How to Configure and Use Settlement Status Workflows

This article describes how to configure and use Restricted and Advanced Settlement Status Workflows within the FORTH system. It is intended for CRM Admins and Settlement Managers who configure and use restricted and advanced settlement status workflows.

The article is organized into the following sections:

• Overview
• Prerequisites
• How to Access
• How it Works
• Advanced Settlement Workflow
• Default Settlement Workflow
• How to Create a Status Workflow (restricted or unrestricted)
• Troubleshooting / FAQ
• Assistance

Overview

Settlement status workflows control how offers move through approval states and trigger financial transactions. Configuring a Restricted workflow establishes approval rules that prevent users from prematurely scheduling payments or bypassing required steps. The Advanced Settlement Workflow decouples key settlement actions from a single status, allowing precise control over when debts are marked as settled, performance fees are scheduled, and settlement payments are generated.

• Un-Restricted – allows offers to move to and from any status; or
• Restricted – follows the process and rules set by your company to get to the “Accepted” status.

Prerequisites

• Administrator user role access to the FORTH CRM.
• Contact your Account Manager to enable the Advanced Settlement Workflow setting for your account. This is an opt-in feature that is disabled by default to prevent any disruption to your current process.

How to Access

1. Log in to the FORTH CRM.
2. Navigate to Settlements > Settings.
3. On the Settlement Status page, click Status Workflow from the left-side panel.

How it Works

Advanced (Un-Restricted) Settlement Workflow

You may choose our Advanced Settlement Workflow so that you are no longer tied to a single status to trigger transactions. You can now define exactly when key settlement actions are to occur.

1. Select Restricted or Un-Restricted as the workflow type.

2. Select the starting status from the Default Offer Status dropdown menu. The only option that can not be used here is Accepted.
3. Assign statuses in the Settlement Status Behavior dropdown menus to configure separate triggers for marking a debt as settled, scheduling performance fees, and scheduling settlement payments.
4. Use the Active and Inactive radio button to select Default Transaction Statuses for settlement payments and earned performance fees.
5. Map workflow transitions by choosing a status under From Status and selecting one or more target statuses under To Status (e.g., In-Review, Creditor Accepted Offer, Completed). Ensure every From Status has at least one To Status, and at least one To Status leads to Accepted.
6. Select the User Roles permitted to transition an offer to each status.
7. Click Save Settings.

Default (Restricted) Settlement Workflow

If you choose not to activate this setting, once an offer is set to the “Accepted” status, the system will automatically transition the offer to “Completed” creating the corresponding transactions from the offer (SIPs and EPFs) on the payment schedule. This will be the final step in the offer workflow.

To configure a restricted workflow:

1. Login to the FORTH CRM .
2. Click the Settlements tab
3. Select Settings.
4. From the left panel, select Status Workflow. 
   
5. Select Restricted as the type of workflow to allow you to select which status moves to which status. 
   
6. From the Default Offer Status dropdown menu (see right side of the image above), select the status in which you want the workflow to begin. 
7. Click Save Settings.

How to Create a Status Workflow (restricted or unrestricted)

1. Scroll to the section shown below. In this section, you can define what status options will be available to update the offer "To" while an offer is in the "From" status. From -> To
   
2. Click the Select Some Options field under the To Statuses column, next to the status you are currently working on. You’ll notice the following, but may not be limited to, options:
   • In-Review
   • Declined
   • Completed
   • Creditor Reviewing Offer
   • Creditor Declined Offer
   • Creditor Accepted Offer
   • New Offer
   • SPIF Needed
   • Loanosity Offer Status
   • Offer Expired
   • send for approval
   • approved
     
     Any additional options are pulled from Offer Statuses you created. You can select as many as you need.

3. Select the user role(s) who will have the permission to transition the offer to that status. Example: Accepted -This means only the Admin can move the status to Accepted.
   
4. Click Save Settings.

SAMPLE

To make a workflow function like this:

The completed workflow in the Status Workflow settings would look like this:

Troubleshooting / FAQ

Why are transactions not generating after changing an offer status?
Transactions generate only after a debt is marked as settled. Ensure the status that marks the debt as settled occurs before any status that generates transactions in your workflow.

Can I use "Accepted" as a System Offer Status in the configuration dropdowns?
No. You cannot assign "Accepted" as a System Offer Status within these dropdown menus.

How should I handle the "Voided" status in the workflow mapping?
Leave the Voided status blank. Once an offer is voided, create a new offer rather than transitioning the voided offer.

Why does an offer automatically move to "Completed" when accepted?
Without Advanced Settlement Workflow enabled, setting an offer status to Accepted automatically transitions it to Completed and generates payments. Contact your Account Manager to enable Advanced Settlement Workflow and use a Restricted workflow to require manual approval steps.

Assistance

For further assistance, reach out to support@setforth.com.