Legal entity setup

Legal Entity describes the type of prospect or borrower relationship being associated to a loan opportunity, and drives the requirements associated with the relationship. For example, the information requirements associated with an individual may be different from the requirements associated with a corporation.

Legal entity is also used, in Q2 Origination, to determine whether a borrowing entity (Party) associated with a loan opportunity is a business or individual relationship.  Based on the legal entity, the system determines the fields that are displayed in the borrower management wizard.  

Q2 Origination supports the following Legal Entity types*: 

• Corporation

• Limited Liability Company

• Partnership

• Association

• Trust

• Government

• Individual

• Sole Proprietorship

* These values can be loaded by running the following script:

genesis.PostInstallManager.createSeedDataOnInstall();

If these values are not set, the borrower management wizard may not work properly.

You can define additional entities as per your business requirements. However, you must create the associated pages and any workflows for these.

Prerequisites

None.

Steps

Perform the following steps to set up a legal entity:

1. Log in to your Salesforce account.

2. Go to Origination Configuration > Application Setup > Legal Entity.

3. Select New Legal Entity.

4. Specify the Legal Class Name. This is the name of the legal entity.

5. Select Save to set up the legal entity.

Optionally, you can create a new account and assign it to the legal entity you have created. Select New Account under Accounts. This account assignment can also be done at a later stage.