Processing Applications

How to create and manage Applications.

Overview

Once an Application is created, the Application passes through a series of statuses as steps of the loan origination process are completed, either manually or automatically depending on your setup. During Application processing, you can utilize a variety of system features to manage different functions required by your origination process.


Create New Application

To start a new application, click the New Application button in the top-right corner. This will immediately open up a simple form to begin the Application process.

The Application form includes two required sections:

  • Borrower, which is where you either select a Borrower that's already in the DigiFi platform or input a new Borrower's information (Name, Email, Phone, Address, etc.).
  • Basic Information, which is where you input a Loan Amount, select which Team Member(s) will work on the Application and add any required Labels.

The Application also form includes two optional sections:

  • Co-Borrower, which provides the option to add a second Borrower to the Application.
  • Intermediary, which provides the option to connect the Application to an Intermediary.

Once you have completed the basic Application form and provided the required information, you will be able to save the Application and be redirected to the detailed Application view for the new Application.


Changing Application Status

Each company will have a unique set of in-process statuses for its lending process, which are set up specifically for each product.

There are two ways to change an Application's status through the interface.

First, from the board view, you can change the status of an Application by dragging and dropping it into another status.

Second, you can click the Change Status button on the detailed Application view and select the next status.

Any status rules or permission requirements that have been set will be checked when a user attempts to modify a status (see Loan Products for more information). If the status rules and permission requirements are not met, the status will not be changed and a corresponding message will be displayed.

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Use Permissions & Rules to Restrict Changes

If you want to ensure that certain steps are met before Applications can move to a certain status, your company administrator should set up status rules in the Product configuration. Similarly, if you want to ensure that only certain users can change Applications to certain statuses, your company administrator can set up user permission restrictions on the product.


Viewing & Editing Data

Data tabs allow users to view and edit any data field in the system. Depending on the Product Configuration and your User Permissions, you'll be able to view and/or edit data on these tabs.

To edit data, click into the field and change the information. It will automatically save and indicate a successful save with a checkmark upon completion.


Documents

Document tabs allows you to upload, download and preview Application documents, as well as initiate e-sign integrations and request additional files from the Borrower.

  • To view a document, click on the document's row in the table.
  • To upload a document, click the Add Document button and follow the instructions.
  • To rename or delete a document, hover over the document's row in the table, click on the 3-dots located to the right side and select the appropriate option.
  • To initiate electronic signature, click the DocuSign button. Please note that your account administrator must have set up your DocuSign integration within the DigiFi platform for this to run.

Emails

Email tabs display the emails that have been sent or received and are related to an Application. They allows users to reply or forward emails, or initiate a new email to the Borrower.

  • Emails are tracked and recorded by DigiFi's platform if you CC or BCC your organization-specific inbox that DigiFi provides. This can be found on the Emails tab and will automatically pre-populate any time any email is initiated from the DigiFi system. Emails will automatically be linked to the relevant Applications by our system.
  • Emails are sent by clicking the Send Email button or by replying to or forwarding an existing email. They will be sent using your default mail provider and mail application. DigiFi will pre-populate emails with the relevant To, From, Cc, Subject and Body text depending on the context of your email.
  • Emails can be deleted from the system by hovering over an email's row in the table, clicking on the 3-dots located to the right side and selecting this option. Please note that this will only remove the email from DigiFi's system - it won't permanently delete it within your mail provider's database.
  • Emails can be viewed by clicking on the email. This will expand a new window that includes the email contents and attachments, which can be downloaded.

Tasks

The Tasks tabs allows users to create, view and edit tasks related to the Application. Tasks can be assigned to users as a reminder that they must complete specific work.

  • Tasks can be created by clicking on the Create Task. To create a new task you must provide a description, list the relevant team member(s) and add a due date. Your Task will be automatically linked to the Application you're currently working on.
  • Tasks can be edited by clicking on the table row of an existing task.
  • Tasks can be completed by clicking the checkbox in the table. You can uncheck the box to reverse this decision.
  • Tasks can be deleted from the system by hovering over a task's row in the table, clicking on the 3-dots located to the right side and selecting this option.

You also have the option to Search existing tasks and Filter tasks based on the user, task status and due date to quickly find relevant tasks.


Notes

The Notes tab allows users to create, view and edit notes related to the Application. Notes are helpful for keeping track of information related to the Application, such as what was discussed on a phone call or comments from the Borrower raised regarding their Application.

  • Notes can be created by clicking on the Add Note button.
  • Notes can be edited by clicking on the table row of an existing note.
  • Notes can be deleted from the system by hovering over a task's row in the table, clicking on the 3-dots located to the right side and selecting this option.

You also have the option to Search existing notes based on the description.


Decision Engine

Decision Engine tabs display the results of Decision Engine processes related to the Application (for example, related to automated data integrations, underwriting or verification decisions). They include information regarding each decision process that ran and link directly to the underlying details.

This tab contains significant functionality, including the ability to run decision processes for this Application. Please refer to the Decision Engine section for a comprehensive overview of DigiFi's Decision Engine.

  • Decisions can be run for this Application by clicking the Add Note button. You will need to select a Strategy, and the Variables required to run this Strategy will automatically populate from the Application (note: all required Variables for the decision must be present on the application). The decision will process and you'll be redirected to the results page.

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Decision Outputs

The Variables produced by your Decision Engine Strategy will automatically populate into the Application if the same Variables exist on the Application's Product.

Example 1: Your Strategy produces an Interest Rate of 9.99% and this Variable is on a Data Tab of the Application's Product. It will be automatically populated on the Application.

Example 2: Your Strategy produces a Maximum Amount of $10,000 and this Variable is not on a Data Tab of the Application's Product. It will not be automatically populated on the Application.

  • Decisions can be viewed by clicking on the table row of an existing decision.
  • Decisions can be deleted from the system by hovering over a decision's row in the table, clicking on the 3-dots located to the right side and selecting this option.
  • Decisions can be downloaded from the system (to CSV format) by hovering over a decision's row in the table, clicking on the 3-dots located to the right side and selecting this option.

Status Rules

The Status Rules tab displays the Application's Product statuses (set up in Loan Products by your account administrator) as well as the rules that must pass for an Application to enter a given processing status (if any).

This tab is built for viewing and understanding status rules, but not for completing them. For your Application to pass the rules, please refer to the relevant Data tabs that contain the Variables that the rules check.

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Are Status Rules For You?

This tab is useful if you plan to include status rules during the loan origination process. If not, we do not suggest including this tab.


History

History tabs display the following history items related to an application, as well as their date and the user that performed the task:

  • Application created
  • Status changes
  • Tasks (create, complete, delete)
  • Emails (sent, received, deleted)
  • Decision Engine runs
  • Documents (upload, delete)
  • Notes (create, delete)

This history is preserved so that you can always understand the key processes that an Application followed prior to being approved or rejected.

This tab is built for viewing and understanding, but not for modifying the history.