Loan process with no failures

3min

In the typical scenario, Arix receives a loan request and moves the loan forward to approval and funding because there aren't any outstanding issues.

  • Partner sends a loan application to the preapproval API for decisioning
  • If approved, partner sends the loan payload to Arix
  • Arix assigns a GUID to the loan Status: Received
  • Partner sends all the required loan documents to Arix
  • Arix automatically reviews and confirms that the documents constitute a complete set Status: Docs Complete
  • Arix automatically performs the required compliance checks Status: Passed Compliance
  • Arix automatically approves the loan Status: Approved
  • Arix passes the loan through to funding Status: InFunding
  • Arix funds the loan Status: Funded
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Detailed steps to a loan with no failures

Partner actions:

  1. Send CR a signed loan agreement. Arix assigns a GUID to the loan and marks it Received
  2. When the loan is marked Received, send all the required loan documents to Arix

Arix actions:

  1. Arix automatically checks that the documents constitute a complete set. (An agreed upon document set is established at the beginning of the relationship with CR).
  2. When all required documents are received, Arix marks the loan as Docs Complete
  3. Arix automatically runs the compliance rules
  4. When the loan passes compliance, Arix marks the loan as Passed Compliance
  5. The loan is then automatically moved into Approved
  6. The loan is funded



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Updated 15 Oct 2024
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