You can create a lease application in two ways:
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Convert a quick quote into an application using the Convert to Application option on the quick quote page. This creates a lease application with the details you entered while creating the quick quote. You can edit the application details at this stage if needed.
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Create a lease application in Q2 Origination
A lease can be extended to both individuals and businesses. Creating a lease comprises of creating a contact, a party and subsequently, creating the lease application. Parties allow you to define the people involved in the lease. For example, lessor, lessee, vendor, dealer, guarantor, the insurance provider. You can create multiple parties for an application.
You can create the following types of lease applications:
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Finance Lease - Payment streams are generated through the Lease Pricing tab in the application.
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Operating Lease - Payment streams are generated through the Lease Pricing tab in the application.
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Loan - Payment schedules are generated through the Amortization tab of the application instead of the Lease Pricing tab as in the other lease types. You can specify parameters like payment holidays and the repayment procedure. For a Flexible repayment procedure, you can specify a flexible repayment plan.
Prerequisites
The following are the prerequisites to creating a lease application:
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Contact or account is set up
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Parties are set up
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CL Product is defined
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CL Product of type Loan is associated to a Loan Rate Card (to create lease application of type Loan)
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The Vendor setup must be defined.
Steps
Perform the following steps to create a lease application:
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Login to your Salesforce account.
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Go to Applications and select New.
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Specify the Record Type of the New Record as Lease and select Continue.
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In the New Application page, go to the Select Product section and specify the required CL Product to identify the lease product. For example, Vehicle Lease. Your organization may have defined lease products for vehicles, equipment, or commercial vehicles like trucks.
The Asset Class Name is displayed identifying the type of lease. For example, Consumer(Unsecured), Consumer(Secured) or Consumer(Real Estate).
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In the Borrower Information section, do one of the following:
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Select the New Contact checkbox if the borrower is a new customer.
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For existing customers, select on the search icon in the Contact field and select the account or business name.
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For existing contact, you can modify the displayed information, if needed.
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If you have selected the New Contact checkbox, specify the field values as described in the Individual Borrowing Entity section of the field reference table.
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Specify the field values as described in the Current Address section of the field reference table.
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Specify the field values as described in the Mailing Address section of the field reference table.
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Specify the field values as described in the Time at Current Address section of the field reference table.
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Specify the field values as described in the Previous Address section of the field reference table.
This section is available if time at the current address is less than or equal to 1 year.
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Specify the field values as described in the Additional Information section of the field reference table.
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Specify the field values as described in the Lease Information section of the field reference table.
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Select Save. An application is created with the status New-Entered. Note the application ID at the top left of the page.
After you create the lease application, you must perform the underwriting tasks and credit decisioning for the lessee. You can collect the documents required to process the lease application through the Deal Room, and create the application processing workflow by defining the Deal Flow through the Lease Dashboard. Refer to subsequent chapters for information on how to set these up and complete the application processing.
Field Name |
Description |
---|---|
Record Type of new record |
The lending product for which you are creating the application. This can be Lease, Line of Credit, or Loan. The lending product for which you are creating the application. This can be Lease, Line of Credit, or Loan. |
Select Product section |
|
CL Product |
The type of loan or lease being applied for. This is based on the record type selected. For example, if Record Type is Loan, you may have products like Business Loan, Online Loan, or Education Loan. This is a mandatory field. |
Asset Class Name |
A grouping of products with similar characteristics. For example, you may group Lease for purchase or construction of consumer properties like hotels or hospitals, or renovation of business complexes under asset class Consumer Real Estate. |
Borrower Information section |
|
New Contact |
The Check box is to indicate whether the applicant is a new contact or an existing customer of the lending organization. |
Contact |
The name of the applicant. In case the lease is for an organization, this signifies the primary contact person of that organization. |
Individual Borrowing Entity section |
|
First Name |
The First Name of the borrower. |
Middle Name |
The Middle Name of the borrower. |
Last Name |
The Last Name of the borrower. |
Legal Entity Type |
The legal entity type of the borrower. For example, Individual, Corporation, or Association. The borrower type determines the documents required for application origination, and the type of financial and credit checks to be performed. |
Birthdate |
The date of the birth of the borrower. |
|
The email address of the borrower. |
Marital Status |
The status of the marriage of the borrower. |
SSN |
The SSN numbers. |
Mobile Phone |
The 10-digit mobile phone number. |
Other Phone |
The 10-digit other phone numbers. |
Country of Citizenship |
The name of the country of citizenship. |
Permanent Resident |
Select this checkbox if you are a permanent resident. |
Country of Residence |
The name of the country of residence. |
Current Address section |
|
Current Street |
Specify the current address details. |
Current City |
|
Current State/Province |
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Current Zip/Postal Code |
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Current Country |
|
Mailing Address section |
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Same as Current Address |
Select this checkbox if the mailing address and current address are the same. |
Mailing Street |
Specify the mailing address details. |
Mailing City |
|
Mailing State/Province |
|
Mailing Zip/Postal Code |
|
Mailing Country |
|
Time at current address section |
|
Years |
The period in the years and months that you have stayed in the current address. |
Months |
|
Residential Status |
The status of the resident. Options supported:
|
Monthly Payment Amount |
The monthly payment amounts. |
Previous Address section |
|
Previous Street |
Specify the previous address details. |
Previous City |
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Previous State/Province |
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Previous Zip/Postal Code |
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Previous Country |
|
Additional Information section |
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Employee |
This checkbox is automatically selected if any one of the borrowers is an 'Employee' . The Employee field is selected in the Party page. |
Insider Relationship |
Specified contact is an Insider or Relative Interest of an insider. The supported options are:
|
Lease Information section |
|
Lease Type |
The type of the lease account. Options supported:
|
CL Purpose |
The loan purposes. You may define multiple loan purposes to categorize your loan products, for defining the documentation requirements, applicable credit policies and other lending terms. |
Secondary Purpose |
The lending purpose. You can define a secondary purpose in the Leading Purpose page for CL Purpose. |
CL Company |
The company processing the loan application. This is the name of your organization through which the lease application is processed. |
Sales Division |
The sales division for the lease application. Options Supported:
|
Payment Frequency |
Select the loan Payment Frequency. Options supported:
|
Term |
The lease team. |
Pricing Method |
The Pricing Method that is used to calculate the lease payments. This can be the Rate Card or Manual. |
Days Convention |
The Days Convention. For example, 365/365, or 30/360. This is the model used for calculating the interest.
|
Status |
The status of the lease application. |
Expected Start Date |
The expected start date of the lease application. |
Expected Close Date |
The expected closing date of the lease application. |