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Collect Loan Applications

Learning Objectives

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

  • Describe how the Application Form object tracks a loan application.
  • Explain how Discovery Framework and Omnistudio Omniscripts create guided, multi-applicant assessments.
  • Identify how Business Rules Engine Expression Sets generate loan offers.
  • Describe the tools used to manage document collection for a loan application.
  • Explain the role of disclosure and consent management in the application process.

The Digital Application Intake Process

After your organization defines its loan products and presents them to potential loan applicants, the next step is to collect applications.

In Digital Origination—India, the Application Form object is the central entity that tracks a loan application. The Application Form Product child object tracks details of the specific loan product an applicant is requesting, such as the loan type, requested amount, and tenure. Several tools work together to collect application forms and related records and to support your applicants and relationship managers throughout the intake process.

In this unit, you learn how to use guided forms built with Discovery Framework and Omnistudio Omniscripts for multi-applicant intake. Plus, explore how Business Rules Engine generates loan offers, how to collect required documents, and tools for disclosure and consent management.

Guided Application Forms and Multi-Applicant Intake

In Digital Origination—India, your admins create guided application forms using Discovery Framework and Omnistudio Omniscripts. Discovery Framework gives your organization tools to create digital forms that collect and validate data, avoiding time-consuming and error-prone manual methods. Every captured response is traceable and auditable for compliance.

Your relationship managers use these forms for assisted application intake, or applicants can use them to apply on their own. For applicant self-service, deploy forms on your site or an Experience Cloud site to collect applications.

Your admins get a headstart setting up forms when they use prebuilt templates that add sample Omniscripts, Omnistudio Integration Procedures, Omnistudio Data Mappers, and assessment questions to your Salesforce org. Plus, with additional configuration, your organization can prefill fields with information it already has about an applicant. Here’s an example form with some details entered.

The applicant details step of a basic information form.

The intake process uses different forms to capture application and payment details. The answers from each form are stored in an Assessment object record.

  • An information form collects initial product and applicant details.
  • During predisbursement, a repayment information form collects mode of repayment, bank account information, Indian Financial System Code (IFSC), and other details after a loan application has been approved.

Reviewers can access assessment details from an application form’s Assessments related list.

These digital forms are powerful and intelligent intake tools. However, most often, loan applications also require document attachments.

Document Collection

As part of the application process, your organization also collects documents from applicants to verify their identities and other information.

The Document Checklist Item object organizes required loan documentation using a structured system of document types and document categories. With this structure, your organization can group files under broader categories, such as grouping Personal Account Number (PAN) cards under Proof of Identity and utility bills under Proof of Address.

There are two ways to manage which required documents your organization shows to your applicants: Either specify them directly in your forms or dynamically determine the documents to request using business logic.

To hard-code specific required documents, add a File Upload component to your Omniscript form.

For the more flexible approach, use the Document Matrix component within your Omniscript. The matrix works with a Business Rules Engine decision matrix to determine the required documents and shows the list to the users.

Whichever approach your organization takes, the system stores documents in document checklist items linked to applicants, application forms, and party profile records. These connections help reviewers and underwriters easily verify uploaded files against data stored in related records. Learn more about that process in the next unit.

Next, let’s explore how to include disclosure and consent in your application intake process.

Digital Origination—India simplifies disclosure and consent management. You're probably already familiar with these terms, but just in case, here are some definitions.

  • Disclosure is information that a financial institution is required to share with a customer regarding product details, terms, and conditions.
  • Consent is the explicit permission a customer grants to the institution to perform specific actions on their behalf.

Disclosures and consents appear as a step in the application process and use Omniscript components that can collect digital signatures and provide an audit trail.

A signed consent in an application form.

As with other Digital Origination—India features, Business Rules Engine automatically determines the necessary disclosures and consents based on the type of application or other conditions. Use a Business Rules Engine decision matrix to define the reasons to show certain disclosures and collect certain consents for different applicants.

Digital Origination—India can be configured for India-specific consents such as Aadhaar and PAN authentication, and credit checks. Learn more about these India-specific checks and integrations in the next unit.

Offers and Pricing by Using Expression Sets

As an applicant completes their application, they want to quickly know the details of the loan they qualify for and review an offer. The system determines offers by using expression sets within Business Rules Engine.

To set your offer criteria and automate decision-making, customize the provided expression set templates. These expression sets call decision matrices that use applicant data to calculate loan terms. For example, by using a decision matrix for loan offer rates, you can determine an offer’s interest rate, rate type, and offer start and end dates. This matrix calculates these details based on factors such as the applicant's risk category, age group, annual income category, and the requested amount category.

After Business Rules Engine calculates loan offer details, the Offers FlexCards UI can present them to the applicant or one of your relationship managers. Check it out.

An offer as it's presented to an applicant.

This offer gives your team and your applicant a good idea of the details of a potential loan, but there’s more work to do before closing and disbursement.

What’s Next?

In this unit, you learned that Digital Origination—India uses Discovery Framework and Omnistudio Omniscripts to create guided application forms for collecting loan data.

Plus, you learned the basics of how to collect applicant documents, present disclosures, collect disclosure acknowledgments and consents, and generate automatic loan offers.

In the next unit, explore what happens in the post-intake processing stage as your team begins to review a submitted application and verify details.

Resources

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