Loan funding

the arix funding engine allows you the flexibility to control how the loan is funded you can enter instructions and control the rails, and the order in which to attempt to fund over those rails you can also elect to fund different parts of the loan over different rails, and supply fallback options if rails fail after the loan is approved for funding, arix initiates funding the loan passes to the infunding status and funds are sent using rails there are several funding your loan / payment rails you can use depending on the rail type, funding results might be immediate or take up to a few days based on how the funding progresses, the loan can be in one of these statuses infunding leads to funded or notfullyfunded returned status infunding/ funded 1\ after the loan is approved, funding starts automatically arix tries the priority 1 rail first to start funding status infunding 2\ when all the rails are successfully funded, the status of the loan changes to funded status funded 3\ after the loan has funded, the loan seasoning period begins, which typically occurs on business day 2 or 3 from the funding date if no amount is specified in the request, the funding engine attempts to fund the full loan amount status notfullyfunded if the loan doesn't fully fund from the first rail (priority 1), the engine looks for the priority 2 rail a priority 2 rail can be a rail that was originally designated as a priority 2 (to follow a priority 1 rail) the next priority 1 rail the funding engine continues to process rails until there are no rails left to process if after all the rails have been processed there is an outstanding loan balance, the loan status is then updated to notfullyfunded when notfullyfunded , you can submit new funding information skipped rails if the loan is fully funded prior to the last rail, any rails that weren't attempted are labeled skipped status returned funds in most cases the funding goes smoothly and the funds are fully received by the borrower however, funding requests can fail immediately or succeed, and then be returned later if a rail fails, is rejected, or returned, arix reports a detailed error message as part of the railupdate webhook and in the loandetail api loan funding follow up arix records all the funding attempts and continuously updates the status as each rail is processed, funded, or failed if the loan wasn't fully funded and is in the status, notfullyfunded , you can submit new funding information an unlimited number of times this is also the process for required multiple disbursements over a period of time for a single loan you should use the railupdated webhook to follow the funding process any loan update made via a /put call is ignored when the loan is infunding arix generates hook notifications which keep you up to date on the loan status based on how the funding progresses, the loan can be in one of these statuses infunding leading to funded notfullyfunded returned pull funding from merchant the pull funding from merchant enables marketplace lenders (mpls) who leverage arix to manage merchant returns this functionality provides a method for mpls to retrieve funds from merchant accounts back into the bank, using {{nacha}} debits this is especially useful when a merchant initiates a return or refund, as it reduces the need for manual reconciliation or additional requests, by reusing previously funded loan it is best practice to wait three days before sending out funds after a successful pull according to nacha standards, a pull can be returned to the merchant most returns tend to occur within the first three days to reduce the likelihood of overfunding, it is advisable to wait before sending out the next fundinginfo request next steps loan seasoning, sale or retention loan data exchange