Info_Loan Checks and Evaluations: Originator's Decision, Automatic Processing, Collater, Risk and Other Verifications

Before the loan application gets to the Underwriter who will make the final decision about its approval or rejection it can pass through several other verifications/evaluations

1. Originators Decision: When the loan application is originated by the Lender’s representative (in a Store or by the Lender’s Back-Office employee), the Originator shall send the loan for approval

2. Automatic Processing: This stage is not really seen in the back-office, as TurnKey Lender’s dedicated decision engine evaluates the loan application validity on the background, based on the rules defined for the company and information about the loan/customer. For example, automatic processing may request information about the potential customer from a credit bureau. It is usually performed right after the application has been submitted.

3. Additional Verifications: Subject to the settings of the credit product, the loan application may require additional verifications, such as bank account verification that can be performed after the loan origination or at the later stages (subject to the company processes and corresponding integration settings). The results of such verifications are visible to the users at the stages to follow.

4. Collateral Evaluation: If so is required by the product, the collateral manager enters information about the collateral used to secure the loan, assesses this information, makes a decision on the validity of this collateral and the possibility of the loan approval, as well as sets dates of the next collateral check (if required).

5. Risk Evaluation: The risk manager runs additional checks based on all the currently available information and results of the automatic processing and makes a decision on the validity of this collateral and the possibility of loan approval.