Underwriting workplace overview

The main responsibility of the Underwriter is to make decisions on whether the loan application should be approved.

The loan applications approved by originators and collateral officers (if applicable) can be found in the Underwriting Workplace. Here’s what it looks like:

Users with permission to Underwriting Workplace can filter loan applications by:

  • Time

  • Status

  • Branch

  • Credit product

Loan application statuses

Loan application statuses available in the System are as follows:

Filtering option

Description

Active

All loan applications that have statuses "Waiting for Approval", "Approved", "Disbursement Failed".

Waiting for approval

Loan applications with the "Waiting for approval" status:

  • sent by an Originator;

  • filed by a borrower.

Approved by me

Loan applications approved by this user.

All approved

All approved loan applications:

  • approved by this user;

  • approved by other users with the Underwriter role;

  • automatically approved by TurnKey Lender System.

Rejected

All rejected loan applications:

  • rejected automatically by Turnkey Lender;

  • rejected manually by users with the Underwriter role.


The details of the loan applications are distributed among the following tabs:

 

  • Summary: contains the general information on the selected loan and the borrower's previous activity.

  • Risk score: TurnKey Lender calculates the risk score associated with the loan application based on the scorecard which can be customized in the System Workplace.

  • Customer Details: contains the borrower's application data.

  • Documents: the tab displays the documents, which have been attached to the loan application by the user.

  • Credit history: client’s credit history with your company.

  • Schedule: complete schedule of the loan installments to be charged from the borrower.

  • Transitions: the history of transitions of the loan applications between the workplaces.

  • Flags: flags are comments of the other users about the loan application in question. They help employees learn private details about the borrower and their loan.

  • Collaterals: data about all the collateral assets attached to the loan application.

Making a loan decision

Credit risk is gauded on a scale from 0 to 100. The scorecard also provides a comment on the recommended actions based on the data it processed.

 

Underwriting Workplace actions

Once an underwriter has reviewed the data of the potential borrower and their application, they can take one of the following actions:

  • Reject: the loans that the company doesn’t want to move forward with are rejected and stored in the system.

  • Blacklist: an underwriter can blacklist loan applications and borrowers.

  • Send for reprocessing: if a loan application lacks some data, underwriters can send them back to the Origination Workplace with a comment.

  • Cancel: fully cancel the loan application.

  • Approve: approved applications are moved to the Servicing Workplace for disbursement.