Oracle Banking Enterprise Originations

Transcription

1 Oracle Banking Enterprise Originations Functional Upgrade Guide Release E November 2017

2 Oracle Banking Enterprise Originations Functional Upgrade Guide, Release E Copyright 2011, 2017, Oracle and/or its affiliates. All rights reserved. This software and related documentation are provided under a license agreement containing restrictions on use and disclosure and are protected by intellectual property laws. Except as expressly permitted in your license agreement or allowed by law, you may not use, copy, reproduce, translate, broadcast, modify, license, transmit, distribute, exhibit, perform, publish or display any part, in any form, or by any means. Reverse engineering, disassembly, or decompilation of this software, unless required by law for interoperability, is prohibited. The information contained herein is subject to change without notice and is not warranted to be error-free. If you find any errors, please report them to us in writing. U.S. GOVERNMENT END USERS: Oracle programs, including any operating system, integrated software, any programs installed on the hardware, and/or documentation, delivered to U.S. Government end users are "commercial computer software" pursuant to the applicable Federal Acquisition Regulation and agency-specific supplemental regulations. As such, use, duplication, disclosure, modification, and adaptation of the programs, including any operating system, integrated software, any programs installed on the hardware, and/or documentation, shall be subject to license terms and license restrictions applicable to the programs. No other rights are granted to the U.S. Government. This software or hardware is developed for general use in a variety of information management applications. It is not developed or intended for use in any inherently dangerous applications, including applications that may create a risk of personal injury. If you use this software or hardware in dangerous applications, then you shall be responsible to take all appropriate failsafe, backup, redundancy, and other measures to ensure its safe use. Oracle Corporation and its affiliates disclaim any liability for any damages caused by use of this software or hardware in dangerous applications. Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners. This software or hardware and documentation may provide access to or information on content, products and services from third parties. Oracle Corporation and its affiliates are not responsible for and expressly disclaim all warranties of any kind with respect to third-party content, products, and services. Oracle Corporation and its affiliates will not be responsible for any loss, costs, or damages incurred due to your access to or use of third-party content, products, or services.

3 Contents Preface... v Audience... Documentation Accessibility... Related Documents... Conventions... v v v vi 1 Overview 2 Upgrade Impacts 2.1 Origination Capture Application Verification Stage Create and Accept offer Collateral Perfection Application Tracker Maintain Origination Preferences Settlement Process Flexibility iii

4 iv

5 Preface This guide covers the impacts of upgrading the functionalities of Oracle Banking Enterprise Originations from Release to Release This preface contains the following topics: Audience Documentation Accessibility Related Documents Conventions Audience This guide is intended for the users of Oracle Banking Enterprise Originations. Documentation Accessibility For information about Oracle's commitment to accessibility, visit the Oracle Accessibility Program website at Access to Oracle Support Oracle customers have access to electronic support through My Oracle Support. For information, visit or visit if you are hearing impaired. Related Documents For more information, see the following documentation: For installation and configuration information, see the Oracle Banking Enterprise Originations Installation Guide - Silent Installation. For a comprehensive overview of security, see the Oracle Banking Enterprise Originations Security Guide. For the complete list of licensed products and the Third Party licenses included with the license, see the Oracle Banking Enterprise Originations Licensing Guide. For information related to setting up a bank or a branch, and other operational and administrative functions, see the Oracle Banking Enterprise Originations Administrator s Guide. v

6 For information related to customization and extension, see the Oracle Banking Enterprise Originations Extensibility Guide. For information on the functionality and features, see the respective Oracle Banking Enterprise Originations Functional Overview document. Conventions The following text conventions are used in this document: Convention boldface italic monospace Meaning Boldface type indicates graphical user interface elements associated with an action, or terms defined in text or the glossary. Italic type indicates book titles, emphasis, or placeholder variables for which you supply particular values. Monospace type indicates commands within a paragraph, URLs, code in examples, text that appears on the screen, or text that you enter. vi

7 1 1Overview This guide covers the functional impacts of upgrading Oracle Banking Enterprise Originations from Release to Release If a functionality has an impact while upgrading from the previous version, the impact and related maintenances are included in this guide. Overview 1-1

