Approve and Close Applications

Learning Objectives

After completing this unit, you’ll be able to:

Explain how Digital Origination—India for Lending can be used to determine risk and application deviations.
Describe the final steps of loan approval.
Identify the objects that track final loan offers, repayments, and bank account details.
Explain how lenders can manage relationships after loan origination.

The Final Steps

An applicant submitted an application with help from a relationship manager. Your credit processing assistants validated data and Know Your Customer (KYC) checks. Now the application is with your underwriting team, who will make a decision based on the available information.

That includes a review of the risks, final verification of the data, and sending the final offer off to the applicant to accept.

In this unit, you explore these tasks and beyond, as an application is closed and booked to your core banking system.

Reviews, Decisions, and Deviation Management

As your underwriters begin their review of an application, they have plenty of data to review from the earlier stages of the process.

This data also gives your underwriters critical details about an application’s risk. Digital Origination—India for Lending automates risk analysis using Flows and the Business Rules Engine to assess and assign a risk category to the applicant’s party profile risk record.

With some configuration, the system can also generate critical ratios and track anomalies found during application evaluation in the Application Form Product Deviation object. For example, suppose an application’s loan-to-value ratio falls outside of your normal range for approval. The system automatically tracks this detail in an application form product deviation for underwriters to review from the application form record.

Underwriters can also manually identify and track deviations from an application form and seek managerial review. This is helpful when an underwriter wants to suggest approving an application even if its important ratios or other values are outside normal limits.

Finally, an underwriter tracks their decision by using the Application Form Evaluation object.

Then, to create an offer, underwriters use the Application Form Product Proposal object. Application form product proposals include details about interest rates and interest rate types, dates for validity, details of monthly payment, and total interest. Underwriters define the terms, conditions, and covenants of a loan in the related Application Form Term object.

These records store both pre-qualification and final offers.

Process Control and Compliance Checks

While underwriters have the tools to decide on a loan, they can approve loans only in compliance with your organizational rules and government regulations. Digital Origination—India has several tools to enforce compliance.

Underwriters can use Stage Management not only to manage processes and external data callouts but also to verify all previous work and stay compliant. Your underwriters can check the audit trail of all tasks and integrations that ran before an application came to their attention. And underwriters can clearly see the steps to approve an application if your organization includes those tasks and integrations in Stage Management.

Optionally, add Process Compliance Navigator to your Salesforce org for more detailed compliance checks and risk management. Process Compliance Navigator brings compliance and controls together in one integrated system, unlike traditional, disparate Governance, Risk, and Compliance (GRC) solutions that are separate from where your team does their work. See Process Compliance Navigator in Salesforce Help for details.

Generate Documents and Collect Signatures

If the loan application is compliant, your team moves ahead to collect signatures and other details to finalize the offer.

Your organization can connect Digital Origination—India to services to generate documents, such as provisional sanction letters, acceptance letters, and rejection letters. Your team can also integrate Digital Origination—India with external services to collect e-sign and e-stamp through email, SMS, phone, or mail.

Use Stage Management to call these integrations before your organization books a loan to core banking systems, and make an electronic signature or electronic stamp a requirement to transition the loan to the Book to Core stage.

Repayment and Bank Account Details

Before a loan is booked to core and disbursed, your organization must also collect repayment and bank account information.

The predisbursement operations workflow collects this data through a separate form from the application. The repayment form collects bank account and repayment structure details, and then stores the information by using the Payment Mandate object.

India-specific integrations verify the applicant's bank account with Indian Financial System Code (IFSC) and bank account verification integrations to make sure a borrower’s loan payments are routed correctly.

Plus, the predisbursement operations workflow includes a placeholder for a callout to your core banking system to book the loan and create the loan account.

With that, your underwriter’s work is done on this loan—but the work for your organization continues.

After Loan Origination

By using Digital Origination—India and its lending features to manage applications, reviews, and approvals, your team collects and stores data to improve your processes and build a strong relationship with borrowers.

First, use your data to set up efficiency metrics so that managers can adjust how your team works to speed up the process and avoid bottlenecks in your process.

Then, to build strong relationships, account managers use Salesforce and Agentforce Financial Services to manage loan accounts and address borrowers’ needs during the extent of the loan. Digital Origination—India also works with the relationship and case management tools in Agentforce Financial Services, so your organization has a complete tool box to work from.

Finally, to manage borrowers who don’t repay their loans, add Collections and Recovery features to reduce delinquencies and maintain positive customer relationships. Learn more about how Collections and Recovery works with Digital Origination—India and Agentforce Financial Services by exploring the links in the Resources section.

Wrap Up

In this badge, you learned how Digital Origination—India simplifies end-to-end loan origination in Salesforce. You learned how to set up loan products and pricing by using various objects to support automation.

You also explored how application intake is simplified with tools such as Discovery Framework, Omnistudio Omniscripts, and the Business Rules Engine. These features create guided forms, collect applications, and generate offers dynamically.

Finally, you learned how to review applications using the Underwriter Console, manage collateral, perform compliance checks, and use features for approval and managing the loan lifecycle.

Now, apply this new knowledge to streamline your organization's lending processes and deliver a faster, more seamless digital experience to your applicants and borrowers.

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