Loan process with no failures
3min
In the typical scenario, Arix receives a loan request and moves the loan forward to approval and funding because there aren't any outstanding issues.
- If approved, partner sends the loan payload to Arix
- Arix assigns a GUID to the loan Status: Received
- Partner sends all the required loan documents to Arix
- Arix automatically reviews and confirms that the documents constitute a complete set Status: Docs Complete
- Arix automatically performs the required compliance checks Status: Passed Compliance
- Arix automatically approves the loan Status: Approved
- Arix passes the loan through to funding Status: InFunding
- Arix funds the loan Status: Funded
- Send CR a signed loan agreement. Arix assigns a GUID to the loan and marks it Received
- When the loan is marked Received, send all the required loan documents to Arix
- Arix automatically checks that the documents constitute a complete set. (An agreed upon document set is established at the beginning of the relationship with CR).
- When all required documents are received, Arix marks the loan as Docs Complete
- Arix automatically runs the compliance rules
- When the loan passes compliance, Arix marks the loan as Passed Compliance
- The loan is then automatically moved into Approved
- The loan is funded
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Updated 07 Oct 2024
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