Preface

  • Updated

Preface

Purpose of this Document

This guide describes the tasks that you as a business user can perform using the Q2 Loan Servicing (CL Loan) application. Each chapter provides information on the related business concepts, and the detailed steps for performing the tasks. Important business terms and user interface elements are described in detail in the Glossary at the end of this guide.

Intended Audience

The audience of this user guide includes business users, implementers, and system administrators.

You must read this guide if you are a financial institution, bank or institutional investor using Q2 Loan Servicing for:

  • Submitting borrower applications for secured and unsecured loans to individuals and businesses

  • Evaluating the risk and credit profile of borrowers

  • Approving and disbursing loans

  • Funding commercial real estate loans

  • Providing microfinance and lease contracts

  • Maintaining the product offerings and associated details.

Prerequisites for Use

This guide assumes a basic knowledge of loan servicing concepts and familiarity with the Q2 Loan Servicing, Release 2 product and the Windows platform.

Organization of Information

The guide is organized in the order of tasks that form the logical flow of creating and approving a loan application: 

Introduction

Provides an overview of the different types of loan products followed by a detailed business flow for loan products.

Key Concepts

Provides information about the key concepts of Q2 Loan Servicing which includes the details such as, interest calculation, types of payments, and funding a loan.

The chapters that follow provide details of what lenders can do at each step of processing the loan contract and how to fund them, along with detailed procedures for each such task. The field descriptions for each page are given at the end of the respective procedure.

List of Abbreviations

The following table lists all the abbreviations used in the document:

Abbreviated Term

Full-Form

ACH

Automated Clearing House

CDFI

Community Development Finance Institution

CLI

Cloud Lending Inc.

EMI

Equated Monthly Installment

EOD

End of Day

EOM

End of Month

FASB

Financial Accounting Standards Board

FFA

Financial Force Accounting

GAAP

Generally Accepted Accounting Principles

GL

General Ledger

IFRS

International Financial Reporting Standards

NBFC

Non-Banking Finance Company

P2P

Peer-to-Peer

Conventions used in the Document

To help you easily understand the information in this user guide, there are a few hints which appear throughout in the form of:

  • Important information is presented as Tip.

    Consider the example given below:

    Tip:

    The loan extension is always applied on the unbilled payments.

  • Additional Information is presented as Note.

    Consider the example given below:

    Note:

    Click the look up icon to look for the required Approver.

  • Warnings appear as shown in the example below:

    You cannot write off a loan with the status,  Closed- Obligations met. If you do so, you will receive the following error message " Loan ID xxx cannot be written off. Please check the status of the loan.

  • Cross references will appear as given in the example below:

    • External Cross References: For more information about the contract creation, see CL Contract Creation in the CL Loan Administration Guide. 

    • Internal Cross References: For more information about billing, see Billing.

  • Menus, options, icons, fields, and text boxes on the screen will be in Bold, Initial Caps as given below:

    For example, Click  Create a Contract.

Related Documentation

See the Q2 Loan Servicing Administration Guide to know how to set up the features in the Q2 Loan Servicing application and make them available for use in servicing loan contracts.

Refer to the Cloud Lending User Documents available on the Q2 Customer Portal for all the documentation, release notes and related materials that describe the latest features and resolutions for issues logged for your product. Log into QU, our online training and learning platform through the Q2 Customer Portal for all your online training needs for Cloud Lending products.

Technical Assistance

For all customers and partners of Q2 Software, Inc., our technical support team provides technical assistance. Q2 Software, Inc. customers are served via a dedicated support desk. Contracted customers are provided a sign-on to communicate with Q2 Software, Inc. technical support staff.

Disclaimer

The information in this document is subject to change without notice. In no event shall Cloud Lending Solutions be liable for direct, indirect, special, incidental or consequential damages of any nature or kind arising from the use of this document, nor shall Cloud Lending Solutions be liable for incidental or consequential damages arising from the use of software described in this document.

This document and its sections must not be reproduced or copied without the written permission of Cloud Lending Solutions and its contents must not be imparted to a third party nor be used for any unauthorized purpose. The software described in this document is furnished under a license and may be used, copied, or disclosed only in accordance with the terms of such license. 

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