In PrecisionLender, you can configure opportunity stages so that lenders working on opportunities in their pipeline can update the stage as the deals progress or are delayed.
In this Article
- Things To Consider When Setting Up Opportunity Stages
- Adding or Editing Opportunity Stages
- Deleting Opportunity Stages
Things To Consider When Setting Up Opportunity Stages
When considering which stages to include in PrecisionLender, it’s important to think about your current workflow. PrecisionLender provides a list of default stages as a starting point but these should be customized to match your needs and internal processes.
If your institution has licensed our CRM and/or LOS Integration module, then the opportunity stages in PrecisionLender will need to match the opportunity and/or loan stages in the CRM/LOS.
In addition, we recommend creating “Lost to Competition” and “Test” stages to capture deals lost to competition and test opportunities.
Adding or Editing Opportunity Stages
- Click on the Administration pane in the bottom left corner of the application
- Select the General tab from the menu on the left
- Click the Edit button for the Opportunity Stages section and you should see the screen below
- On this screen you can edit any current stages or create a new stage by clicking the New button
- The arrows on the left allow you to reorder the stages
- When you are done, click:
- Save to keep the changes you have made
- Cancel to discard the changes you have made
- This is how the stage will appear in PrecisionLender (Dashboards, Opportunity Grids, Pricing Screen, etc.).
- Allows you to bucket opportunity stages within a more-generalized categorization. The Opportunity Grid will show only the Opportunity Stages that have a status associated with them. The ability to status an opportunity as approved or closed will be impacted by a user's security profile and permissions.
- Open: Associated with the early stages of a deal. Common status names include "Quoted," "Actively Pricing," and "Terms Accepted."
- Awaiting Approval: Associated with the internal processing stages of a deal, such as "Underwriting"
- Awaiting Close: Associated with the final stages of a deal, such as "Awaiting Close," that may involve an external process component.
- Only users with the "Approve Loans" permission can move deals into this status
- In Origination: Use this status in conjunction with the Force.com LOS Connector. Assigning a stage the "In Origination" status allows PrecisionLender to automatically assign this stage to an opportunity once it has been submitted to the LOS for the first time.
- Closed Won: Associated with any "Closed" or "Won" stages
- Only users with the "Close Loans" permission can move deals into this status
- Closed Lost: Associated with stages related to lost deals, such as "Lost--Competition" or "Lost--No Decision"
- Testing: Associated with a "Test" stage, which should match an "Omitted" Forecast Category, if you've elected to allow test deals in PrecisionLender.
- Forecast Category
- Used to aggregate opportunity stages to better manage the dashboard, pipeline and production reports.
- Commit: You are expecting to win this opportunity.
- Pipeline: There is a pretty good chance of winning this opportunity.
- Best Case: There is a small chance of winning this opportunity.
- Closed : You've won the deal.
- Omitted : You are not planning to win this opportunity.
- Represents the probability that you will close and win an opportunity at this stage.
- Generally, the further you get into the process, the higher the probability becomes.
- Stages that represent lost opportunities should have a 0% probability.
- These numbers are used to help your users better categorize opportunities in their pipeline.
- Represents the stage a new opportunity will default to.
- This is usually the first stage in the loan’s lifecycle (i.e. “Quoted”).
- You may add a description for each opportunity stage. These will not show up within the application but may be helpful to include as you are setting each up.
Deleting Opportunity Stages
- Stages can be deleted by selecting the trashcan icon ().
- When deleting a stage, you will be prompted to indicate with which existing stage you would like to replace the stage you're deleting. All of the open opportunities with the stage you deleted will take on this replacement stage moving forward.