This post is the last in the four-part series: Address Origination Challenges with Salesforce for CDFIs. The series discusses Craftsman Technology Group’s strategies to optimize the intake, application, underwriting and closing stages of loan origination using Salesforce. In this post, we will discuss how Craftsman leverages Salesforce to manage closing processes while addressing origination challenges for CDFIs. 

If your organization is interested in Salesforce projects or administration, learn more about our CDFI Accelerator or get in contact with us.

Closing Challenge #1: Document Generation

How can CDFIs generate closing documents with data from the loan origination system?

• DocGen Solutions. Salesforce easily integrates with document generation solutions such as Nintex DocGen or Apsona so users can create documents that contain data from Salesforce. Once the templates are set up, users can create client specific promissory notes and other closing documents with a few clicks.  Many Craftsman clients leverage Nintex DocGen to generate documents directly from the system.

Closing Challenge #2: Obtaining Applicant Signatures

How can a CDFI easily obtain and track signatures?

• DocuSign. Craftsman has helped clients integrate DocuSign with Salesforce to collect and track client e-signatures for closing documents. In this case, when a user generates a Nintex document package for a specific loan, the user can easily choose to send those documents via DocuSign. Once all parties have signed, the user receives a notification email and the signed documents are automatically attached to the appropriate record in Salesforce. 

Closing Challenge #3: Transition to Servicing

How can Community Development organizations make the transition from origination to servicing as seamless as possible?

• Integrations. Salesforce prides itself on its ability to integrate with other systems.  Craftsman has seen Salesforce work well with the following loan servicing solutions:
  • Fundingo: Since Fundingo is also built on the Salesforce platform, the transfer of data from origination to servicing is as simple as automatically copying the information from one Salesforce object to another. Craftsman has worked with the team behind Fundingo, known as CloudMyBiz, to implement this solution for Hebrew Free Loan Society. The result is a streamlined transition between loan origination and loan servicing, all in one platform.   
  • DownHome Loan Manager (DLM): Together with the DLM team, Craftsman has implemented an integration between Salesforce and DownHome Loan Manager. Upon closing, key loan data is sent from Salesforce to DLM, automating the process of new loan set up in DLM and avoiding manual re-entry of data. Craftsman is currently working on another DLM integration for our mutual client ECDI, a leading SBA microloan intermediary serving the states of Ohio, Kentucky, Indiana and soon, West Virginia. In this case the integration will be bi-directional; not only is key loan data sent from Salesforce to DLM, but also loan portfolio data, such as balances and delinquency information, is sent from DLM to Salesforce.  
  • TEA. CommonGoals Software, the creators of TEA, have performed integrations with Salesforce for Craftsman clients, among them Invest Detroit. The integrations have been bi-directional, where new loan data is sent from Salesforce to TEA, then TEA feeds back to Salesforce loan status information.

Closing Challenge #4: Disbursement Requirements + Cash Outflow

Can a CDFI easily track disbursement requirements and cash outflow?

• Disbursement Workflow. Craftsman can create a custom-built disbursement workflow in Salesforce, complete with approval steps. Craftsman is working with a few clients to develop such a workflow so that funds are not disbursed without the relevant documentation and approvals.

Closing Challenge #5: Tracking Impact and Compliance

Can a CDFI easily collect and report on impact data and covenants over time?

• Baseline Metrics. Baseline metrics such as current and projected jobs, revenue and debt coverage ratios need to be collected by the closing stage in order to measure the impact and track covenants of the loan over time. Community Development organizations can build an online form to collect such data prior to disbursement.
• Changes Over Time. Annual surveys can be created as online forms and automatically sent on anniversary days to collect impact and compliance metrics over time. Craftsman is working with several clients to implement these periodic surveys.
• Salesforce Reports and Dashboards: Results of annual impact surveys and loan portfolio data can be combined, analyzed and visualized using Salesforce reports and dashboards.    

Craftsman clients have used Salesforce add-ons such as Nintex DocGen and DocuSign to facilitate the closing document generation and e-signature process. Integrations with loan servicing systems automate the transfer of data from Salesforce to servicing solutions, and vice versa. Salesforce can continue to play a role by tracking disbursement workflows and collecting impact and compliance data, both baseline and over time. 

This blog series has explored the ways in which Salesforce has made the loan origination process more effective and efficient in all four major stages – intake, application, underwriting and closing. For more information on Salesforce for CDFIs please contact us at info@craftsmantech.com.