CL purpose setup

  • Updated

CL purpose setup

In the Q2 Origination Deal Flow setup, Purpose defines the purpose of the Loan Application, Lease, Line of Credit, Credit Line and Package. Your system administrator can configure different purposes. As a lender, you might be offering various kinds of loans, say home loans or commercial loans; purpose defines the reasons for a home loan or commercial loan. For example, a Home Loan can be taken for construction of home, purchase of home, or refinancing.

Here, construction, purchase, refinancing, purchase, and rehab are purposes.

By default, the following purposes are installed in Q2 Origination:

  • Business Improvements

  • General or Capital Expenditure

  • Other

  • Purchase an Existing Business

  • Purchase Equipment

  • Purchase of Real Estate

  • Purchase of Vehicle

  • Refinance or Debt Consolidation

  • Seeded Purpose - Construction

  • Start Up

  • Working Capital (specify use)

Note:

It is important to define purpose separately because you can have a different set of documents required for different kinds of products. Defining a purpose enables you to set up such configurations.

Prerequisites

None.

Steps

Perform the following steps to define a loan purpose:

  1. Log in to your Salesforce account.

  2. Go to Origination Configuration > Application Setup > CL Purpose.

  3. On the page that appears, select New CL Purpose.

  4. Specify the Name to identify the purpose.

  5. Provide a brief Description of the purpose.

  6. Search and select the Primary Purpose to identify the primary purpose for the CL purpose.

  7. Select Save.