Change CL Product

  • Updated

Change CL Product

With the Winter'22 release, users can change the CL Product value during the loan origination process. On changing the loan/lease/loc/package product during origination, the following get impacted:

  • Document requirements

  • Tasks requirements

  • Policy conditions

  • Collateral requirements

  • Rate Card

  • Fee definition

A new option, "Change Product", is added to the More dropdown to allow the users to change the loan/lease product.

Note:

  • The changing of products is allowed only when an application satisfies the configuration specified on the Product Change Configuration page, as explained on the Q2 Origination Administration Guide > Product Change Configuration page.

  • Product change is allowed only once for an application.

For example, as per the below configuration:

From Asset Class To Asset Class Statuses
Consumer Unsecured Consumer Secured NEW-ENTERED; NEW-SUBMITTED
Consumer Secured Consumer Real Estate NEW-ENTERED; NEW-SUBMITTED
Consumer Real Estate Consumer Secured NEW-ENTERED; NEW-SUBMITTED
Commercial Unsecured Commercial Secured NEW-ENTERED; NEW-SUBMITTED
Commercial Real Estate Commercial Secured NEW-ENTERED; NEW-SUBMITTED

  •  If an application is created for Consumer Unsecured and the application's status is NEW-ENTERED or NEW-SUBMITTED, the change of product is allowed. The users can see Consumer Secured related products in the Product dropdown.

  • If an application is created for Consumer Unsecured and the application's status is not NEW-ENTERED or NEW-SUBMITTED, the change of product is not allowed. The system displays the following message:


  • If an application is created for Commercial Secured and the application's status is NEW-ENTERED or NEW-SUBMITTED, the change of product is not allowed. The system displays the following message:


Prerequisites

Before you proceed to change the CL product for an application, ensure that the following prerequisite is met:

  • Ensure that the From Asser Class, To Asset Classes, and application statuses, for which the changing of products can be allowed, are configured on the Product Change Configuration page. To know more about the configuration, see Q2 Origination Administration Guide > Product Change Configuration.

    Note:

    Based on this configuration, the products are listed in the Change Product window while the user is changing the product. For example, if the application's status is New-Entered, and the product on which the application is created belongs to Consumer Unsecured, then the user can see Consumer Secured related products as options in the Product dropdown in the Change Product window while changing the product.

Steps

To change the CL product for an application:

  1. Log in to your Salesforce account.

  2. Go to  (App Launcher) >  Applications.

  3. On the  Applications tab, from the list of applications, select the required application.

    The Loan Details page is displayed.

  4. Go to More> Change Product.


  5. In the Change Product window, from the Product dropdown, select the product for which you want to create the application.

    Note:

    • The old CL product that you can see in the application summary section of the application dashboard should not be displayed as an option in the Product dropdown in the Change Product window. For example, in the above image, the application is created for the Loan Consumer Ral Estate product. So in the Product dropdown, Loan Consumer Ral Estate should not be displayed as an option.

    • For loan, lease, and loc applications, package-type products should not be displayed in the Change Product window.

    • For loan and loc applications, products related to loan and loc should be displayed in the Change Product window.

    • For lease applications, products related to lease should be displayed in the Change Product window.

    • On changing the product to an unsecured product (product belonging to consumer unsecured and commercial unsecured), the system displays the following message if the collateral is attached to the application:


  6. Select Ok if you want to proceed with the product change by deleting the collateral.  

    Note:

    • Once the collateral is deleted, the system performs the necessary actions listed on the Delete Collateral page.

    • On the Credit Memo page, the Collaterals and Prior Liens records are deleted for the application, and the fields displayed in the Collateral Analysis section are recalculated.

  7. Select Save.

    On changing the CL product, the system performs the following actions:

    • The default values that are populated in an application from the product are copied from the new product. For example, Accrual Type, Bank Hours, Ceiling Rate, Days Convention, Floor Rate, Pricing Method, and Rate Revision Frequency are copied from the CL product.

      Product Field

      Application Field
      clcommon_Accrual_Type_c genesis_Accrual_Type_c
      genesis_Bank_Hours_c genesis_Bank_Hours_c
      intdm_Ceiling_Rate_c genesis_Rate_Ceiling_c
      intdm_Days_Convention_c genesis_Days_Convention_c
      intdm_Floor_Rate_c genesis_Rate_Floor_c
      clcommon_Pricing_Method_c genesis_Pricing_Method_c
      intdm_Rate_Revision_Frequency_c genesis_Rate_Revision_Frequency_c
Note:

  • For all the application fields that are copied from the CL product, the product values should take precedence.

  • If the field is empty for the CL product, delete the value of the same field for the application as well. For example, if Floor Rate has no value specified for the product and while creating the application, the value for the Floor Rate field is specified as 5, on creating the application, the Floor Rate field will be set to empty.