Review Loan Applications
Learning Objectives
After completing this unit, you’ll be able to:
- Describe the key features and purpose of the Underwriter Console for loan application review.
- Explain how Stage Management coordinates automated and manual tasks.
- Describe the Applicant and Party Profile objects.
- Explain Know Your Customer (KYC) integrations to validate applicants and documents.
- Describe how Collateral Management tracks and manages pledged assets for secured loans.
Review and Verify Information
An application is in, and the applicant provided much of the information your organization needs to decide on a loan using the guided form.
This is a great starting point, and the next step for your team is to verify that information. Not all of this work is manual, of course, as Digital Origination—India’s prebuilt integrations help your organization validate applicant information during post-intake processing.
In this unit, you learn about the tools and features your credit processing assistants and underwriters use to verify information and prepare a loan application for a final decision. Start by exploring the console where this work is done.
Meet the Underwriter Console
In Digital Origination—India, the lending review process happens in the Underwriter Console.
The Underwriter Console is a unified workspace for credit processing assistants and underwriters. It minimizes manual processes to reduce the time taken to gather information, make a decision, and close the loan.
The console provides a single, comprehensive view of a loan application and its related data. It includes tabs and components to view information, such as:
- An applicant’s profile with Know Your Customer (KYC) details, such as their credit profile, employment, income, assets, and liabilities.
- Deviations for the loan product.
- Loan documents uploaded with an application.
These details aren’t visible to everyone in your organization. Digital Origination—India manages access to information with Compliant Data Sharing, which your team uses to set up advanced data sharing rules for the entire loan process.
Your organization defines that process, from intake through closing, by using Stage Management to simplify complex loan processes and external data needs. Stage Management defines a comprehensive workflow for application form and application form product records through each stage, coordinates internal and external verification processes, and guides your team with stage transition criteria for manual tasks. Learn more about external verification processes in a later section.
Now that you understand where your team does their work and how to define stages, learn more about tools for each task.
Triage Applications and Verify Details
You now know that lenders can use Stage Management to coordinate complex verification processes. Those processes can include both manual and automated tasks and those tasks performed by your team and external partners.
Automated Tasks
For automated tasks, Stage Management handles callouts to third-party APIs and other systems through Integration Definitions.
Your team can monitor the real-time status of external checks with components such as the Integration Execution Status Lightning Web Component and the related IntegrationOrchestrationShowIntegTimelineDetails Flexcard. These components visualize the progress of external callouts and show the status of each data integration process.
With this information, your credit processing assistants can verify and confirm the results of automated checks before passing the application ahead for a final decision. For example, a loan processor can review the credit check and credit report integration to check whether either of them failed.
If an integration fails, the system can try the callout again. This step makes sure that temporary network or system failures with external service providers don’t halt the review process for long, contributing to quicker turnaround times.
Manual Tasks
Use Stage Management to coordinate manual verification processes stored in the Information Verification object, such as address verifications, employment verifications, and property reviews for collateral.
These manual tasks can be dependent on other tasks. For example, configure an initial appraisal of collateral followed by an in-person visit to inspect that collateral for final valuation.
If your organization works with an external partner for these tasks, you can also use Stage Management to assign these tasks to those agencies.
Another common task your team undertakes at this stage is to review and validate an applicant's details and documents.
Validate an Applicant and Their Documents
In Digital Origination—India, loan applicant details are stored in the Applicant object and the related Party Profile object. Each applicant record tracks application-specific data about an applicant, while party profiles and related object records store reusable Know Your Customer (KYC) information, such as identity verification results, risk rating, and PAN details.
KYC data can come from India-specific KYC integrations. Included features make it quicker to connect with local service providers for Aadhaar authentication, PAN authentication, Video Know Your Customer (Video KYC), Anti-Money Laundering (AML) risk screening, and others. For example, an integration can check whether your loan applicants have uploaded a valid PAN card, and then extract the PAN card details to speed up the process and reduce errors introduced by manual data entry.
A credit processing assistant reviews party profile details to verify automated checks and credit information.
Credit processing assistants can also use document checklist items in the Underwriter Console to confirm that uploaded documents on an application are valid. By using the Validate Document feature, credit processing assistants can even compare documents against application forms, applicants, party profiles, and application form products in a split-screen view.
For example, for identity and address verification, credit processing assistants can compare data in CRM records against an uploaded image of a government-issued identification document.
For complex information verification processes, use Stage Management to define and manage the specific steps required for due diligence. Share your stage management workflows, tasks, and related records with external partners through partner sites to enhance collaboration.
One process where State Management and external partners are often involved is in verifying collateral. Learn about that process next.
Collateral Management
For secured loans, credit processing assistants and underwriters use Collateral Management to track pledged assets by using the Party Financial Asset and Application Form Product Collateral objects.
Collateral Management connects a party financial asset to an application form product and then manages lien tracking and stores deviations of important collateral-evaluation metrics, such as loan-to-value.
Collateral Management can also track the appraisal process, including initial appraisals, final appraisals, and adjustments.
You can also use one asset as collateral for multiple loans, also called cross-collateralization, or pool several assets as collateral. Track whether an asset is part of a group of assets, such as a group of apartments, and monitor liens and security interests held against the group.
Lenders can use Collateral Management to track physical verifications of the collateral and associate them with valuation adjustments made during appraisal. This ensures that verification data is accurately reflected in the final appraisal value. Use Stage Management to manage your due diligence processes and tasks, both those your organization handles internally and those managed by partners.
Collaborate and Manage Tasks
As an application moves through the approval process, it’s also important for your team to monitor progress and work together.
By using the Record Stage Overview component, your credit processing assistants, underwriters, and managers can collaboratively review the status of the automated and manual steps at each stage of the loan process.
The component provides a comprehensive view of the stages and tasks in each phase of the loan origination workflow. By using this view, your team can quickly triage applications and prioritize work.
Assign a task directly to a particular user or applicant by using the Application Action Item object. Your team can assign tasks to anyone with access to the application through Compliant Data Sharing. For example, assign an employee to verify an applicant's employment details or assign the applicant to upload missing documents.
What’s Next?
In this unit, you learned that the Underwriter Console is the central workspace for loan review and credit processing. Let’s recap.
You learned how Stage Management coordinates verification processes, including automated checks and manual tasks. Applicant and document validation is managed using the Applicant and Party Profile objects with India-specific KYC integrations. For secured loans, Collateral Management tracks pledged assets, and the Record Stage Overview component tracks progress and manages tasks.
Imagine your team has completed these reviews and verifications. The application is ready to go to underwriting for a decision. You start there in the next unit.