NetLoan - Commence Loans
COMMENCE INDIVIDUAL LOAN
Use Case: The loan origination date is the date on which a lender makes the funds available to the borrower. At this date, the associated accounting will need to be triggered to establish the liability for the borrower.
Prerequisite: All loan details and the generated schedule should be double checked to ensure amounts and data is correct. Note that any desired changes to loan schedules after a loan has been commenced and journals have been recorded will need to take place via a loan modification.
STEP BY STEP PROCESS
- Navigate to the desired loan record
- Perform a final review to validate the following information is correct
- Click the Commence Loan button at the top of the page to update the status of the loan record to Commenced.
- The status of the loan will update to Commenced
MASS COMMENCE LOANS
Use Case: Multiple loans need to be commenced at the same time or segregation of duties requires a separate person to validate newly created loan and commence them.
STEP BY STEP PROCESS
- Navigate to the Commence Loans page by selecting NetLoan > Mass Update Loans > Mass Commence Loans
- Enter any desired filters and click Filter Results if you would only like a subset of pending loans to be commenced. Once you’re happy with the loan displaying in the sublist, click the Mark All button then click the Commence button.
- You will be redirected to a status page where you can refresh periodically to see the newly commenced loans
- Once the status is Complete you can click the Export button to save the processed results as a .csv file