraisal Administrator is created.
One or more users are configured as appraisers.
The Use Appraisal Management custom setting is enabled in Org Parameters.
An appraisal queue is created, and the Appraisal Administrator party types are added to the queue. To know how to create a queue, see Create approval queue.
Steps
To set up collateral appraisal administration:
Log in to your Salesforce account.
Go to
(App Launcher) > Origination Configuration > Appraisal Administration.A list of users who are defined as appraisal administrators is displayed.
In the Associate Appraisal Administrator with Existing Collateral Category section, select Associate New Collateral Category.
Specify the Collateral Category Name.
Select the Appraisal Administrator Queue from the list.
Select Save.
Create an Appraisal Administrator user for collateral appraisal
Perform the following steps to create an Appraisal Administrator user:
Go to Setup > Users.
Select Edit against the required user.
In the Additional Information section, specify the Party Type as Appraisal Administrator.
Select Save.