8 1-2 Oracle Banking Enterprise Originations Functional Upgrade Guide

9 2 2Upgrade Impacts This chapter describes the upgrade impacts for different pages of Oracle Banking Enterprise Originations. 2.1 Origination Capture Application This section describes the upgrade impacts of functionalities in Origination. The following are the key functionalities added in the Capture Application process: The incremental data attributes are added to the External Refinance panel. System forces the user to capture incremental data attributes for the existing inflight applications. System allows the user to capture multiple Outgoing Financial Institution (OFI) account details in external refinance panel of product details step. System allows the selection of refinance types that are Internal Refinance and External Refinance in product details step and allows the user to capture Internal Refinance and External Refinance details in respective panels based on the selection. The capture of Employer Name is made mandatory for employment type Others and status as Casual, Non Resident and Contractor. The capability to capture incremental attributes such as Settlement Required, Self Conveyancing, and so on, for collateral type property is enabled. This information is used to identify whether the said property requires settlement or not. Modification of purchase or cost in funding table is not allowed. Collateral stage: Post upgrade all in progress and new application forms have the capability to initiate (optional), view the AVM details and initiate or Title Search details (optional) that are captured manually are available as part of Collateral stage. Collateral Valuation: All existing and new Valuation Request task title in BPM displays the Collateral address details. The valuation report validity is maintained for Collateral category - Valuation type combination level. New configurations to automate the valuation request task and perform Valuation report verification through external system is available. Existing tasks cannot be skipped or automated retroactively. Upgrade Impacts 2-1

10 Origination Verification Stage The following are the key functionalities added in the Verification Stage: As functionality to complete verification from Application Form has been introduced in this release, a Verification Type added in Application Form, which was not verifiable from Application Form before migration, may become verifiable in Application Form (based on configuration) post migration. As functionality of Contextual Verification has been introduced in this release, based on configuration done for context in Verification Type configuration, the verification page starts showing the data entered for the context in the Application Form against the Verification Type in the Verification Task or MCD and Application Tracker post migration which was not visible before the upgrade. As functionality to complete verification from MCD is introduced in this release, a Verification Type added in Application Form, which was not verifiable from MCD before migration, may become verifiable in MCD (based on configuration) post migration. Before migration, system created a single Verification Task for the Application. Post migration is such a submission (for which Verification Task is already created) is edited, the system based on configuration in BPM could create multiple Verification Tasks for the same Application based on Verification Category. As functionality to complete verification from Application Form, MCD and Application Tracker is introduced in this release, before migration, all verification types for the application were available in the same Verification Task. Post migration if such a submission (for which Verification Task is already created) is edited, the system based on configuration will make the Verification Type available for action in Application Tracker and not in the Verification Task Create and Accept offer The following are the key functionalities added in the Create and Accept Offer Tasks: Create Offer: All new tasks have the following capability but in progress tasks do not support them: Capability to accept resolved and adhoc additional inbound documents for the party and collateral entities. Government grant details captured in the facility details panel and carried forward till settlement. The Optional documents are by default hidden by the system and the system displays only the mandatory documents in outbound documents panel. User can add optional document from the optional document pop up page. The outbound documents can be reused (from previous instance) or regenerated multiple times. Accept Offer: All new tasks have the following capability but in progress tasks do not support them: Capability to scrutinize the uploaded inbound documents. Government grant details captured in the facility details panel and carried forward till settlement. 2-2 Oracle Banking Enterprise Originations Functional Upgrade Guide

