Settlement Status Workflows

This article was developed to describe how to configure Settlement Status Workflows in the CRM. It is organized into the following sections:

• Overview
• Advanced Settlement Workflow
• Default Setting Workflow

Overview

Two types of workflows can be used during the settlement process:

• 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.
  
  NOTE: We recommend using a Restricted workflow to create an approval process to regulate what status an offer can be moved to from its current status.

Advanced 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.

IMPORTANT: 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.

Once enabled in your Forth CRM Settings, you will find “Settlement Status Behavior” dropdown options and a “Transaction Behavior” section on the "Status Workflow" portion of the page (see the highlighted portion of the image below).

Please note that while setting 'Restricted' as the Status Workflow is not mandatory, it is strongly recommended. Without it, users could bypass the statuses that mark an offer as settled and schedule payments. The status that marks the debt as 'Settled' must occur before any statuses that generate transactions in your workflow. If transactions are reached before the debt is marked as settled, they will not be created. This is another key reason why using 'Restricted' with the Advanced Workflow is highly recommended.

NOTE: System Offer Status that cannot be used: “Accepted”

The dropdown menus in these sections highlighted in the image above are for you to assign the statuses to configure separate status triggers for marking a debt as settled, scheduling performance fees, and scheduling settlement payments. Radio buttons are available to assign Default Transaction Statuses of Settlement Payments and performance fees.

Default Setting 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 your offer workflow.

To configure a restricted workflow:

1. Login to the CRM and go to Settlements tab > Settings.
2. From the left panel, select Status Workflow. 
   
3. Select Restricted as the type of workflow. This allows you to select which status moves to which status. 
   
4. From the Default Offer Status menu, select the status in which you want the workflow to begin.
5. Click Save Settings.

Take note of the following before you create your workflow:

• Each “From" Status” option should have at least one “To Status” option.
• At least one “To Status” option, must contain an “Accepted” status.
   

 To create a status workflow (whether restricted or unrestricted):

1. Scroll to the section below:
   
2. Click Select Some Options 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 the Offer Statuses you created. You can select as many statuses as you need.
     
     NOTE: We recommend that you leave the “Voided” status blank. Once an offer has been voided, create a new offer.
      
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:

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