Page Comparison

Pre-Origination (0)

• Customer or Back-Office user has started creation of an application

• 
  AND
• Application hasn't yet been submitted

• Loan Application is being created
• Customer logs-in or an account is created for the customer

• Start page
• Origination

• Customer created in the system

• Basic customer and loan details are collected and entered into the system
• Initial decision to recommend/not recommend the loan application for approval is being made

Origination

• Recommend for approval
• Cancel the application

• Loan application has been recommended for approval  
  AND
• Credit product requires a commission of an "Origination fee" or "Pre-approval fee" type

OR

• Loan application has been approved
  AND
• Credit product requires a commission of a "Pre-disbursement fee" type

• We are waiting for the customer to pay a pre-approval/pre-disbursement fee

Underwriting

• Confirm that the payment has been received (enables further processing)
• Cancel the application

Initial payments expired (250)

• Pre-approval/Pre-disbursement fee has not been paid within the defined period

• The loan application is closed

Archive

• Collateral evaluation is required for the credit product ("Credit product → Use collateral" is on)
  AND
• Loan application has been recommended for approval at the Origination 

• The loan's collateral is being added and evaluated
• Decision to recommend/not recommend the loan application for approval is made

Collateral 

• Recommend for approval
• Return for reprocessing
• Reject the application
• Cancel the application

• Loan application recommended for approval at the Origination Stage 
  AND
• If required, the initial payment has been made
  AND
• If required, the loan application has been recommended for approval at the Collateral stage

• System is automatically processing the loan application in compliance with the credit product settings (Credit Bureau request, Business Rules and Scorecard checks)
• Subject to the system and credit product settings settings, automatic decision to recommend/not recommend/approve/reject the loan is made

• Risk Evaluation
• Underwriting 

(the actions are performed at the background and their results are visible on the Underwriting and Risk Evaluation workplaces)

• Automatically recommend for approval
• Automatically approve
• Automatically reject 

• The credit product requires a two-step approval
  AND
• Loan application satisfies all the previous conditions and checks (initial payment, collateral, auto-processing) 

• Loan application is being pre-checked by an authorized Credit Manager
• Decision to recommend/not recommend the loan application for approval is made (if recommended, the loan moves on to Underwriting)

Risk Evaluation

• Recommend for approval
• Return for reprocessing
• Reject
• Cancel the application

Bank Account Verification (100)

• Loan application has been recommended for approval 
  AND 
• Bank account defined for the loan application has not been confirmed

(this check may be performed at different steps of the loan application assessment (prior to disbursement)

Bank account verification process is required

• Request the customer to pass the bank account verification
• Return for reprocessing
• Cancel the application

Waiting for Bank Account Verification (102)

• Bank account verification has been requested

We are waiting for the customer to verify the bank account

• Risk Evaluation
• Underwriting 

• Contact the customer
• Return for reprocessing
• Cancel the application

Waiting for response from the bank service provider (103)

• Customer has passed bank account verification but the answer from the service provider has not been received

• Risk Evaluation
• Underwriting 

• Request another check
• Contact the service provider (beyond the system) 
• Return for reprocessing
• Cancel the application

• Bank account defined for the loan application has not been confirmed within the defined period

The loan application is closed

• Loan application returned for reprocessing
  (after Collateral or Risk Evaluation, or by an authorized Underwriter)

• Basic customer details are edited or updated
• Initial decision to recommend/not recommend the loan is confirmed or updated

Origination

• Recommend for approval (repeatedly)
• Cancel the application

• Manual approval is required for the credit product
  AND
• Loan application satisfies all the previous conditions and checks (initial payment, collateral, auto-processing, risk evaluation) 

• Loan application is awaiting for the decision of an authorized Underwriter
• Authorized Underwriter is taking the final decision on the application approval

Underwriting

• Approve
• Return for reprocessing 
• Reject
• Cancel the application

Waiting for offer confirmation (17)

• Underwriter has initially approved the loan and sent customer an offer (or several offers)
• The offer has not yet been confirmed by the customer

We are waiting for the customer to accept an offer

• Contact the customer
• Register offer confirmation in the system
• Cancel the application

Offer Declined declined (301)

• The customer has declined the offer

The loan application is archived

Offer Expired expired (302)

• Offer(s) has been sent to the customer
  AND
• No offer has been confirmed by the customer within the specified time period

• The offer has not been confirmed
• The application is archived

Waiting for signature (18)

• Loan application satisfies all the previous conditions and checks (in particular the offer is confirmed)
  AND
• Agreement has been sent to the customer  

• Contact the customer
• Cancel the application

The loan application is archived 

Agreement expired (20)

Waiting for Down payment (23)

• Customer has confirmed the offer (if required)
• The credit product requires a commission of a "Down payment" type

• Underwriting
• Servicing

• Contact the customer
• Register payment in the system 
• Cancel the application

• Loan application satisfies all the previous conditions and checks
• Loan application has been approved (as a result of Auto Processing or at the Underwriting workplace)

• Loan application is awaiting for disbursement
  BUT
• It can still be rejected by an Authorized Underwriter 

• Servicing
• Underwriting

• Initiate disbursement (Servicing)
• Reject (Underwriting)
• Cancel the application

• Loan application was rejected
  (as a result of Collateral or Risk evaluation; Auto Processing or authorized Underwriter's decision)

• Processing of the loan application is on hold
  BUT
• It can still be approved or sent for reprocessing by an authorized Underwriter
• Loan application is added to the archive

• Origination
• Collateral
• Risk Evaluation
• Underwriting
• Archive 

• Sent for reprocessing
• Approve

Gathering Investments

• Loan application has been approved
• The credit product implies peer-to-peer investment
• Not all required loan amount has been collected

• Investments for the loan are being collected

Servicing

• Reject
• Cancel 
• Register collection of the full amount of the investments in the system

Disbursement in Progress (14)

• Cancel
• Disburse manually

Disbursement Failed (13)

• Back-office user has initiated disbursement over a third-party system
  AND
• The disbursement has failed

• Initiate disbursement (Servicing)
• Cancel the application

Active (7)

• Loan has been successfully disbursed  to the customer

Loan is being serviced:

• Schedule is updated
• Payments are collected
• Any payment issues are registered

• Servicing
• Collateral (if collateral needs to be re-valuated) 
• Collection (if there are any past-dues)

• Register payment 
• Restructure the loan
• Set the loan to paid-off
• Set the loan to repaid

Past Due (8)

• Loan payment wasn't performed on time

There is a past-due debt for this loan that has to be paid

• Servicing
• Collection
• Collateral (if collateral needs to be re-valuated) 

• Register payment 
• Restructure the loan
• Set the loan as paid-off
• Set the loan as repaid

Repaid (9)

Written off (10)

Customer deleted (21)

Canceled (22)