11 Origination Collateral Perfection The signed outbound documents is uploaded, validated for reference number match and verified by the banker. As part of Accept Offer submit, the system validates for Pending KYC and Financial consent declaration expiry. Capability to capture the subsequent mortgage consent (conditional) in case of second mortgage scenario. The offer extension cannot be extended beyond the maximum extension period maintained at bank level. Capability to follow up periodically with customer (alerts and notifications) for the receipt of documents. Common for Create and Accept Offer: Post upgrade the look and feel of the Create and Accept Offer details appear different due to the redesigning of the pages. Solicitor as an outbound document recipient is available. The outbound document panel displays the recipient role for each document recipient. In case of multiple asset applications in a submission, the banker views other applications offer tasks details directly from the current task. Ability to re-dispatch already generated or dispatched outbound documents, that is the banker can re-dispatch the already generated versions of document. The covering letter displays the pending inbound documents list details. The outbound document panel has the capability to filter and view the outbound documents list by recipient name or document status in case large number of outbound documents are resolved. New outbound documents like Authority to Act (in case of external refinance), Name Change document (if collateral document title deed name does not match with party name) and customer consent for second mortgage (when other bank mortgage has higher priority over bank charge) are available. The Verification, Collateral, Valuation, Title Search details and view or edit of Solicitor details is available in the Create or Accept Offer tasks itself. Capability to capture the booking details and payout instruction. All new tasks have the following capability but in progress tasks do not support them: Post upgrade the look and feel of the Collateral Perfection details appear different due to the redesigning of the page. Configuration to directly create the collateral perfection human task or wait till creation event is triggered from Application Tracker post document upload or manual wake up from is available. If configured to wait for trigger from Application Tracker then banker can either upload documents to automatically initiate the Collateral Perfection human task creation or by clicking wake up button to manually initiate the Collateral Perfection human task creation. Upgrade Impacts 2-3

12 Origination Application Tracker If Collateral Perfection human task is initiated then in this case - User accessing Application Tracker will have option to upload, generate and dispatch documents and view the other details in read only. Back office user can suspend the Collateral Perfection human task and wake it up in Application Tracker as explained in point a. The actual completion of the perfection task has to be completed from human task only. The following are the key functionalities added in Application Tracker. The Verification Details stage supports: Verification category wise routing to one or different human tasks. Ability to wake up the suspended verification tasks from Application Tracker. Complete Verification through Application Tracker. The Offer Letter details stage supports: Improved usability and user experience. Upload of inbound and outbound documents from Accept Offer task. Manually or automatically wake Accept Offer task (if suspended). The Settlement Instruction details are shown as a new stage in Application Tracker with: Improved usability and user experience. Perform settlement booking creation, modification, cancellation, update booking status and confirm settlement/ revoke confirm settlement for a booking. Upload of customer documents or cheque directions for the bookings. The Collateral Perfection stage supports upload of inbound or outbound documents and manual or auto wake up of human task from Application Tracker. Role based access control (no access, read only, upload only, booking only and all access) is available on Verification, Offer Letter and Settlement stages in Application Tracker. Role based access control (no access, read only, conditional and all access) is available on due diligence details, edit or withdraw submission and withdraw application actions from Application Tracker. The Term Sheet expiry can be extended and new Term Sheet document can be freshly generated and dispatched. The complete submission history of the submission across edit submissions for all the tasks is shown in the Application Tracker. The complete Task History for the BPM human tasks is shown in Application Tracker Maintain Origination Preferences The following are the key functionalities added in Origination Preferences: 2-4 Oracle Banking Enterprise Originations Functional Upgrade Guide

13 Origination Settlement The verification process in capture application and application tracker for frontline banker and credit officer is enabled based on the configuration in origination preferences. System allows the user to configure maximum period for offer extension and allow offer expiry to be extended in Create Offer task. Provision to configure LVR value as Bank Value, Market Value or Both and display the relevant LVR on Funding page and Key Indicator panel drawer. The financial validity period check is controlled in Accept Offer task based on the configuration in origination preferences. The guarantor financials is captured in the Application Form based on the outcome of guarantor financial rule. The due diligence for applicants, guarantors and affiliates should be completed before offer acceptance or not is derived based on the configuration. Term sheet extension is allowed based on the configuration in origination preferences. Settlements Instructions task is part of the work flow within Origination after offer acceptance by the customer. Settlement Instructions task is created in the BPM Worklist based on the configuration of Settlement Required flag at each product group in Product Manufacturing module. The settlement process is enhanced to support physical and digital settlement process along with fund settlement. The settlement process for physical and digital settlement includes the functionality of Settlement Booking and capturing Settlement Instructions as part of the Origination process. Physical Settlement The process of property settlement involves the exchange of all relevant legal documents and cheques between the buyer and the seller of a property. This exchange is necessary to not only complete the conveyance process but also finalize the real estate transaction. This exchange typically happens at a particular location, date and time. Digital Settlement Digital Settlement minimizes the manual processes and paperwork associated with property settlement by enabling lawyers, conveyancer and financial institutions to transact together online. It enables you to lodge documents and complete financial settlements digitally. The following settlement types will be resolved in the settlement instruction task: Purchase: The settlement type Purchase is applicable in the settlement task only when the customer is purchasing a property and the same property is given as collateral. During the Capture Application process, system allows the user to add one or multiple collaterals in collateral train stop as per the existing behavior. As part of Release , user is allowed to classify whether the said collateral requires settlement or not. If Settlement is applicable, then system checks if the said collateral is linked against an OFI in External Refinance quick task of structure solution and if system finds the collateral is not linked against an OFI in refinance quick task then the settlement type will be identified as Purchase. Upgrade Impacts 2-5

