No one likes to waste time and have to re-key deal information. Re-keying can be time consuming and increases the opportunity for human error. It’s ideal to allow your originators and/or partners, to submit a deal with just the click of a single button. The Tamarack Syndication for Salesforce app provides this useful functionality.
For brokers, this will save a considerable amount of time re-keying credit application information into a lender portal. While for lenders, offering brokers or vendors an API to submit deals will create a more seamless user experience and minimize re-keying mistakes. Tamarack has fully integrated lender APIs with Broker’s Salesforce instances using the Syndication for Salesforce app.
Salesforce.com features native functionality to build “Approval Processes.” Tamarack’s clients have used the configurable “Approval Processes” to implement authority rules for approving leases and loans. Using this functionality allows for more streamlined operations, complies with internal credit policies, and provides a comprehensive audit trail of the approval history. With some basic configuration, you can:
1. Setup Auto-Approval Rules (see Scorecard below)
2. Setup One or Many Approvers
3. Enforce Credit Authority limits
4. Lock records from further updates
The Approval Processes is mobile enabled in the Salesforce1 App allowing the approver to have remote access. From the Salesforce1 App, users can review credit bureau reports and exposure, as well as other credit elements and issue approvals directly from their mobile devices. In addition to credit approvals, the Approval Processes can also be used to approve vendors, programs, or credit policy exceptions.
A credit scorecard is an effective way to create objective measures of your applications. There are a variety of applications that can be used to create a scorecard. You can create a native scorecard using native Salesforce tools such as Process Builder. If you’re in need of a more robust scoring model, one that uses historical portfolio performance to return a score, there are a few options that should be considered:
•Orion’s SAIPH score which has a native app to Salesforce.com.
•Tamarack’s native PayNet for Salesforce app if you only need to pull PayNet reports.
•Tamarack also has a very simple “App” that allows you to pull attributes from anywhere on the Deal, Borrower, or PG and include those attributes in the Scorecard. It’s 100% configurable in terms of the values and weights that are applied.