Loan Products

How to create and manage configurable LOS products.

Introduction to Loan Products

Products are the foundational element of DigiFi's LOS. They are highly configurable, allowing different lenders to build different workflows, visual displays and loan origination processes. Loan products ("Products") include the following:

  • The data (i.e. Variables) that each Application will contain for the Product.
  • The visual layout of data within a given Application, including the ability to modify the layout itself.
  • The different features that will be enabled on an application for the Product (e.g. Documents, Notes, Emails, etc.)
  • The loan origination workflow, including the statuses that each Application must go through before being approved or rejected.
  • The business rules that must pass and the user permissions required for an application to enter a new status within the loan origination workflow.

❗️

Add Products First

You must create at least one Product to use the LOS. It is a good idea to set up at least one Product prior to inviting team members with User-level permissions to begin using the platform.

Your company can set up an unlimited number of Products. Each Application is connected to a single Product.


Adding a Product

To begin adding a Product:

  • Navigate to LOS > Configuration > Products
  • Click the Add Product button

This will open a form that requires the following information:

Field

Description

Example

Product Name

The name your users will see in the system when viewing Applications for this Product.

Preferred Plus Personal Loan

Borrower Type

A dropdown with the options of Consumer Loan and Business Loan. Your selection will determine which type of Borrowers are used to apply for this Product (i.e. people or companies).

Personal Loan

Product Template

A selection of available Product templates, which are pre-built configurations that you may use to accelerate the product setup process.

You can choose Custom or one of the listed options. If you choose Custom you will start from a blank template. If you choose a template, you will start with an existing Product setup that you can then modify.

Custom

Once you have made your selections, click Create Product. Your Product will be created and you'll be automatically redirected to begin setting it up. By default, your Product will be in DRAFT status until you activate it or complete the setup process.

There are two main sections to the Product setup process:

  • The Application Setup tab lets you configure the Variables used in your Product, how users will view Applications and the features available (e.g. Documents, Notes, etc.) for this product within your system.
  • The Workflow tab lets you set up the lending process that Applications will go through and create business rules and permissions requirements for changing Application statuses.

📘

Use Templates to Create Common Variables

Choosing a pre-built template will cause the system to add all of the variables associated with the template to your data structure. This is a way to quickly and easily configure the appropriate data structure for your Product.


Product Application Setup

The Application Setup page lets you configure the Variables used in your Product, how users will view Applications and the features available (e.g. Documents, Notes, etc.) for this product within your system. The top section (above the tabs) is pre-defined and includes information such as Loan Amount, Status, Borrower Information and other basic details.

DigiFi's platform provides significant flexibility in configuring Application views and features through the use of "tabs". There are 8 types of tabs that can be added to a Product and tab names can be easily edited.

Tab Type

Tab Description

Data

Allows users to view and edit Application data.

Once a Data tab is added, you can configure the Variables on the tab using DigiFi's built-in drag-and-drop tools.

There can be an unlimited number of Data tabs.

Documents

Allows users to upload, download and preview Application documents, as well as initiate e-sign integrations and request additional files from the applicant.

Emails

Displays the emails that have been sent to or received from the Borrower(s) on the Application.

Allows users to create, reply or forward emails to the Borrower(s).

Tasks

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.

Notes

Allows users to create, view and edit Notes related to the Application.

Decision Engine

Displays the results of Decision Engine processes related to the Application (for example, related to automated underwriting or verification decisions).

Allows users to run additional decisions using Application data and the Strategies configured in the Overview.

Status Rules

Displays all statuses and the rules that must pass for each (if any).

History

Displays the following history items related to an application, as well as the date and the user that performed the action:

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

This history is preserved so that users can understand the key processes that an Application underwent prior to approval or rejection.

Please refer to the Application Processing section for details on how these tabs are used during the day-to-day lending workflow.


Product Workflow Setup

The Workflow page lets you configure the statuses an Application must go through, as well as the rules that must be passed and the user permissions required to move Applications to a given status.

📘

Statuses Define Your Product Workflow

Processing in the DigiFi system is based around the concept of "statuses". These statuses correspond to steps in the Application process for each of your Products.

You can create an unlimited number of statuses, however it is generally best to group related requirements or actions into a single status (e.g. "Verification"). You can then add status rules to manage sub-steps (e.g. to move Applications to the status following "Verification", you might require the following rules to pass: Identity Verified = true, Income Verified = true, Bank Account Verified = true).

We recommend creating statuses for all in-process steps Applications go through and using the built-in "Approved" and "Rejected" statuses to indicate the final state of Applications.

This page provides the following basic functionality:

  • Add new statuses by clicking the + Status button.
  • Change status names by clicking directly on the status name and editing.
  • Toggle whether the status should be hidden from users on the Applications board (this can be helpful for final statuses other than Approved and Rejected).
  • Add status rules, which must pass for an Application to enter this status.
  • Add status permissions, which must pass for an Application to enter this status.
  • Toggle whether fun animations should appear when Applications are approved.

Status Rules

Status Rules are rules that must pass for an Application to enter a status. The rules are checked every time an Application's status is updated to ensure the appropriate rules pass, and users are notified of any reasons that the status change fails. They rely on Variables and basic decisioning logic.

📘

For Example

If you would like to ensure a minimum Credit Score of 700 before an application can enter a status, you can add a rule:

Variable: Credit Score
Comparison: >=
Value: 700

Status Permissions

Status permissions let you decide which User Permissions are required to place an Application in a specific status.

📘

For Example

If only Owner-level and Admin-level users should be allowed to approve an application, remove the checkmark beside User for the Approved status.


Activating Your Product

Once your Product is set up, you can click the final Continue button to finish the process. Your Product will be set to ACTIVE at this time, however it can be deactivated (set back to DRAFT) at your convenience from the Configuration > Products page.