Loan products control the application-processing workflow in DigiFi's platform. They are highly configurable, allowing different lenders to implement their preferred workflow, visual displays, data structure, email cadences, task checklists, underwriting strategies, application forms and much more. Each application you process will always be connected to a single loan product.
Loan products let you customize the entire loan origination process!
More specifically, loan products include the:
- Workflow statuses that applications will pass through and the user permissions for each status.
- Lender views that let you edit the layout of application data.
- Application form for intaking new applications through the DigiFi user interface or borrower portals.
- Team member assignment logic for new applications.
- Document folder structure for documents saved to each application.
- Application labels that can be assigned to applications to provide visual categorization.
- Rejection options, including application time-outs and decline reasons.
- Calculations that should automatically run every time application data is updated.
- Automation processes that should run on applications to eliminate manual work.
One System. Multiple Products.
DigiFi lets you manage multiple business lines in one place. Multiple loan products can be similar (e.g. different types of mortgages) or completely different (e.g. personal loans vs. mortgages).
To add a new loan product:
- Click the button.
- Complete the form that appears (details are below).
- Click the button.
You will then be redirected to a detailed section to begin configuring the loan product.
|Loan Product Name||The name your team members will see in the system when viewing applications for this loan product.|
|Borrower Type(s)||The types of borrowers that applications for the loan product will include. Select "Person", "Company" or both.|
|Loan Product Icon||An icon that will represent your loan product.|
|Loan Product Status||A toggle to decide whether your loan product will be active when first created. Applications can only be created for loan products in the "Active" status. You can change a loan product's status at any time.|
Updated 4 months ago