Party type setup
In Q2 Origination, Party Type categorizes people as per their role. A party can be an account, contact or any Salesforce user. Each internal user collaborating in the application process must also be added as a party for that application. A Salesforce user acting as Loan Officer, a contact (primary) acting as Borrower, and account as Entity, a Guarantor, or an Appraiser, are all examples of a Party.
Each party is associated with a Party Type. The party type identifies a user by their role or function in the overall loan application approval workflow. A few party types are created by default when you install Q2 Origination.
In the Deal Room, when you attach a document category to a role or a party type, then all users of that role or party type have access to the category's documents.
Q2 Origination automatically adds the application owner as a party if the Party Type field for the user is set to a predefined party type. For example, if the user is supposed to act as Loan Officer on the application, then the party type for the user must be set to Loan Officer. You can also manually add a user to a party type. This helps the system automatically identify which tasks needs to be created for whom in the Deal Room.
When you create a party, the following are assigned to the party:
All the Application Document Categories (ADCs), where the responsible party type is the same as the party type of the new party.
All the ADCs, where the Review Assigned to (Party Type) is the same as the party type of the new party.
Any party can attach documents in the Deal Room by either browsing and uploading documents or by simply dragging and dropping the document to attach it.
The following table lists the party types which are added in the system by default, when you install Q2 Origination.
| Party Type | Description |
|---|---|
| Borrower | The person or organization who is the prime contact for borrowing the loan amount. |
| Co-Borrower | Any additional borrower whose name appear on loan documents and whose income and credit history are used to qualify for the loan. |
| Dealer | The person or party who arranges and facilitates the deal. |
| Entity | A business or organization taking part in the transaction deal. |
| Guarantor | A person who guarantees to pay for someone's debts. |
| Lessee | A person who rents or leases something from a lessor. |
| Lessor | A person who rents or leases out something to a lessee. |
| Loan Officer | A representative of a financial institution who validates the borrower data and checks for eligibility. |
| Reviewer | |
| The party types of Signer and Grantor support specific functionality out-of-the-box in Q2 Origination, and therefore, must be added to the list Party Types. This functionality is presented on the final step of the Add Party Wizard and enables you to capture additional information associated with Signer and Grantor borrower roles (Party Types). | |
| Signer | An authorized agent or officer (individual) of a business entity, who is capable of signing on behalf of the business entity. On selecting Signer during the final step of the Add Party Wizard, two additional fields are presented for defining the signer capacity (such as agent, officer) as well as the business entity (Party) to sign on behalf of. |
| Grantor | A person or business entity that owns a percentage of collateral pledged to a loan. On selecting Grantor during the final step of the Add Party Wizard, the user is enabled to define one or more collateral owned by the grantor, as well as the grantor's ownership percentage. |
| The party types of Appraiser and Appraisal Administrator support the out-of-the-box collateral appraisal functionality. Each of these must be specifically assigned to users. Appraisers associated with a collateral category evaluate the collateral and submit bids. The appraisal administrator selects one of the bids and the collateral is valued at the selected bid's price. | |
| Appraiser | A person or business entity that appraises a collateral. The appraisal request goes out to all the appraisers associated with the collateral category. |
| Appraisal Administrator | A person who selects the appraisal bid from the list of submitted bids. The system can be configured to auto select the bid too. |
| Cosigner | A cosigner is somebody who applies for a loan along with the borrower and agrees to pay off the debt if the borrower does not make payments. The cosigner signs the loan application along with the borrower (physically or electronically) and guarantees the loan. |
Prerequisites
None.
Steps
Perform the following steps to define a party type:
Log in to your Salesforce account.
Go to Origination Configuration > Application Setup > Party Type.
In the New Party Type page, specify the Party Type Name. For example, Borrower or Signer.
Select Save to set up the party type.