You are able to add Conditions of Approval to an assessment in the Assessment Module.
Conditions can then be mapped to print outputs such as Conditional Approval letters.
Each Condition is able to be marked as 'Unmet' (and then Met). You can also allocate conditions to be completed by other parties.
Where can I create Conditions of Approval?
You create and add Conditions of Approval in the Assessment Module. If you are working on an Action Item you will need to navigate out of Processes and into the Assessment Module.
Once there, you will be able to add Conditions here:
What detail do I add when I create a Condition?
When you click "add New", you will get a "New condition of approval" screen:
Add a title for the Condition
Add further detail about the Condition
Target Team: which team in your organisation is responsible for completing the Condition. Note you can set a Condition to remain with you, then you should note the team you belong to.
Nominated Person: Who you are targeting specifically to own this condition.
You can select yourself
You can set Conditions for Formal Approval
You can set conditions that must be met before you formally approve the deal eg:
You can set Conditions that will need to be met prior to Settlement
In this example, I am setting a Condition to be completed prior to Settlement; and have allocated to the Settlements team:
What happens when a Condition is created?
When the Condition has been created, two things will happen:
The screen will change to set with the details; and also the functions to finalise (mark as done) the condition. You will return to this screen to finalise the condition when you are ready:
And in the Assessment Summary main screen, the Condition will now be listed (and not yet completed):
How many Conditions of Approval can I add?
You can add as many Conditions of Approval as you need to; and you can come and go to this section whenever needed (you don't have to do all of them at once). If you add multiple conditions, they will be listed here:
How do I communicate these Conditions of Approval to brokers/applicants?
Depending on your Omni configuration, you will have a number of ways to communicate the Conditions to your broker/applicant.
Generate a Conditional Approval Letter
The primary way that you will communicate the Conditions of Approval is to generate a Conditional Approval Letter. To do this, go to the "reporting" widget, and select Conditional Approval Letter:
The click "Generate New":
Your Conditional Approval Letter will generate, and when ready it will be listed as a Generated Document, which you can download to review.
And when you download the Document, you will see the Conditions listed (exact content and wording will depend on your Letter design)
Upload the Letter to the relevant Action Item
You should navigate back to the Process/Action Item for generating a Conditional Approval; and upload the letter here as a record:
When finalised, you can PASS the action item.
Send the Conditional Approval to your Broker/Applicant.
Currently, generally this is done via email.
Automated Conditional Approval Emails
Some Lenders have automated conditional approval emails which are sent to relevant parties (brokers, applicants), when the Omni record status changes to Conditional Approval.
How do I complete/finalise a Condition of Approval?
When you are ready/know that a condition has been met, you should go back to the Assessment Summary and then 'finalise' the condition. In this example, the valuation has come back and I want to note this condition as completed. In the Assessment Summary, I click on the Condition:
When I have re-opened the Condition, I can change the Condition Decision to Met, Add Comment and upload any documents that I would like to add:
When I am ready, I can then "Pass" the Condition:
In the Assessment Summary screen, your Condition will then be marked as "Passed":
