Overview

arix is the automated loan validation and funding software from cross river as a marketplace lending (mpl) partner with cross river, you can access arix functions using an extensive list of api calls 1\ partner submits loan application for preapproval action the marketplace lending partner (mpl) submits a loan application to the preapproval api to provide the bank with its final decision for each application details the application can be submitted regardless of its approval status if the status changed, the mpl can resubmit to provide its latest decision this process aligns with fair lending laws, ensuring all applications are reviewed uniformly 2\ partner submits loan payload to arix action upon approval, the mpl sends the complete loan payload to arix using the post /loan api call consumer and business loans secured and unsecured term loans or revolving lines of credit details 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\ partner uploads required loan documents action the mpl uploads all necessary loan documents to arix using the post /loan/{id}/attachments api call details arix automatically reviews the submitted documents to ensure completeness once all required documents are received, the loan status updates to "docs complete " 4\ arix performs compliance checks action arix automatically conducts compliance checks based on predefined rules details if the loan passes all compliance rules, the status updates to "passed compliance " if any rule fails, the status changes to compliancefailed," and detailed reasons are provided via the loandetails api the mpl (with the assitance from cross river teams) must address these issues before proceeding call out this is where crb ensures the loan details are complete and accurate 5\ arix approves the loan action after successful compliance checks, arix approves the loan details the loan status updates to "approved," indicating readiness for funding 6\ arix initiates loan funding action arix initiates the funding process based on specified instructions and selected payment rails details 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 7\ loan seasoning period action after funding, the loan enters a seasoning period details cross river provides a range of warehousing facilities, with customized pricing to fit your needs 8\ loan purchase or retention decision action at origination (step 2 above), you decide either purchase the loan back at the end of the seasoning period or have cross river retain the loan on its books options purchase the mpl repurchases the loan from cross river this process is managed by you via the lending selling solution, which offers a user friendly interface and api integration for efficient loan buyback transactions and investor management retention alternatively, cross river retains the loan, adding it to its portfolio 9\ servicing data submission and reconciliation action mpl submits servicing data on a daily basis details required for loans held by cross river and optionally for those sold back data includes principal/interest breakdown, next due date, delinquency info, etc submitted via sftp