Main Terms and Concepts
The following terms and definitions are basic for this Knowledge Base and, for the sake of the Knowledge Base shall be interpreted as defined below. If any article or section in the Knowledge Base requires specific terms and definitions, they will be provided in the corresponding article.
Term | Explanation |
|---|---|
Client | A legal entity providing loans and using TurnKey Lender application |
Customer (or Borrower) | A person applying for the loan via Borrower’s Portal or in the Client’s office |
Investor | A person interested in providing fund for one or some of the loan applications available in the system |
Front-Office AKA Web Portal | Part of the application visible to non-registered users, registered borrowers and investors from the Web |
Borrower’s Portal | Integrated Web-portal from where the customers (borrowers) can monitor and manage their loans and loan applications |
Investor’s Portal | Integrated Web-portal from where the customers (investors) can initiate, monitor and manage their investments |
Back-Office | Part of the system visible to the client’s employees in compliance with their permissions |
User | A person using the system from the back-office |
Workplace | A part of the back-office related to a specific stage of the loan application lifecycle |
Loan application | A request to provide a loan |
Loan | The funds provided to the customer (borrower) under the loan agreement conditions |
Loan application status | Current stage of the loan processing |
Credit product | Type of the loan that implies rules over the process of relevant application processing |
Along with these short introductions, the articles of the section provide for a detailed explanation of some terms and concepts.