Compliance for loan requests
In this scenario, Arix received the loan request, the documents were checked and found complete, but the loan can't move forward due to a compliance failure.
- Partner sends the loan payload to CRB.
- Arix assigns a GUID to the loan.
- Partner sends the required loan documents to CRB.
- Arix automatically checks that the documents constitute a complete set.
Status: Docs Complete
- Arix automatically runs the compliance rules and at least one rule fails.
For examples of a loan failure, go to compliance.
During the implementation period, we work with you in the sandbox to tune the loan payload, documentation, and rules. Our goal is that 100% of the loans pass compliance automatically without any failures.
Detailed steps for a loan with compliance failures
The partner reviews the compliance failures and resubmits updates via the LoanUpdate API or reposts attachments, as applicable. Arix then performs the next steps toward loan approval.
If the loan doesn't pass compliance for any reason, this can happen:
- The failure is resolved internally by the CRB Ops team.
- CRB Ops communicates with your operations team and confirms the additional information that is needed to approve the loan.
Note: You can receive updates on the compliance status with webhooks. Click here to view the webhooks available to register to.
Updated 12 months ago