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Origination: creation and collection of initial data and/or initial approval of the loan application
Collateral: collection of the collateral details, its assessment and decision on whether the application can be sent for further approval
Risk Evaluation: additional manual verification of whether the application can be sent for further approval (follow auto-processing)
Underwriting: decision on the application approval, creation of an offer / agreement, final check before disbursement
Servicing: disbursement and further servicing of a loan
Collection: used in case of debt and late payments
Archive: applications that are no longer processed or serviced (rejected, cancelled, closed, etc.)