Loan process

loan origination process loan origination process overview cross river's proprietary lending platform consists of several interconnected modules to faciliate efficinet and compliant loan origination oversight for housing policies and rules preapproval for real time application data validation via pav2 (cross river’s patent pending application validation software) origination for issuing loans via arix (cross river’s proprietary origination software) manual review for resolving exceptions detected by, cross river rules engine, mpllifecycle funding for disbursing funds to borrowers via arix selling for allocating loans to varying financing sources contracts for viweing system configurations such as financing sources and fees hooks for listening to webhook events and keeping track of the loan through its life cycle for a typical loan, the entire origination process takes around 10 seconds from origination to funding plus another 5 minutes for the initial seasoning to kick off 1\ a market place lending partner (“mpl”) submits a loan application for preapproval the application is submitted regardless of its approval status if the status changes, the mpl can resubmit to provide its latest decision this process aligns with fair lending laws, ensuring all applications are reviewed uniformly the mpl submits a loan application to the docid\ vwjhfefwgjkj9lggqlvw9 api to provide the bank with its final decision for each application 2\ mpl submits loan payload (a loan tape) to arix upon mpl approval of the loan application and decision to originate and fund, the mpl sends the complete loan payload to arix using the docid\ v8cartcqmmqryciyhuf7f including borrower type consumer and business loans loan type secured and unsecured loans loan structure term loans or revolving lines of credit this step initiates the loan creation process within arix arix assigns a unique guid to the loan and sets its initial status to received 3\ mpl uploads required loan documents the mpl uploads all necessary loan documents to arix using the docid\ urknihum7qylqdcee7tu api call arix automatically confirms all required documents (loan agreement, credit report, etc ) were submitted once all required documents are received, the loan status updates to docs complete 4\ mpllifecycle performs compliance checks mpllifecycle automatically conducts compliance checks based on predefined rules housed in oversight this step is where cross river ensures the loan details are complete and accurate if the loan passes all compliance rules, the status updates to passed compliance if any rule fails, the status changes to compliance failed , and detailed reasons are provided via a hooks event the mpl must address these issues before proceeding the mpl uses the manual review ui or api module to communicate with cross river teams, upload additional documents or correct the loan details 5\ mpllifecycle approves the loan after successful compliance checks, the loan status updates to approved indicating readiness for funding 6\ arix initiates loan funding the loan status changes to infunding during this process arix supports various funding rails, including ach, same day ach, rtp®, fednow®, rpps, check, internal transfer, wire and push to card the platform allows setting fallback options if a chosen rail fails once funds are successfully sent and received, the loan status updates to funded arix manages the full lifecycle of funding, including rejects, returns, pulling funds back and cancellations docid\ bab0inlug2tagyrllkjnm 7\ selling kicks off loan seasoning period after funding, the loan enters an initial seasoning period prior to being allocated to the appropriate financing channel docid\ dobshm4e1jofa8fuvqaph 8\ loan sale or retention decision post initial seasoning (typically 3 business days), your loans are allocated to temporary or permanent financing arrangements (provided by external parties or cross river) as established with you docid\ dobshm4e1jofa8fuvqaph 9\ servicing data submission and reconciliation mpl submits daily servicing data until the loan is paid off/closed this is used to monitor loans originated by cross river docid\ sj6yahwlyzkedlo6oijf3