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            Create a Collateral in Digital Lending

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            3. Financial Services Cloud Admin Guide

            Create a Collateral in Digital Lending

            Loan officers create ‌collateral and add details related to the party financial asset such as liens, insurance policies.

            Required Editions

            Available in: Lightning Experience

            Available in: Professional, Enterprise, and Unlimited Editions
            User Permissions Needed
            To set up Digital Lending: Digital Lending permission set

            Collateral management begins when the applicant declares a party financial asset as collateral during the loan application stage. Application form and application form product is created upon submission. Then, the underwriter associates a Party Financial Asset with the Collateral.

            1. In the App Launcher, select Digital Lending.
            2. In the menu, select the Application Form Products.
            3. Open a Application Form Product record.
            4. Go to the Related tab.
            5. Under Application Form Product Collateral, select New.
            6. Select for a Collateral Asset.
            7. Select the status of the Application Form Product Collateral.
            8. Select a Party Financial Asset and any lien associated with the Party Financial Asset.
            9. Enter the Pledged Value.
              A Party Financial Asset Relationship record is created to associate the new Party Financial Asset to the current Application Form Product.
            10. Save your changes.

            After completing the collateral appraisal, either by a third party or the bank, record details such as due diligence, title clearance, insurance policy, and any legal checks under the Information Verification record.

             
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