Edit, assess and evaluate applications

Edit, assess and evaluate applications

Once applications have been submitted by the borrowers they can be assessed by the credit assessors and evaluated in order to determine if finance will be granted


1. Navigate to Home Pages > Borrowing:



NOTE: If the application number is known, the quick search option "Applications" can be selected from the drop down list and the application number can be entered directly in the search field (in the top right hand corner):



3. Using the Filter Options, search for the application (click on the  button once the filter selection has been made). The filtering will be done using the details from all 3 of the filter tabs.







4. Once the application has been found, select it from the list:



5. This will redirect you to the Display Application page for the selected application. The display application page has a number of tabs that will display the details of the application. As per all display pages in Fusion, the tabs at the top of the page are all details that are a one to one relationship, example an application can only have one rate. All the tabs at the bottom of the page are the many to one relationships, example an application can have many assets or many documents.



6. The financial details can be viewed by clicking on the "financial profile" link



7. The application can be modified or have items added to it using the menu options available under the hamburger menu, examples:

                

                

            

This article explains how to add insurance policies.
This article explain how to create an email. The article uses customer as an example but it is the same process for applications.
This article explains how to create a document. The article uses customer as an example but it is the same process for applications.
This article explains show to find the display /document variables to use in documents for applications. 
This article explains how to create an SMS.
This article explains how to add invoices.  
This article explains expense types that can be available on an application.
This article explains debt types that can be available on an application.
This article explains income sources that can be available on an application.
This article explains the NDI (net disposable income Or borrower surplus) is calculated.
This article explains the DTI (debt to income ratio)


