In the table, the workplaces (except settings) are placed in the order they are used supposedly in a typical Loan Application lifecycle.
Along with the actions listed below, at each workplace related to loan management (everything but Reports, Tools and Settings), it is possible to:
Leave a comment on the loan that will be visible to other Back-Office users. In case of a need, tag a specific user to send a notification about the comment.
Raise a flag on the loan or the customer
Initiate, manage, and register contacts with the customer
View the loan application status path
Workplace | Description | Actions available in the workplace | Loan Statuses | Required Permissions | |
|---|---|---|---|---|---|
Origination | A Back - Office user creates the a loan application, provides its details basic details of the customer and the application, and sends it for further approval. In case of a need, the Back - Office user can also cancel the application. If no additional checks have been added, the application will be sent for auto-processing. |
| Origination Reprocessing Pending initial payment | Loan Origination | |
| Branch management | ||||
| Assignment officer | ||||
Collateral | If the credit product requires collateral and a corresponding loan application has been originated and sent or for approval, this loan application is available on the Collateral workplace. It includes all the actions related to collateral, from its creation and assessment and to approving/rejecting the loan application based on the assessment results. |
| Collateral Past Due (if revaluation is required) Active (if revaluation is required) | Collateral management | |
Risk Evaluation | If the credit product requires two-step verification and a corresponding loan application has been originated and sent for approval, this loan application is available on in the Risk Evaluation workplace. It includes all the actions related to the initial verification of the loan and making decision decisions about the reasonableness of its further processing based on this assessment. | ONLY Risk Evaluation
| Waiting for approval | Risk Evaluation | |
BOTH Risk Evaluation and Underwriting
| Blacklist | ||||
Underwriting | Once a loan application has passed all the necessary preliminary checkchecks, it is awaiting waiting for the final approval (that which is followed by signing providing customer and offer and signing the loan agreement). All the actions related to such final approval of the loan application are performed in the Underwriting workplace. | Waiting for Approval Loan offer confirmation Gathering Investments Waiting for Customer Signature Bank account verification Pending initial payment Gathering Investments Approved Rejected | |||
ONLY Underwriting
and reject the loan if any of the preconditions haven’t been performed
| Underwriting | ||||
Servicing | Once the loan agreement has been signed and the loan application has been approved for disbursement, it is available in the Servicing workplace. If the disbursement is performed by an integrated payment system, it is performed automatically. Servicing includes all the actions related to the loan from the moment of disbursement and to the closure of the loan. | If the loan has not been disbursed automatically (due to the process or the disbursement failure) it is possible to:
| Approved Active Past Due | Blacklist | |
On Servicing for all disbursed loans (including past due) & on Collection for past due loans
On Servicing & Collection only for past due loans
| |||||
Collection | If a loan payment is overdue the loan details will also be visible in the Collection workplace. Loans in the Collection workplace are also visible in the Servicing workplace and can be handled by the Loan Manager as described above. | Active Past Due | |||
Only on collection:
| Past Due | ||||
Archive | After the loan application has been rejected, canceled, | cancelled or fully repaid it is automatically archived and moved to the Archive workplace |
| Rejected Agreement Declined Agreement Expired Restructured Repaid | |
| Edit/Reverse repayment transaction | ||||
Reports | At different stages of the loan application processing different users, including heads of the departments, employees, and managers may need specific reports, which are available in the Reports workplace. The workplace contains all the account reports including custom and built-in reports. The users granted access to the “Reports” (in permissions) can access the following built-in reports: |
| Subject to the report | ||
Settings | This is a workplace of the company admin that allows managing all kinds of settings related to the company account and its processes |
| Not applicable | ||
Tools | This is a set of tools, access to each of which can be granted specifically to a user. |
| Not applicable | Blacklist |