Compliance for loan requests
In this scenario, Arix received the loan request, the documents were checked and found complete, but the loan can't move forward due to a compliance failure.
- Partner sends the loan payload to CR
- Arix assigns a GUID to the loan. Status: Received
- Partner sends the required loan documents to CR
- Arix automatically checks that the documents constitute a complete set Status: Docs Complete
- Arix automatically runs the compliance rules and at least one rule fails
For examples of a loan failure, go to compliance.
During the implementation period, we work with you in the sandbox to tune the loan payload, documentation, and rules. Our goal is that 100% of the loans pass compliance automatically without any failures.
The partner reviews the compliance failures and resubmits updates via the LoanUpdate API or reposts attachments, as applicable. Arix then performs the next steps toward loan approval.
If the loan doesn't pass compliance for any reason, then:
- The failure is resolved internally by the CR Ops team.
- CR Ops communicates with your operations team and confirms what additional information is needed to approve the loan.
You can receive updates on the compliance status with webhooks. Learn more about webhhooks and hooks.
