Listing and application business rule
Business rules exist at originator group product level, allowing finance companies to set rules and settings that are specific to each combination of originator group and product.
The listing and applications business rule contains the the rules for creating a listing / application for the product when used by the originator group.
1. Navigate to Configuration -> Organisational Structure -> Select Originator Group product
2. Select Originator Group Product under Originator Groups
3. Apply the filter to find the Originator Group Product that you need to assign the newly created Secondary Credit Rating Table. Select the Finance Company, Originator Group and Product from the drop down lists and click on Apply Filter
4. Once you have filtered the Originator Group Product, Select it and got to Actions -> Business Rules -> Listing and Application
Effective Date: The date the business rule will be applied from.
Maximum Listing Amount: When a listing / application is create by a borrower, the maximum amount they can apply for finance is determined y the maximum listing amount.
Maximum Percentage Funded: When a listing period is up investors may or may not have bid on a listing / application. If this setting % of funds has been reached, then the listing / application will be finalised and sent to the borrower to confirm. If this % of funds has not been reached the funds will be returned to the investors and the listing closed.
Duration Of Finance Agreement Determined By: Determines what the borrower will be prompted for to determine the duration of the finance agreement. If term, then the settlement date is calculated, if settlement date, then the term is calculated.
Online Offer Confirmation Required: If set the borrower will be forced to accept / approve a funded listing / application before it can become a finance agreement. If not set then the borrower will not be asked to approve and once the listing / application is finalised it will automatically become a finance agreement
Minimum and Maximum Listing Period: When a customer creates a listing / application, once the application is approved and it becomes available for bidding, it will remain open for bidding until the listing period has been reached. This setting defines the minimum and maximum period that is allowed.
Estimated Approval Days: The number of days that the finance companies estimates it will take to approve an application. This value is used to try and determine a start date of the finance agreement as the listing / application moves through the process. See here for more details.
Confirmation Period: The number of days that the finance companies allows a borrower to approve a finalised application. This value is used to try and determine a start date of the finance agreement as the listing / application moves through the process. See here for more details . It is also used to determine how long the borrower will have to approve a finalised application. If the borrower does not approve in the given time period the listing / application will be expired and the funds returned to the investors.
Start Date Set: Allow the start date of the application to be set to either
- when the application is finalised
- when the application is confirmed (make a decision made by the borrower)
- use the start date as supplied during listing/application origination
See here for more details
First Payment Date: Determines how the first payment date will be determined i.e. in advance or arrears OR based on listing duration and estimated approval days. See here for more details.
Minimum days first payment from start: This is the minimum number of days that the first payment date can be from the start date of the finance agreement.
Max month first payment from start: This is the maximum number of months the first payment date can be from the start date of the finance agreement.
Attempt to Align Al Borrower Payments: If selected the first payment date and start date of the application will use the rules as supplied but will also attempt to align so that all the borrower’s repayments fall on the same day. This will not always be possible due to the different repayment frequencies but it will be attempted as best possible. See here for more details.
Default Settings: All the defaults to use if they are not supplied when an application is created.
Listing Publish Reminder Settings: Controls the reminders that will be sent out when a listing / application has been created and the borrower has not published / posted the listing / application.
Listing Offer Reminder Settings: Controls the reminders that will be sent out when a borrower has published a listing / application and a quote / offer has been supplied to them and they have not accepted the quote / offer.
Listing Confirmation Reminder Settings: Controls the reminders that will be sent out when a borrower is required to confirm a listing / application and has not done so.
Credit bureau to use during qualification: You can choose to use Equifax or Dunn & Bradstreet or both during qualification. A factor is included with each to allow a weighting to be placed on each bureau score.
Credit bureau to use during evaluation: You can choose to use Equifax or Dunn & Bradstreet or both during final evaluation. A factor is included with each to allow a weighting to be placed on each bureau score.
Credit bureau request interval: A new credit bureau will only be done if the party has not had a previous credit bureau call in the last X months. If the party does have a previous credit bureau call within that period, then it will be used.
Use credit bureau score for credit rating: If set to true then the credit bureau score will be used to determine the credit rating.If set to false then the scorecard score will be used to determine the credit rating. If no scorecard exists for the finance company (i.e. on the product settings business rule) then the credit grade that already exists against the application will be kept.
Credit check borrower on evaluation. If set to true, when the credit assessors are using Fusion to evaluate the application, the option to perform a credit bureau check on the borrower will be defaulted and forced. If set to false the credit assessor will have the choice of doing a bureau check
Credit check guarantors on evaluation. If set to true, when the credit assessors are using Fusion to evaluate the application, the option to perform a credit bureau check on the guarantors will be defaulted and forced. If set to false the credit assessor will have the choice of doing a bureau check
Credit check business related parties on evaluation. If set to true, when the credit assessors are using Fusion to evaluate the application, if the borrower is a business customer and the related party is a business relationship customer i.e. director, trustee, partner etc., the option to perform a credit bureau check on the party will be defaulted and forced. If set to false the credit assessor will have the choice of doing a bureau check
Auto evaluate: the application will automatically be evaluated when the status of the listing changes to "Assess"
Force reason on application status override. If set to true, and an application has the status altered by using the application override option ,the credit assessor will need to supply a reason for overriding the status.
Supervisor approval on application status override. If set to true, and an application has the status altered by using the application override option ,the credit assessor will need to supply a reason for overriding the status.
Force reason on financial details override: Determines if a reason has to be supplied by a user when any of the financial details are manually overridden i.e.
- Amount
- Deposit amount
- Residual amount
- Finance amount
- Term
- Rate Offered
- Commission Rate
- Total Rate
Customer to supply income: Allows a finance company to select if they would like the customer to capture income before or after tax.
Application return URL: When the customer uses the application page to generate a application, any "close" buttons or hyperlinks will navigate the customer back to a URL supplied in the page, else they will be navigated back to this URL supplied.
Credit assess on completion of step: The “credit assess on completion of step” rule will allow a finance company to indicate what step needs to be completed before the credit team can assess an application. This will allow different originator group and product combinations to indicate a different step. As an example if an application page is included in the a shopping cart the step can be made to be one more than the application page steps, indicating that the shopping cart has an additional step that needs to be completed before the team can assess the application. The 3rd party company can then return an indicator to reflect completion of the shopping cart, Clearmatch will then change the status of the listing to “Assess” which will be an indicator for the credit team to complete the credit assessment.
Send registration email after step: The customer registration email will be sent to new borrowers, when the completed step of the application is equal to the “Send Registration Email After Step” setting. It will only take place if the business rule on the originator group “Originated Customers Receive Login Details” is set to true.
Quotation email template: Will only be used in the future. Defines the email template to be used when a quotation is emailed to the customer directly from the application page.
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