Overview
9min
Arix is the automated loan validation and funding software from Cross River. As a marketplace lending (MPL) partner with CR, you can access Arix functions using an extensive list of API calls.
- 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.
- 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."
- 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."
- 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.
- Action: After successful compliance checks, Arix approves the loan.
- Details: The loan status updates to "Approved," indicating readiness for 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.
- 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.
- Action: Post-seasoning, a decision is made to either sell the loan back to the MPL or retain it on Cross River Bank's books.
- Options:
- Sale to MPL: The MPL repurchases the loan from Cross River Bank. 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.
- Action: MPL submits servicing data on a daily basis.
- Details:
- Required for loans held by CRB and optionally for those sold back.
- Data includes principal/interest breakdown, next due date, delinquency info, etc.
- Submitted via SFTP