General Information
How to manage your loan products in the DigiFi platform.
Introduction to Loan Products
Loan products control the workflow, data layouts, automations and all other aspects of applications within 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 enable no-code customization of 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.
- Documents allow you to manage existing document features.
- Labels that can be assigned to applications and tasks to provide visual categorization.
- Rejection options, including application time-outs and decline reasons.
- Decision Strategies allow you to set up decision logic.
- Data Integrations allow you to set up connections with third parties.
- 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).
How To Add A Loan Product
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.
| Field | Description | Example |
|---|---|---|
| Loan Product Name | The name your team members will see in the system when viewing applications for this loan product. | Preferred Plus Personal Loan |
| Borrower Type(s) | The types of borrowers that applications for the loan product will include. Select "Person", "Company" or both. | Person |
| Loan Product Icon | An icon that will represent your loan product. | Personal Loan |
| Co-Borrower and Intermediary Options | Toggles to decide whether co-borrower(s) and intermediaries will be never required, optional or always required. You can include up to 3 co-borrowers and 1 intermediary. | Co-Borrower 1 |
| Product Access Permissions | Permission groups that have access to the loan product and related items, such as applications, tasks, and more. | Loan Officer |
| Digital Lending Portal Access | A toggle to make the loan product available on the digital lending portal for borrowers to apply. | On |
Change Log
The Change Log shows the history of changes within the selected lending product. You can see the changes, who made them and when they were made.
Updated about 1 month ago