Application setup

You can set up the process workflow for approving document-intensive consumer and commercial loan and lease applications. You can also define the different stakeholders or parties for different application types, specify the categories of documents involved in appraising and approving an application, set up the tasks that need to be performed, and define the departmental workflow for completing these tasks. 

The Deal Room supports the Due Diligence process required to approve a loan or a lease. It creates a transparent process for delivering against a document checklist and viewing the life cycle of each document. The document checklist is shown as a hierarchy.

As part of the Deal Room, all parties of an application can interact and collaborate with each other via Salesforce Chatter. Multiple parties can drag and drop the documents to upload, submit the documents for review, and send email notifications to the relevant party.

The Deal Room view is access controlled. External parties like borrowers and appraisers can view only the items that they are responsible for, while internal administrators like loan officers can see the Deal Room in its entirety. In addition, internal parties have the ability to capture necessary data points from the documents when reviewing them in the Deal Room. Each party can view the documents they are responsible for and the list of tasks associated with them. The uploaded documents are displayed as a List of Attachments. Internal users can also add additional due diligence items or can remove a few as necessary.

If you are using a Q2 Origination version lower than 2.3005, you must deselect the Use Contact as Account check box under the org parameters to be able to use the application setup.