Quarterly Release Notes

Leasepath Update 2021.2 (#3.8.0)

New Features in This Release:

Identity Verification

UCC Filing Integration

More Details on the New Feature:

Identity Verification with IDology

The ability to perform identity verification for new applicants has been added via integration with IDology.

UCC Filing Integration with CSC Global

The ability to perform UCC filings through CSC Global has been added.

Other Items

Email Web Application Link from Contact

The ability to send an email from a Contact record with a link to a web application form has been added.

Relevant details will be pre-populated on the application form using the details from the Contact and related parent Account.

When the application is submitted the new Opportunity that gets created will be linked to the existing Account and Contact.

In order to activate this function, the “Contact Application URL” must be populated on the Leasepath Configuration record, within the “Default Portal Settings” tab.

Funder Submission – Funder Approval Terms

A new section has been added to the Funder Submission form to allow the terms of the Funder approval to be recorded. Note that these details are captured for informational purposes and the system currently does not enforce any validation on the Active Finance Structure based on these values.

Lead Changes
  • Bankruptcy – Date of Discharge
    • A field has been added to each of the “Contact” tabs on the Lead form to allow the “Date of Discharge” to be captured for previous bankruptcies.
  • Primary Contact – Guarantee
    • Fields have been added to allow the user to indicate whether the contact is a Guarantee and the Guarantee Type.
    • These fields will default based on the Leasepath Configuration settings.
  • Second and Third Contacts – Home Address
    • A “Same as Business Address” checkbox has been added to the Home Address section for Contacts 2 and 3
  • Second and Third Contacts – Originating Lead
    • When a Lead is qualified, the “Originating Lead” field will now be populated on Contacts 2 and 3, if applicable
Contact Changes

A “Date of Discharge” field has been added under “Has Ever Declared Bankruptcy” on the Financial tab.

Opportunity – Primary Manufacturer

Manufacturer - A new field has been added to the “Sales Channel” section on the “Summary” tab to allow the primary Manufacturer to be captured. This is a lookup to the Account table.

Opportunity Split for Credit Approved Opportunities

The ability to split an Opportunity which has multiple assets, and which has been credit approved is now available. Previously Opportunities could only be split prior to credit approval.

In addition to choosing which Asset(s) should be moved to the new Opportunity, the user can also select which Funder Submissions and Attached Documents should be copied or moved to the new Opportunity.

A Credit Decision of “Approved” is created for the new Opportunity with the Approval Amount set to the sum of the Asset Cost on the new Opportunity.

A new option has been added to the “Opportunity Credit Settings” section within Leasepath Configuration to control which Security Role is required to split an approved Opportunity.

Credit Approval Tolerance – Finance Amount Percentage Option

The ability to set up a Finance Amount percentage tolerance value for changes which may happen after credit approval has been added.

The tolerance values can be set up on the Financial Product within the “Opportunity Credit Settings” tab.

If the Finance Amount is increased after an Opportunity has been approved and the change is outside the configured percentage tolerance range (compared to the value at the time of the last credit approval) the system will:

  • “Invalidate” the credit approval
    • Opportunity “Credit Approval Status” is set to “Pending”
    • Opportunity “Credit Approved” is set to “No”
  • Create a Note for the Opportunity with details of the changes
  • Display a warning message at the top of the Opportunity form:
    • “Credit Approval is no longer valid, please re-submit to Credit.”
Financial Product Changes
  • A new option has been added to the End of Term Options for “12 Month Extension”.
  • A new option has been added to the “Disbursements – Percentage Of” field for “Total Asset Cost”.
    • This option can be used to calculate the Vendor Participation Fee as a percentage of Total Asset Cost.
Finance Structure – Default Name

New options have added to Leasepath Configuration (within “Finance Structure Settings”) to control how the default Name is assigned when a new Structure is created:

The configuration above would default the name to the term + the name of the selected Financial Product e.g., “36 months Finance Lease”

The alternative is to use some standard name text with a sequence number automatically appended as per the current behaviour but with the ability to provide the text e.g., “Finance Structure” or “Quote”.

Split Asset – Option to Append Sequence Number

A new option is available on Leasepath Configuration to control whether a sequence number is appended to the Asset Description when an Asset with a Quantity greater than 1 is split into multiple Asset records.

The new option is called “Split Asset - Append Sequence Number” (Yes/No).

Asset – Vendor Invoice Details

The following fields have been added to the “Vendor Details” tab on the Asset form:

  • Vendor Invoice Number
  • Vendor Invoice Date
Bank Relationship – Bank Statement Details

A new tab has been added to the Bank Relationship form to allow key details from customer Bank Statements to be captured:

Experian Bankruptcy Plus Model Score

The Experian US Bankruptcy (BK) Score has been added as an available Measure within the Credit Scorecards feature.

The “Experian BK Score” field has been added to the Credit Scorecard tab on the Opportunity form.

MicroBilt Secretary of State – Business Registration

Additional Business Registration details are now being captured on the Corporate Credit Report record when a Secretary of State search is done via MicroBilt.

Default Opportunity Insurance Details from Account

When a new Opportunity is created from an existing Customer Account, the Opportunity insurance details will default from the Account insurance settings.

Funder Link Defaults

The ability to set up defaults for the Financial Pacific “Residual Type”, “Transaction Type” and Term has been added to the Funder Profile – Profile tab.

In addition, an Active Finance Structure is no longer required to submit to Financial Pacific or Pawnee via Funder Link. If a Finance Structure is not available, the “Preferred Term” from the Opportunity will be used in the submission details.

PayNet Defaults

The ability to set up defaults for the PayNet “Product Option” and “Score Option” has been added to Leasepath Configuration, within the “PayNet Credit Reports” section.

Security Role Changes

The “Merge” privilege has been removed from the following Roles:

  • Leasepath Credit Analyst
  • Leasepath Sales Team Manager
  • Leasepath Valuation Analyst
Issues Resolved in this Update
  • Portal App Submission results in an error if Default Guarantee Type not populated.
    • This issue has been resolved.
  • Asset Valuation – Zero Values not populating on Asset (Market Value and Forced Sale Value)
    • This issue has been resolved.
  • Finance Structure – Last Payment Date could calculate incorrectly under specific scenarios

This issue has been resolved.

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