Convert a Loan Application into a Loan

This task builds on the previous task, Create a Loan Application, where that loan application has been approved for conversion to an actual loan. However, it is not a system requirement that there be a loan application first, but that may be a procedure you have to follow.

Please note this task has two different methods to start.

For screen shots and field information for the Debt Document in this common business task (LOANM), refer to the "Debt Setup & Modification Document Layout and Fields" section in this same user guide. For information on the special actions available on the Loan and Application Registry (LOAN), refer to the "Authorization Registries" section in this user guide.

Method 1:

Create a document with the LOANM Document Code on the Document Catalog.
Complete the Header section with any necessary information (there may not be the need for any).
1. No particular Header field is mandatory nor is any required for this task. However, Document Name or Document Description can be conditionally required with Document Control (DCTRL).
2. If the current Application Date should not be used, then manually enter a date in the Record Date field.
Navigate to the Debt Instrument section and use the Insert New Line action.
1. Complete the General Information tab.
2. Enter the Debt ID of the application in the Related Loan Application ID field or use the pick to select it.
3. Take the Make Loan from Application action form the Related Actions menu. See the document brings in your application information into the right hand column.

{Or}

Method 2:

Navigate to the Loan Registry and Application Registry (LOAN) and search for the Loan Application. When found take the Make Loan from Application action from the page, completing the Create Document screen.
Complete the Header section with any necessary information (there may not be the need for any).
1. No particular Header field is mandatory nor is any required for this task. However, Document Name or Document Description can be conditionally required with Document Control (DCTRL).
2. If the current Application Date should not be used, then manually enter a date in the Record Date field.
Navigate to the Debt Instrument section where a row will already be inserted with your information:

{Then the following for either starting method}

Complete the General Information tab.
Complete this tab with all of the necessary information on the loan application with the following salient fields:
1. Enter or generate a Debt ID for the loan.
2. Debt Instrument Status can be Loan Started or Loan In Review if the loan will not be immediately made or Active Loan if you will be completing all necessary information and want to start the loan.
If no information has changed from the application and no additional descriptive or reporting information is required for the loan, then you can proceed to Step 6; otherwise, navigate to the document section and complete/change information as necessary.
Click the Validate button to validate for errors.
If errors exist, fix the errors and repeat Step 6. If no errors exist, continue with Step 8.
Click the Submit button to submit the document.