Loan onboarding
You can streamline the lending process by using the capabilities offered by the Loan Onboarding application.
The prebuilt capabilities of the application help streamline and manage document and data collection and verification. The application is easily configurable and extensible so that you can customize it to fit the needs of any financial institution looking to provide lending professionals with a unified interface to manage loans.
The Loan Onboarding application includes the following sections in its loan verification stage:
Application snapshot: Provides the following details: a high-level summary of the primary applicant and additional parties, tasks associated with the verification stage, and a summary of declared assets, liabilities, and net balance.
Tasks: A central location to understand and manage all tasks associated with the lending stage.
Application information: Holds details of the loan and allows the management of collaterals.
Parties information: Manages personal and employment information for all the individuals associated with the loan.
Declared assets and liabilities: Manages the assets and liabilities declared by loan parties.
Declared income and expenses: Manages the income and expenses declared by the primary applicant and other relevant loan parties.
Documents: Tracks, manages, and confirms documents needed for the loan.
Activities: Tracks all activities related to the application, including emails, appointments, and phone calls.
Apart from the specified tabs, the application also uses several components that are visible throughout the processing stage, such as:
Ribbon: Displays key actions for loan officers, such as the creation of a new loan or the archival of an existing one.
Loan information: Provides key application information, such as the principal amount, interest rate, and term.
Business process flow: Helps to create and manage the necessary stages for a loan application and enables loan officers to manage the application in a structured manner.
Application queue: Helps loan officers navigate between loan applications.
The application uses the entities defined within the Loan Onboarding data model.
Application snapshot
The Application snapshot tab provides a prebuilt summary of the loan application. The summary helps loan officers quickly understand the most relevant details and pending tasks associated with a loan application.
The Loan Onboarding application uses the following components in this view:
Primary applicant: Displays the most relevant personal information for the primary applicant.
Additional parties: A list of individuals associated with the loan along with their roles. Supports adding or removing a loan party.
Application progress: Provides a summarized view of the completed and pending tasks.
Declared assets and liabilities: Provides a summarized view of the assets and liabilities declared by the relevant roles.
Declared income and expense: Provides a summarized view of the net balance declared by the relevant roles.
Tasks
The Tasks tab uses the Application task manager component.
The tab enables lending professionals to view and manage all tasks associated with the current application stage. The lending professionals can manage the statuses of individual tasks directly from this tab or from the tab associated with the task.
Application information
The Application information tab provides the information collected during the loan initiation process.
Loan officers can use the Application information section to view and update key information, such as the down payment value, loan term, and many others. The section is fully configurable, ensuring that you can customize it to fit the needs of a particular financial institution.
Loan officers can use the Collaterals section of the tab to edit existing or to add new collaterals. The application is predefined to hold information such as the name, type, date, and valuation of the collateral. However, you can configure the application to suit the individual needs of each financial institution.
You can configure the task for validating the application information on the Application information tab.
Parties information
The Parties information tab shows information about the primary applicant and any other parties that you add to the loan application.
The tab displays relevant personal information of all the individuals associated with a loan, such as contact details, credit score and KYC status. This section is fully configurable, ensuring that you can customize it to fit the needs of a particular financial institution.
Lending professionals can manage employment information in this view, as they can capture and display data such as the name of an employer, job title, and employment start and end dates.
You can set up verification tasks for each loan party, ensuring that the information is validated before proceeding to the next processing stage.
Declared assets and liabilities
The Declared assets and liabilities tab uses the Declared assets and liabilities component.
The tab displays information on the assets and liabilities of all the relevant parties involved in the loan, including the primary applicant, co-borrower, co-signer, and guarantor. The component automatically adds up the declared assets and liabilities of all parties, and enables loan professionals to view the specific information for each relevant party.
The tab has multiple uses. Besides displaying information, it also allows you to modify an existing asset or liability, or create a new one. You can choose the type from a list that can be customized, and then provide a description and its corresponding value.
You can set up verification tasks for each relevant party, ensuring that the information is validated before proceeding to the next processing stage.
Declared income and expenses
The Declared income and expenses tab uses the Declared income and expense component.
This tab provides information on the income and expenses of all the relevant parties involved in the loan, including the primary applicant, co-borrower, and guarantor. The component automatically calculates the combined net balance of all parties, and enables loan professionals to see the specific information for each relevant party.
The tab has multiple uses. Besides displaying information, it also allows you to modify an existing income or expense, or create a new one. You can choose the type from a list that can be customized, and then provide a description and its corresponding value.
You can set up verification tasks for each relevant party, ensuring that the information is validated before proceeding to the next processing stage.
Documents
The Documents tab uses the Document intelligence component.
Lending professionals can view, manage, and confirm documents that were uploaded or provided by the applicant and all other relevant parties.
The document requests are categorized in three sections:
For review: Documents in this section have a Pending approval status, indicating that loan professionals need to review them.
Action required: Documents in this section have a status of Rejected or Missing. This section lists the documents that the applicant didn't provide during the initiation stage. In addition, this section includes documents that the loan officer has rejected as irrelevant or incorrect.
Approved: Documents in this section are approved.
The application is preconfigured to automatically request an identification document to upload for all parties. The component's AI capabilities validate the uploaded documents against pre-trained data and provide the loan professionals with a recommendation for approval or rejection.
Apart from the identification document, the tab also requests the loan professionals to upload an income statement for the primary applicant and all other parties that are defined as co-borrowers. No intelligence is defined for this document type.
Activities
The Activities tab uses the Power Apps Timeline control.
The tab is embedded into the Loan Onboarding application to help loan officers track all activities related to the application, such as emails, appointments, and phone calls.
Tasks created in the Timeline control don't reflect in the Application task manager but display on the Application snapshot and the dedicated Tasks tab.
Ribbon
You can deploy and configure the Power Apps ribbon to benefit lending professionals. Because the ribbon is a standard Power Apps component, you can further configure it to suit the needs of a specific financial institution.
A notable addition to the ribbon is the Archive button, using which lending professionals can move active applications from the queue to an archival area. To archive an application, the lending professionals must choose a reason for archival. Although the application is preconfigured with several values, the list is open for configuration.
Another customization of the ribbon is the New button, which triggers the creation of a new loan application, by prompting the definition of the primary applicant and key loan information.