8. The application can also be edited and items added using the "edit application" option. If you wish to evaluate the application it is also done from within the "edit application" option. Select the edit icon in the top right hand corner. The edit application page allows the user to make many changes to the application. Below is a list of a few less obvious functions in the edit application page:
  1. When the “Save” button or “Next” button on any page is clicked, the calculations are automatically performed.
  1. All prompts will be read only once the application status is “Sent To Customer”, “Send Back”, “Cancelled”, “Declined”, “Transferred” or “Purchased”.
  1. Application page/tab.
    1. Settlement Date : Will be read only if the “duration of finance agreement determined by” rule on the listing and application business rule on the originator group product is set to “Term”. If supplied, the term will automatically be calculated based on start date and the settlement date supplied.
    2. Term: Will be read only if the “duration of finance agreement determined by” rule on the listing and application business rule on the originator group product is set to “Settlement Date” .
    3. Start Date: The start date will be determined based on the start date rules and settings. However if the start date is manually modified by the user in the edit application page it is assumed that the start date supplied is as per request and as such this date will override the start date rules and settings and will be used as the start date.
    4. First Payment Date: The first payment date will be determined based on the first payment date rules and settings and the start date supplied. However if the first payment date is manually modified by the user in the edit application page it is assumed that the first payment date supplied is as per request and as such this date will override the rules and settings and will be used as the first payment date.
    5. Interest Rate Offered: Read only if the "Adjust Rates as per Credit Rating” from the listings business rule on the originator group product is set to true.
    6. Get Rates From Rate Card Link: Only visible if the "Adjust Rates as per Credit Rating” from the listing and application business rule on the originator group product is set to false. Will retrieve the interest rate from the rate card and replace the” interest rate offered on the page”. The rate is only replaced if the user selects the link.
    7. Get Commission Rates From Commission Rate Card Link: Will retrieve the commission rates from the commission rate card and auto calculate the commission amount as per the commission calculation  and replace the commission amount on the page. The commission rates are not automatically replaced on the edit application page as there may have been negotiations with the broker. The commission rate is only replaced if the user selects the link.
    8. Total Interest Rate: Calculated when the calculate button is clicked OR the application is saved OR the next button is clicked to navigate to the next page.
    9. Commission Rate: If the commission rate is changed, the “instalment amount” and “total interest rate” will be reset to zero. The user will need to click the calculate button to get the results.
    10. Instalments In (advance or arrears) : Only visible If the “First Payment Date” setting on the listing and application business rule is set to “In advance or arrears” If “Advance” the first payment date will be recalculated to be the same as the start date. If “Arrears” the first payment date will be recalculated to be one period after the start date. If changed, the “instalment amount” and “total interest rate” will be reset to zero. The user will need to click the calculate button to get the results.
    11. Finance Details Override Reason: Only visible if the  any of the following is changed (Amount,Deposit amount, Residual amount, Recommended amount, Finance amount, Term, Rate Offered, Commission Rate, Total Rate). Only mandatory if “Force Reason On Financial Details Override” setting on the originator group product, application and listing business rule is set to true.
  1. Hovering the mouse over the “recalculate” button will make the serviceability section appear on the page.
    1. Recommended Amount: Will be amount recommended based on evaluation and the score being calculated and used to retrieve details from the recommended limit tables defined by the finance company.
  1. Related parties page/tab
    1. Details can be captured for each of the related parties. Selecting the related party in the table at the top of the page will display the details for that specific related party.
    2. Perform a Credit Check: Can be used to indicate if a credit check must be performed on the party. If the related party is the borrower and the setting “Credit Check Borrower on Evaluation” on the “Listings and Application” business rule on originator group product is set to TRUE, the checkbox will default to true and the user will not be able to change. If the related party is a guarantor and the setting “Credit Check Guarantors on Evaluation” on the “Listings and Application” business rule on originator group product is set to TRUE, the checkbox will default to true and the user will not be able to change. If the borrower is a business customer and the related party is a business relationship customer i.e. director, trustee, partner etc. and the setting “Credit Check Business Related Parties On Evaluation” on the “Listings and Application” business rule on originator group product is set to TRUE, the checkbox will default to true and the user will not be able to change.
    3. Check if Exists: Finance companies may have other systems or platforms and they may want to check if the customer exists on those platforms. The check if exist link will allow a web service to be called to validate and check if the customer exists and return an "exposure amount" which can be used in the decisioning.
  1. Address and contact page/tab
    1. Details can be captured for each of the related parties. Selecting the related party in the table at the top of the page will display the details for that specific related party.
  1. Income page/tab
    1. Details can be captured for each of the related parties. Selecting the related party in the table at the top of the page will display the details for that specific related party.
    2. Income before and after tax: If the “Customer to supply income” setting on the listing and application business rule on the originator group product rule is set to “Before tax” the “after tax prompts will be read only. If the “Customer to supply income” setting on the listing and application business rule on the originator group product rule is set to “After tax” the “before tax prompts will be read only. If the party is a business customer the tax is not calculated and both before and after tax values need to be supplied and as such both the before and after tax prompts are available to supply details.
  1. Expenses page/tab
    1. Details can be captured for each of the related parties. Selecting the related party in the table at the top of the page will display the details for that specific related party.
  1. Asset and liabilities page/tab
    1. Details can be captured for each of the related parties. Selecting the related party in the table at the top of the page will display the details for that specific related party.
    2. Will only include all “Asset Types” in ClearMatch that have a Include as part of Application” set to true for the finance company of the application.
  1. Debt and credit page/tab
    1. Details can be captured for each of the related parties. Selecting the related party in the table at the top of the page will display the details for that specific related party.
  1. Reference page/tab
    1. Details can be captured for each of the related parties. Selecting the related party in the table at the top of the page will display the details for that specific related party.
  1. Evaluate page/tab
    1. When the evaluate button is clicked the details on the application will be run through the scorecard, if one exists, and the final evaluation decision tree, if one exists and the final results will appear on the page. To see more details i.e. the results of each question in the scorecard and decisioning, go to the tabs at the bottom of the display application page and drill through the results. 
    2. The “Evaluate” button on edit application is hidden if the “Auto Evaluate” value on application and listing business rule against the originator group product is set to true AND the current status of the listing is “Assess” AND the application has not been auto evaluated.
    3. The status of the application will be modified based on the results of the final evaluation decision tree, if one exists.   
  1. Consents
    1. The finance company has the ability to add consents to the edit application page to force the credit assessor to accept. There will be 3 consent sections. This allows a finance company to have 9 consents with 3 checkboxes. 3 different types of consents per checkbox. The consents section will only be displayed if content for at least one consent exists. If and only if there is content and the consent checkboxes are displayed on the page, will they be mandatory when the application is evaluated from within edit application. There will be fields available to store the 3 consent checks, so that they are recorded in the audit trail. They will appear under the “Other Tab” in the display application page.

9. Click on the  button to save the changes or the  button to return back to the Display Application page.



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