14 Origination Refinance: The Settlement type Refinance is applicable in the settlement task only when the customer is refinancing the property and the same property is given as collateral. During Capture Application process, system allows the user to add the collaterals in collateral train stop as per the existing behavior. As part of Release , the user will be allowed to classify whether the collateral requires settlement or not. If Settlement is required, then system checks if the said collateral is linked against an OFI in External Refinance quick task of structure solution that is manual refinance and if system finds the collateral is linked against an OFI in External Refinance quick task then the settlement type is identified as Refinance. (Note: In this case, Quick Refinance flag is unchecked at facility level). Quick Refinance: The Settlement type Quick Refinance is applicable in the settlement task only when the customer is refinancing the property and the same property is given as collateral. During Capture Application process, system allows the user to add the collaterals in collateral train stop as per the existing behavior. As part of Release , user is allowed to classify whether the collateral requires settlement or not. If Settlement is applicable, then system will check if the said collateral is linked against an OFI in Refinance quick task of structure solution, if system finds the collateral is linked against an OFI in refinance quick task and quick refinance is applicable then the settlement type is identified as Quick Refinance. Equity Loan: The Settlement type Equity is applicable in the settlement task only when the customer is applying for the loan and provides the property as collateral which does not require settlement. During Capture Application process, system allows the user to add the collaterals in collateral train stop as per the existing behavior. As part of Release , if settlement is not applicable for the said collateral then system identifies the settlement type as Equity Loan. Internal Refinance: The borrower applies for a new lending product to avail various benefits and intends to close the existing liability within the bank by switching to the new offer or product. User selects one or multiple internal accounts for partial or complete closure of the loan accounts in product details step of application form. Such internal accounts are displayed under settlement type Internal Refinance in the Settlement Instruction task. User will select the funds from source account or contribution account to complete the settlement process. Additional Payout: If none of the settlement types are resolved in settlement instruction task then user will be allowed to capture Additional Payout in settlement instruction task and disburse funds. For example, the borrower applies for an unsecured personal loan with the bank. Usually for personal loans the customer is not expected to provide any collateral as security to the bank. In such cases, bank will capture the financials of the customer and perform credit check. If the outcome of the decision engine is approved then bank will disburse the funds into customer account. In such cases, system will not default any of the settlement type in the settlement task. User will 2-6 Oracle Banking Enterprise Originations Functional Upgrade Guide

15 Origination Process Flexibility click on Additional Payout option and capture the payout instructions as requested by the customer. All new tasks have the following capability but in progress tasks do not support them: Post upgrade the look and feel of the settlement details appear different due to the redesigning of the page. The task displays existing Title Search reports related to the collateral linked to the settlement. The banker can initiate a check search for the title (if required). As part of check search process if an adverse response is received, then the system automatically calls for a complete title search process. Following are the key enhancements added as part of Process Flexibility: Process Flexibility: System has free navigation along with guided flow. Panel Drawer: Three new panel drawers are available on the right hand side. Documents is moved from section on top to one of the panel drawer. The document panel drawer also shows hyperlink to standard documents required for product group and party type combination. Key Indicators: It shows information about the product group (including the information about the collateral) and serviceability. Summary: A new panel drawer named Summary is available. This shows information for the submission (similar as shown on review & submit page) and it is available from any of the pages. Property as collateral is required to be captured for at collateral section and not at product section. System supports bundle and campaign as part of same submission. Guarantee type of collateral is automatically added, if there is a guarantor in submission. Validate button is available on top of screen. System performs the validation for the entire capture application form on clicking Validate or Submit button. System allows the banker to convert IPA to full application during the capture application process. Upgrade Impacts 2-7

16 Origination 2-8 Oracle Banking Enterprise Originations Functional Upgrade Guide