Loan seasoning period
4min
Every loan that is funded undergoes loan seasoning. The loan seasoning period typically occurs on business days 2 or 3.
During this time funds are accepted by the receiving party. In some cases, funds are returned and the rails have to be resent.
Every time funds are (initially) sent or resent, a new loan seasoning period starts. Loan seasoning terms and the loan season period are agreed upon by CR and the partner. Arix is set for a default seasoning period of 3 business days
At the end of seasoning period when receipt of the funds has been confirmed, the loan is ready to be sold. Status: ReadyToSell
- If some of the rails are returned during the seasoning period, the loan status changes to reflect that the loan is not fully funded Status: NotFullyFunded
- Arix prompts you to resubmit funding information. Use PUT/Loan/{Id}/FundingInfo to update the loan funding info
- The system waits for the loan to enter the Funded status again
- The seasoning period restarts
If all rails are returned during this seasoning period, the loan status changes. Status: Returned
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Updated 07 Oct 2024
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