Initiate an approval request when the loan applicant has a low credit score
Feature: Approval Process | Edition: Enterprise
Scenario
Noah
Parker is a loan officer at a Boston-based finance firm that
specializes in providing financial assistance to SMBs, individuals, and
retailers. He daily hundreds of loan applications along with supporting
documents and proofs, that he reviews and forwards to the subsequent
teams.
If
he notices any application with a credit score below 750, he sends the
application to his immediate supervisor and managers for loan processing
approval. Only upon approval it is sent for validation and loan
disbursal. This process is time-consuming, and often the approval emails
sent to the managers are inadvertently overlooked amidst the pile of
other emails.
Requirements:
- Applications
with a credit score below 750 must be sent to three approvers—the
senior agent, branch manager, and credit hub manager—in a sequential
manner so that the branch manager doesn't receive the application until
the senior agent approves it and so on.
- Upon receiving the first approval the Loan Stage field should be automatically updated to "Credit Score Evaluated"
- On second approval, the Loan Stage field should be updated to "Sent to Credit Hub"
- On final
approval, the Loan Stage field should be updated as "Qualified for
loan" and the loan agent must receive an e-mail from the final approver
stating that the applicant is qualified for the loan.
- If any of the three approvers reject the application, then Noah and the other approvers must receive an e-mail stating the loan application has been rejected and the Loan Stage should be automatically updated as "Loan Rejected".
Solution
When to execute: Record Creation > Add Rule to this Process
Section | Field Name | Value to enter |
Rule criteria | Credit score | <750 |
Who should approve | - | 1. Senior agent 2. Branch manager 3. Credit hub manager |
| Actions on approval | Configure action upon each Approval: Update Fields > Loan Stage | Value for 1st Approval: Credit score evaluated Value for 2nd Approval: Sent to credit hub Value for 3rd Approval: Qualified for loan |
Actions on approval | Configure action upon final approval: Email notification | Loan qualified |
Actions on rejection | Configure action after rejection: Update field | Loan rejected |
Actions on rejection | Configure action after rejection: Email notification | Send email to > Everyone approved: Low credit score Please choose a template to send to the requester: Loan rejected |
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