Deal Flow and Deal Room
Deal Flow and the Loan Dashboard
Complex loans and leases typically require you to manage many types of documents from multiple parties like borrowers, loan officers, contractors, appraisers, dealers, and attorneys. A commercial real estate loan application, for example, involves the evaluation of not only the potential borrowers and their creditworthiness but also of the real estate in terms of its value, growth potential, authentic ownership, and a multitude of assessments for legal, environmental, and geographical clearances. Similarly, a lease requires validation and verification of not only the borrower or lessee but also of the dealer through which the lease is extended and the equipment or vehicle being financed through the lease.
Such an application goes through multiple steps and departments before it is approved. Each department performs a defined set of tasks and approvals. You can define the departments and the order in which they must complete predefined tasks and monitor the progress of the application through the Loan Dashboard. In the Loan Dashboard, you can see the department queues and the status of tasks assigned to each queue. Queue tasks may include the collection of documents, approvals, financial reviews, site visits, and contract generation and signatures. An application moves to the next department only after all required tasks of a department are completed. Tasks can be manually or automatically completed. Automated tasks include pulling credit, generating documents, and obtaining electronic signatures.
Deal Room
The Skuid enabled version of Q2 Origination offers the Deal Room, which is a self-service portal for internal users, borrowers, and external agencies like credit agencies, or legal advisors, to directly upload the documents related to the processing of an application. This replaces the earlier method of requesting documents from borrowers and external stakeholders through checklists sent over emails and receiving them through emails or hard copies for processing. The Deal Room is organized by categories of documents. You can classify related documents within these categories. Responsible parties can submit loan applications, upload required documents, and review the status of their loans.
Integration between the Deal Room and Loan Dashboard allows you to define tasks around each document as part of the deal flow, which is managed as part of department queues and assigned to appropriate parties based on the product templates, definitions, and workflows. For example, "Submit Entity Documents" can be a task involving uploading of entity documents assigned to the applicant or loan officer, followed by “Review Entity docs and confirm entity validity and Good Standing” task, which might be assigned to a reviewer. Or, in the case of a lease, the "Upload Kelley Blue Book valuation report" task may be assigned to the lease officer.
Reviewers for each document can view, approve, or reject submitted documents. You can use Salesforce’s Chatter collaboration software, which provides a secure interface to popular social networks, to facilitate communication between participating parties in the deal room.
In Q2 Origination versions 2.1003, and later, you can view the Deal Room through the Documents panel of the loan application page.
The application workflow can also leverage the Deal Room for creating the document checklists that form part of the pre-approval or pre-closing workflow.
Q2 Origination 2.4035 and later releases provide the deal room functionality through a list of icons at the top right corner of the application dashboard. The Task List icon enables you to view the loan summary and status of different tasks and submit the application to the next department for processing.