Funding Approval

Once a contract is signed by the borrower, there may be scenarios where the application is routed to another department, approval committee, or approver before being forwarded to the servicing application. You can configure Q2 Origination to define approval workflows to address these scenarios.

For example, if a lending organization forwards the loans for servicing to a set of approved third parties servicing organizations, a signed contract may need to be approved by an interim party to select which third party to route it to, based on the loan or lease terms. Or, if you sell these applications to a third party, there may be an approving department in your organization through which these applications are routed.

Another example could be where you create a disbursal schedule for the loan, lease, or line of credit. This disbursal schedule is implemented by the servicing application at the time of fund disbursal as part of contract servicing. You can define the disbursal schedule using the Draw Terms feature of Q2 Origination. Once the contract is signed, these draw terms may be sent for approval to an intermediate authority or department before the application is forwarded for servicing.