Delete Collateral

Earlier, when collateral associated with an application was deleted, the associated tasks, documents, and policy conditions were not deleted for that application. But now, Q2 Origination is enhanced to support the deletion of the collateral and its associated records.

When collateral associated with an application is deleted, the following actions are performed on the records associated with that collateral:

• Documents:

  • All the document categories (irrespective of their status, such as Open/Approved/Rejected/Submitted ) created for the Collateral and Application combination are archived. These document categories are not displayed on the Documents page. 

  • If documents are uploaded against the documented categories, those are stored in the database.

  • No new document category is created for the deleted collateral.

  • While adding an application document category, the deleted collateral is not displayed in the Select Document Context (ex: Application, Parties or Collateral) list.

  • Only active collaterals are considered while evaluating the document rules.

• Tasks:

  • All tasks associated with the deleted collateral are archived. This also includes the completed tasks of previous stages. The collateral tasks in the current stage with status as completed/open must also be archived. These tasks are visible on the Task History page.

  • The archived tasks are displayed on the ARCHIVED TASK page.

  • No new tasks are generated for the deleted collateral.

  • Only active collaterals are considered while evaluating the task generation and resolution rules.

• Collateral:

  • On the COLLATERAL page, the deleted collateral and all the data sections related to the collateral, such as Geocode, Collateral Details, Flood Determination Details, Appraisal Management, etc., are not displayed for the deleted collateral.

• Policy conditions:

  • All policy conditions (irrespective of status, such as Satisfied, In File, Exception, Rejected) associated with the deleted collateral are archived, and no new policy conditions are generated for the same collateral. The archived policy conditions are not displayed on the EXCEPTIONS page. This applies to both enhanced policy conditions and old policy conditions.

  • Only active collaterals are considered while evaluating the policy condition generation and resolution rules.

  • If rules are created on policy condition status and policy condition type, only active collaterals should be considered while evaluating such rules.

• Financial statement spreading:

  • On the Financial Spreads page, the deleted collateral is not displayed in the Collaterals list.

  • The collateral information for all the financial statements created for the deleted collateral is also removed from the application.

• Collateral analysis:

  • The deleted collateral is not displayed on the Collateral Analysis page, and the fields (such as Appraised Value, Superior Liens, etc.) in the Summary section are recalculated.

• Risk analysis:

  • No change on scorecard generation functionality (Scorecard to be regenerated manually).

  • Only active collaterals are considered while generating the scorecard.

• Closing:

  • Only active collaterals are considered while converting the application to Loan/Line of Credit/Lease.

Prerequisites

None

Steps

To delete collateral associated with the application:

1. Select the Delete button to delete collateral.

   

   The Delete Collateral window is displayed to confirm the deletion.

2. To proceed with the deletion of the collateral, select Yes, Continue.

   

   The deletion doesn't impact other applications if the collateral is shared with multiple applications.

   The collateral is deleted for the application for which you are deleting it.