Application Review: Make Underwriting Decisions - Approve, Pre-Approve, Counter, or Decline

The "Under Review - Ready for Initial Review" page includes applications that are ready for underwriting.  There are various underwriting tools and metrics on Happy Mango that can be customized for each product based on the lender's risk appetite and the product's unique characteristics.  

Here are the steps to perform underwriting and form an opinion--to approve, pre-approve, counter, or decline an application. 

Step 1. Open an individual application page

Clicking on the hyperlinked App # will display the "Underwriting Summary" window in the individual application page by default.  That window can also be selected from the icon menu on the right.

The complete list of underwriting requirements selected for this product (on the Product Settings page) are be displayed in the Underwriting Summary window.

• The color circle in front of each requirement group indicates the status of that requirement

  • Requirement has been satisfied (green)

  • Requirement failed (red)

  • Requirement incomplete (gray)

• Clicking on the arrows to expand each requirements group into underlying metrics or requirements

Step 2. Complete underwriting details and save the documentation

The threshold and the actual value related to each requirement are displayed in the last two columns.  Once the actual value for a required is entered, the color indicator for that requirement automatically turns from gray to either green or red based on a comparison between the actual and the threshold.

The basic information used for underwriting can be found in the other windows, which can be accessed through the icons on the right margin: 

• Uploaded Documents 

• Credit Reports

• Financial Analysis

When all the underwriting requirements have been completed, the "SAVE" button on top right will turn blue. Click on "SAVE" to save all the information entered.  

Step 3. Make a decision

Note the different functional buttons available on the individual application page. The underwriter makes a decision by clicking on one of the colored buttons at the bottom right of the window.

• Approve an Application

  Click on "Approve" and open a pop-up window where the proposed terms to be offered as well as any notes will be entered.  

  Click "Approve" on this pop-up to complete the underwriting and forward this application to the next step in the review process: "Under Review - Ready for Final Review" 

  
   

• Counter an Application

Click on "Counter" and open a pop-up window where the countered terms to be offered as well as any notes will be entered.  

Click "Counter" on this pop-up to forward this application to the next step in the review process: "Under Review - Ready for Final Review" 

• Pre-Approve or Counter an Application

Certain credit applications, such as auto loans or mortgages, involve a pre-approval step. Applications involving the pre-approval step will present a different set of action buttons on bottom right of the page during the underwriting review stage. