The "Approved - Ready for Disbursement" page includes all applications for which the applicants have signed the closing documents and the loan funds are ready to be disbursed.
Step 1. Open an individual application page
Clicking on the hyperlinked App # displays the "Review History" window in the individual application page by default. The "Disburse" button is located at the bottom right of the window.
For those institutions processing ACH disbursements on Happy Mango, clicking this button will open a pop-up window for confirming the ACH disbursement details: originating account, destination account, date of transfer. For those institutions not using Happy Mango for disbursements, the pop-up window will simply confirm if disbursement has been completed.
Step 2. Waiting for ACH transfer to complete
For those institutions processing ACH disbursements on Happy Mango, once the ACH disbursement begins, the "Disbursement Status" column on the "Approved - Ready for Disbursement" page will update to "In-Progress". If there is any issue with the disbursement, an error note will appear in this column.
Step 3. Create the new loan record
The Disbursement Status on the "Approved - Ready for Disbursement" page will automatically update to "Completed" when the ACH payment processing is done. Loan officer must open the individual application page to click the "To Loans" button to create a new loan record for this application. The corresponding loan will be found on the active Loans pages.
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