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VENTURES
Collateral Import Added
A new import has been added in our Data menu > Imports > Collateral submenu. Lenders will now be able to import collateral records, along with any associated information, into existing Ventures records.
GATEWAY
Add same Document Request for same Assignee
Ventures users can now add the same document request an unlimited number of times, assigned to the same individuals or leave unassigned, in Documents > Requests menu. Previously, there was a restriction to how many of the same document request you could add. This could be helpful if you had requested a document, they provided it, and now it has become "expired." You can now add your new request for the same document to get an updated version.
Email notification for applications In Review status - All Document Requests Completed
You can now receive a notification when an In Review status application, that you have been assigned to, no longer has outstanding document requests. If opted in, the email notification will send when an In Review status application no longer has Incomplete status Document Requests. This means all document statuses would be Pending Review or Complete. This can be helpful to better gauge how complete the application is after moving the application to In Review status. You can enable this notification in your Profile > Notifications menu > Gateway section.
PAYMENTS
Line of Credit Features
Ventures now supports boarding a conventional commercial line of credit.
The following are optional fields when boarding an account with the Line of Credit (Revolving) checkbox checked:
- Funding Date
- Maturity Date
- Initial Disbursement (you can board a line of credit with a $0 balance)
% of Principal Payment Type
Ventures now has the ability to set a payment amount based on a percentage of the outstanding principal balance. Payment = (Principal Balance x % of Principal Outstanding) + Interest + Fees
There is also an option to set a minimum payment in case the % of principal gets lower than your institution would prefer.
Deduct Fees from Funds Available Calculation
Ventures now allows you to deduct fees from the calculation of Funds Available. When this option is checked in Loan Type setup, the Funds Available value will be reduced by all outstanding fees. (Gear icon > Reference > Loan > Loan Types > (select a Loan Type or create a new one) > Payments Settings)
