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Loanosity DSL Integration

  • Updated
Doc. Number Article Title Effective Date Version
FHC-XX Loanosity DSL Integration July 03, 2024 2.3

 

This article was developed to describe the credit/finance integration for Loanosity Debt Settlement Loans, or "DSL" (formerly New Line Loan). If you wish to learn about the Loanosity Debt Consolidation Loan (DCL) program, please click HERE. This article is broken down into the following sections:

Overview

Loanosity DSL offers debt settlement program loans for consolidating debt. With this new integration, Loanosity DSL is now an option available to clients to pay off their debt. The Loanosity DSL integration is used after a client has already been enrolled in a program and wants a loan to pay off that program.

NOTE: This feature relies on the Forth client being enrolled in the Loanosity DSL program (confirm with Forth Sales if you have any questions).

 

Qualifications for Submission to Loanosity DSL

IMPORTANT: Contacts being submitted to Loanosity DSL must have enrollment plans where the Earned Performance Fee (EPF) is set as Fee1, or else the calculations for determining the data sent to Loanosity will be incorrect, which may affect the contact's eligibility for Loanosity DSL.

To submit to Loanosity DSL, the following information must be available:

  • First and Last Name,

  • Date of Birth (DOB),

  • Email,

  • Balance in Escrow Account,

  • FICO Score Saved (This field in the CRM is automatically filled when the contact has their credit pulled via the various credit pull integrations we have).

The Loanosity DSL integration has recently been updated so that if a custom settlement offer status is selected (in the example below - "Loanosity Offer Status"), then the loan application balance and fee amounts are calculated utilizing the debts settlement balance and settlement fee in the selected settlement offer status (see example below).

Loanosity DSL Settlements Tab View Top Right Jul2024.png

Activating this Integration

To learn more about activation, features, and pricing, please contact or call (630) 394-6260.

 

Submit Loan Application

Use of the Loanosity DSL integration begins by logging in to the CRM and going to the “Contacts” tab. From here, search for an existing user by entering the User’s ID in the Search field at the top left of the screen. Once you select the contact, click on the “Loans” nested tab (i.e., subtab). You should see “Loanosity DSL” and a “Submit Pre-Approval Application” button next to it (see example below.)

Loanosity DSL Client Tab to Loans Subtab Submit PreApproval Jun2024.png
NOTE: A "Secondary Assigned Company" is required to be set for this contact to proceed. Otherwise, you may not be able to submit the Loanosity DSL application.

Once you click the “Submit Pre-approval Application” button, a pop-up screen appears (see below).
Loanosity DSL Submit PreApproval Application View Jun2024.png

Confirm that all information listed is accurate, and if you wish to submit co-borrower information click the checkbox at the bottom left of the page, just under the "Home Phone" (highlighted by a red arrow in the image above). At this stage, the user is requesting Loanosity to act on this request for pre-qualification. Once they have, the user will be notified and Loanosity will update the status to “Pre-Qualified”.

Criteria for Clients

A customer has to meet a certain set of criteria to submit from this page. The conditions used by Loansoty DSL are summarized below:

  • Six Consecutive Monthly Payments must have cleared.

  • Only debts that are in enrolled and/or settled status will be included in the loan application total from Loanosity.

  • The loan state must be one of the following: `MA`, `MD`, `AL`, `AZ`, `AR`, `CA`, `DE`, `FL`, `ID`, `IN`, `KY`, `MI`, `MO`, `MT`, `NV`, `NJ`, `OK`, `PA`, `SD`, `TN`, `TX`, `UT`, `NY`, `IA`

  • The borrower's SSN must be in ‘999-99-9999’ format.

  • The Start Date must not be empty.

  • When one of the above conditions is not met, display the error message “Cannot Submit: REASON”

    • The reason is tied to the condition not being met.

If the client qualifies (i.e., all required conditions listed above were met), and if accepted, the Loans Nested Tab (i.e., subtab) in the menu bar will reflect the application being reviewed (see below).
Loanosity DSL Conditional Approval Jun2024.png

The client will then see an active green “Submit” button at the bottom right of the popup page to submit their application. The client may also cancel the application by clicking the “Cancel” button at the bottom right of the pop-up page. Initiate the final request by clicking the green “Submit” button.
NLL_Submit.png

NOTE: Only debts that are in enrolled and/or settled status will be included in the loan application total from Loanosity.

All enrolled debts are used to calculate the loan balance to be used by the Loanosity loan application. The calculation uses an enrolled but unsettled debt's current balance and applies a multiplier to calculate a provisionary balance for the loan application.

The final balance is the sum of expected debts settled balance and associated performance fees (i.e., A+B+C+D+E - as shown below).

The formula to determine the settlement amount is as follows:

Item

Multiply By

Result

Total Debts Balance

The sum of enrolled, unsettled debts with no summons or judgment.

0.5

A

A + B +C

The sum of enrolled, unsettled debts with a judgment or summons.

0.85

B

Total Sum of Open Settlement Payments

-

C

The formula to determine the performance fee amount is as follows:

Item

Multiply By

Result

Total Settlement Fees

The sum of enrolled, unsettled debts

Enrollment Plan Fee %

D

D + E

Total Sum of Open, Active “Performance Fee” transactions for settled debts

-

E

NOTE: Unenrolled debts will not be used in the calculation.

Below is an example of the calculations shown above:

Debt Balance

 

 

 

 

 

Debt ID

Debt Amount

Enrolled/Settled

Judgment/Summons (Y/N)

Multiple

Source

Loan Balance
1
$1,000.00
Enrolled
N
0.5
Automatic
$500.00
2
$2,000.00
Enrolled
Y
0.85
Automatic
$1,700.00
3
$3,000.00
Settled
N
0.4
Settlement
$1,200.00
4
$4,000.00
Settled
N
0.4
Settlement
$1,600.00

 

 

 

 
Settlement Total

 
$5,000.00

Debt Fees

 

 

 

 

 

Debt ID

Debt Amount

Enrolled/Settled

Judgment/Summons (Y/N)

Multiple

Source

Loan Balance
1
$1,000.00
Enrolled
N
0.2
Enrollment plan
$200.00
2
$2,000.00
Enrolled
Y
0.2
Enrollment plan
$400.00
3
$3,000.00
Settled
N
0.2
Settlement
$600.00
4
$4,000.00
Settled
N
0.2
Settlement
$800.00

 

 

 

 
Fees Total

 
$2,000.00

 

 

 

 
Loan Application Total

 
$7,000.00

 

A notification will then appear at the bottom of the page, whether accepted or not. If not, the Loans tab within the Client Dashboard will reflect the denial (see below).

Loanosity DSL Declined Jun2024.png

In addition, an accepted submittal is recorded in the contact’s “History Tab” (see below).
Loanosity DSL History Subtab Listings Jun2024.png

 

 

Article Version History: 

Version Effective Date Description
Basic 10/14/2022 Initial Release with updated screenshots and steps clarified.
0.1 11/02/2022 Minor Update - added header and version control footer, and added a clarifying statement in the "Activating this Integration" section.
0.2 01/20/2023 Replaced company references with Forth for rebranding.
1.0 02/10/2023 Eliminated extraneous language to improve understanding.
2.0 07/05/2023 Updated title to Loanosity DSL (branding update) and added additional instruction about the Earned Performance Fee being set as "Fee1".
2.1 06/10/2024 Refreshed screenshots to reflect the current user interface and updated one bullet point in "Criteria for Clients".
2.2 06/25/2024 Added paragraph addressing general loan calculations.
2.3 07/03/2024 Updated portions reflecting the new "custom settlement status" feature.
     
     

 

 

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