How do you process an application?

When an application is completed,  it will appear in the Application Received work queue. Information that has been collected will display on this screen. The screen is divided into four different sections. 

• Application - This section displays basic application data such as the application number, application date, application source and status. A user can also send a bank enrollment link via email by clicking on Send Bank Link or can manually enter the bank statement details by clicking on Enter bank statements.

• Business - This section of the application displays details about the business including the Tax ID, business name and address. Based on the configuration, additional questions may appear and Show Additional Information can be clicked on to display those fields.

• Owner - This section of the application displays details about the owners including the name, address, contact information and ownership percentage. Based on the configuration, additional questions may appear and Show Additional Information can be clicked on to display those fields.

• Notes - A user can add notes to the file.

A user can also add or edit application data by clicking on the Edit button.

There are three possible scenarios that can happen at this point of the application.

• Decline - If a user selects “Decline,”  a menu of declined reasons will appear and the application will move to the Declined queue in the Dashboard. The decline reason that is chosen will be included in an email message to the applicant. The user can also add “additional details” that will be included in the email to the applicant. All of this information will be stored in the file.                                                                     

• Incomplete -  Marking an application as incomplete will prompt the user to enter a note which will be added to the file. Once the required information is gathered the application can be reactivated. This is useful for keeping the work queues clean so that only applications currently being worked on at a given stage are listed in the corresponding queue.  

• Process - When a user selects “Process,” all data sources will be pulled and the application will move to Underwriting.