- Overview of the Oracle Unified Loan Origination Process Lifecycle
- Overview of the Oracle Unified Loan Origination Process Lifecycle
- The loan officer begins by navigating to the
- Create Loan Application
- page.
- You have completed the
- Overview of the Oracle Unified Loan Origination Process Lifecycle
- topic.
- The loan officer uses the
- Create Loan Application
- page to create and submit a loan application.
- The loan officer completes all required fields pertaining to the loan details.
- The loan officer completes all required fields pertaining to the business information and saves the details.
- The loan officer completes all the required fields pertaining to business assets and liabilities.
- The loan officer completes all the fields pertaining to owner assets and liabilities information.
- The loan officer completes all the fields pertaining to the owner information and saves all details.
- The loan officer completes all the fields pertaining to owner income and employment information.
- The loan officer clicks the
- Submit
- button, to save and submit the loan application.
- Loan personnel use the
- My Tasks
- page to process loan applications.
- The loan officer double-clicks the
- Task
- to open the loan application.
- The loan officer uses the
- Obtain approval from
- applicant
- for loan application
- number
- page to collect applicant signatures for a loan application.
- The loan officer views the application form and prints it for the applicants to sign.
- The loan officer uploads the signed application form.
- As an optional task at this stage, the loan officer uploads other relevant documentation.
- The loan officer clicks the
- Submit
- button, which saves and submits the signed loan application form.
- The loan processor double-clicks the
- Task
- object to open the loan application.
- The loan processor uses the
- Collect documentation from
- applicant
- for loan application
- number
- page to collect applicant documentation and collateral information.
- The loan processor uses
- View Checklist
- to verify that the required documents are uploaded.
- The loan processor completes all the fields pertaining to collateral information and saves the details.
- The loan processor clicks the
- Submit
- button, which saves and submits the applicant documentation and collateral information.
- The loan processor double-clicks on the
- Task
- object to open the loan application.
- The loan processor uses the
- Review owner and business credit for loan application
- number
- for
- applicant
- page to view applicant credit information.
- The loan processor views the business credit score, along with collection or delinquency information, if any.
- The loan processor views the owner credit score, along with collection or delinquency information, if any.
- The loan processor clicks the
- Submit
- button, to save and submit the applicant credit information.
- The compliance analyst double-clicks the
- Task
- object to open the loan application.
- The compliance analyst uses the
- Verify business identification documents for loan application
- number
- for
- applicant
- page to verify business identification documents.
- The compliance analyst completes all the fields pertinent to business identity verification.
- The compliance analyst clicks the
- Approve
- button, which saves and submits the business document verification.
- The compliance analyst double-clicks the
- Task
- object to open the loan application.
- The compliance analyst uses the
- Verify owner identification for loan application
- number
- for
- applicant
- page to verify applicant identification documents.
- The compliance analyst records the document verifications.
- The compliance analyst clicks the
- Approve
- button, which saves and submits the applicant document verification.
- The loan underwriter double-clicks the
- Task
- to open the loan application.
- The loan underwriter uses the
- Evaluate loan application
- number
- for
- applicant
- page to check all loan and applicant information.
- The loan underwriter records the underwriting decision.
- The loan underwriter clicks the
- Approve
- button, which saves and submits the underwriting decision.
- If the
- Electronic Signatures Ruleset
- is set to
- false
- , the loan application is routed to the loan processor. The loan processor double-clicks on the
- Task
- to open the loan application.
- The loan processor uses the
- Obtain final signatures from
- applicant
- for approved loan application
- number
- page to collect applicant signatures for the loan application contract.
- The loan processor views the contract and prints it for the applicants to sign.
- The loan processor uploads the signed contract.
- The loan processor clicks the
- Submit
- button, which saves and submits the signed contract.
- The loan processor double-clicks the
- Task
- to open the loan application.
- The loan processor uses the
- Perform final review of approved loan application
- number
- for
- applicant
- page to approve final disbursement.
- The loan processor approves the final disbursement.
- The loan processor clicks the
- Approve
- button, which saves and submits the disbursement decision.
- The loan processor checks the
- Identity Verified
- option.
- Original Path
- Oracle Unified Loan Origination (ULO) Process Accelerator is a process solution that enables organizations to submit, approve, and track loan applications. Oracle ULO provides dashboards to view process analytics and loan application summary reports. Administrators can modify the business rules and the drop-down lists.
- Oracle ULO is a role-based solution; your role determines the tasks you can perform.
- Oracle ULO delivers the following roles:
- The loan officer submits new loan applications.
- The loan processor collects documentation and collateral information, checks owner and business credit ratings, and initiates disbursement of loans.
- The compliance analyst performs owner and business ID checks.
- The loan underwriter performs the final rejection or approval of loans.
- The Loan Origination Process is the main business process for Oracle ULO, and the focus of this topic. Because Loan Origination is a top-level process, it consists of inline and callable subprocesses. The Unified Loan Origination Process diagram is depicted as follows, with an explanation of the process.
- Unified Loan Origination Process
- The Unified Loan Origination Process involves the following basic steps:
- The loan officer creates the loan application and obtains applicant signatures.
- The loan processor collects the documentation and collateral information needed for approval of the loan.
- The
- loan processor checks business and owner credit ratings, while the compliance analyst performs ID checks. (Collateral appraisal and background checks are done automatically.)
- The loan underwriter performs the underwriting review and makes the final decision to reject or approve the loan.
- If the loan is approved, the loan processor prepares for disbursal and disburses the loan.
- This topic walks through the Oracle Unified Loan Origination Process illustrating how loan personnel submit, approve, and track loan applications.