This sub module is used to check whether a customer/client is eligible for a Loan that he or she is applying for.
The system will perform all the computations as well as give system recommendation on the Loan Application.
To access this module: Credit Management -> Operations -> Loan Origination-> Pre-qualification.
The following window will open up:
On the window below, fill in the following:
Customer Name - Click on the lookup icon to open the Customer Lookup dialog box:
Search for and select the customer applying for a loan.
The selected customer's details - Customer Type, Membership Status, Membership Wdr. Date, Domicile Branch, Employer Name, Duty Work Station, Admin Division, Identification Number #, Member Number, Account Number, Personal File Number - will be populated to the respective fields.
After selecting a member, the following tab will activate that displays the member's particulars -
Credit Scores - View the member's scoring on mobile loans (whether they qualify, by how much and reason for non qualification).
Customer Accounts - View list of the member's accounts.
Standing Orders - View a list of the member's standing orders.
Loan Applications - View a list of the member's non-disbursed loans still undergoing processing.
Bank Accounts - View a list of the member's bank accounts registered on the system.
Specimen - View the member's identity card specimen (front and back), signature and picture.
On the window below, fill in the following:
Loan Product - Click on the loan product look icon to open the Loan Product Lookup dialog box:
Select the appropriate Loan Product that the customer is applying for from the above list.
Once the loan product has been selected, the Loan Info tab will be shown and populate data on the loan's Loan Product Section, Annual Percentage Rate, Interest Calculation Mode, Take Home Type, Take Home Value, Loan Balance and Term().
After the loan info, there will be a field where you can enter the Amount Applied. This is the amount the member wishes to apply for.
In this case , we input an customer's basic income formula and ..
Basic Income - Enter the basic income amount of the member, the system calculates the customer's income qualification based on the loan product the customer wants.
Expression Button: There is an expression button at the end of the Basic Income field that lets you input the expression of the sum of allowances, gross income and deductions the member expects.
The total amount will then be populated on the Basic Income field. Click the Calculate button once done feeding the amounts.
The fields will be populated as below:
On the Income Adjustments tab, you can input the member's allowances and deductions amounts.
The member's income history can be viewed on the Payouts History (for company member) and Salary History (for company employee) tabs
In this case , the system appraises the customer.
Therefore to be able to see/view these instructions click on the “Appraisal" Button.
All the appraisal instructions will be displayed.
All the appraisal instructions will be displayed.
Recommendation : This section shows the Amount Applied, System Recommendation based on the least of Deposits, Security and Income qualification, and the System Remarks based on which type of qualification it used to make the recommendation.
Qualification : This section displays the member's Deposits Balance, Deposits Multiplier, Deposits Qualification (Deposits Balance * Deposits Multiplier),
Security Qualification, Income Qualification and Deposits Qualification.
Outstanding Balances & Repayment : This section shows the member's Outstanding Loans Balance, Maximum Entitled, Attached Loans Balance, Attached Carry Forwards Balance, Attached Clearance Charges, Total Attached Balance, Loan + Interest, Payment Per Period and Net Disbursement Amount.
Disbursement : This section shows the Disbursement Mode, Disbursement Category and the Disbursement Target.
Amount Appraised - The amount the member has been appraised that they can qualify for is input and shown here.
Remarks - Appraisal remarks are input here.
Consider Check-Off Deductions? - Tick this flag in case you want the system to use check off deductions when calculating deductions for income qualification.
There are four tabs below the Consider Check-Off Deductions flag.
Offsetable Loans Tab:
This tab shows the member's loans that can be offset by the new loan the member is applying for.
NOTE: See how selecting a loan to offset affects the Attached Loans Balance and the net disbursement amount.
The loans will also be added onto the list in the deductions schedule tab.
Voluntary Deductibles Tab:
Voluntary deductibles are captured on this tab.
These are deductions towards savings/investment/GL accounts the member would like to make on the loan disbursement.
NOTE: See how adding a voluntary deductible affects the net disbursement amount.
The deduction will also be added onto the list in the deductions schedule tab.
Deductions Schedule Tab:
This tab shows the list of all deductions that will be effected on disbursement of the loan.
Repayment Schedule Tab:
This tab shows the loan's repayment schedule.
