Features
Documents LibraryDefine and publish all the supporting documents needed
With Compose you can create a library of rules are published to Loanapp as the engine that generates dynamic supporting documents checklists for each loan submission. For each rule created you set a trigger which will set when this requirement must appear on end-user checklists; and the documents that are allowed to satisfy that requirement.
The end result is a checklist that tells the end user exactly what must be collected and submitted to support the loan submission.
ChecklistsDynamically generate end-user supporting documents checklists
You can set the business logic to automatically create checklists for each application, based on the characteristics of the applicants, the products that are being applied for, and your current credit and application requirements. Brokers are able to see it in their user interface, access and share it with clients, as well as match the documents they receive with the checklist.
Items to verifySet verification rules for each document
Not only does Compose allow you to determine what documents must be collected; but it also allows you to set verification logic for each document type, to ensure the broker collects and submits documents that meet your requirements and can actually be used.
As a simple example, you can set verification business logic that a payslip must be no older than 90 days old. Any payslip that is older will not be acceptable.
Benefits
Easy Change Management
The moment you publish a change to your requirements, every party that is using Loanapp is instantly updated with no effort on their end. You can update or create supporting documents triggers or rules at any time. Re-publish these in line with your business time-frames, and ensure that your distribution channels are always using correct, up-to-date requirements.
Reduce Compliance & Audit Costs
Say goodbye to the many traditional methods of ensuring distributors have your latest supporting document requirements, and any effort on your part to audit compliance and understanding of your requirements. There is no human intervention between you and the end user, what you configure is what the end-user sees, guaranteeing compliance.
Regulate approval times
Supporting Documents functionality takes the uncertainty out of what documents are required to support each loan application. Business logic ensures brokers can confidently submit exactly what is required for faster and more satisfactory processing experiences.
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Supporting Docs rules
With Supporting Documents rules, you can set the supporting documents rules yourself. Here’s what you can do:
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Set triggers and satisfaction rules for supporting documents requirements
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Set allowable documents to satisfy each condition
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Set business logic to dynamically generate end-user supporting documents checklists
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Set indexing business logic to auto-classify submitted supporting documents and receive them in the same order for each application
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Set triggers and satisfaction rules for supporting documents requirements
-
Set allowable documents to satisfy each condition
-
Set business logic to dynamically generate end-user supporting documents checklists
-
Set indexing business logic to auto-classify submitted supporting documents and receive them in the same order for each application
