Approve a CL Contract
After a loan contract is created and saved, its status is Partial Application. The contract must be submitted for approval whereby its status changes to Pending Approval. Every contract in CL Loan must go through an approval process. The approver reviews the contract details and approves or rejects the contract and includes the appropriate comments. Upon approval, the status of the contract becomes Approved.
You must configure the approval process in order to approve contracts. If you do not have an approval process, you receive the following error message:
For more information on creating an approval process, see Create an Approval Process section in the Salesforce Setup chapter of the Q2 Loan Servicing Administration Guide.
Prerequisites
The following are the prerequisites to approving a CL contract:
- The contract approval process is set up.
- You are logged in as an Approver.
Steps
Perform the following steps to approve a loan application:
- Log in to your Salesforce account.
- Click CL Contracts and select the required CL Contract ID.
- Go to Approval History.
- Click Submit for Approval. Specify the user who must approve the contract next. You can also click the look-up icon to look for the required Approver.
- Click Send to Next Approver. The status of the CL Contract changes from Partial Application to Pending Approval.
- Again, go to Approval History.
- Click Approve/ Reject for the pending approval request.
- On the Approve/Reject Approval Request page, enter any approval comments and click Approve. The status of the contract changes from Pending Approval to Approved. Alternatively, click Reject to reject the contract. The loan account status is updated to Cancelled.
You cannot edit a loan once it is approved.
Field reference
| Field Name | Description |
|---|---|
| Approval History | The Approval History tracks a record through the approval process. |