What do I do and in what order

What do I do and in what order

The standard flow will be:

  1. In Odyssey - a quote is approved and becomes a loan OR an endorsement is approved against an existing loan
  2. Before settlement is to be done, no need to do before that, do the following in Clearquote:

  1. Sign Into Clearquote
  2. Import the loan or endorsement into Clearquote to become a funding quote
  3. Update the details on the funding quote that are required for funding, example warehouse, funding warehouse, credit rating etc.
  4. Create the funding option  and flag as "Calibrated". When complete flagged as "Locked"
  5. When you are ready to fund,
    1. If the funding quote is NOT funded through the warehouse, update the funding status to "Ready to Fund" on the tranche page, or the funding option page. The platform will automatically generate the tranche notes on the funding start date.
    2. If the funding quote is funded through the warehouse create a warehouse draw and add the funding quotes to be included in the draw.
  6. Warehouse Draw.
    1. Once all the loans have been added that you need in the draw, Verify to see the PCL results
    2. If satisfied with the results" Commit the draw to utilisation", this will produce a report document that can be sent to AMAL
    3. When the bank purchases the draw, mark the draw as "Confirmed". This will then automatically create tranche notes for any funding interest and if requited for seller interest on the tranche note start dates.
If at any stage there are changes to the quote in Odyssey, the quote can be reimported into Clearquote and the funding options regenerated. Is it important that in Odyssey at any point in time before the loan is active, that any changes are made to the quote and not the loan. This may required the Odyssey quote to be "unsubmitted".

NOTE!
  1. When an loan is imported, any endorsements included in the loan when it is imported for funding, will be already be included in the outstanding balance and thus the funding for the loan. These endorsements will not be imported again separately.
  2. Any endorsements added to a loan after the loan has been funded will need to be imported and funded separately.
  3. If a loan is imported and checks done, if days go by before that funding quote is added to a draw, you will need to recheck the loan on the funding quote page to make sure the latest details and balances are included.

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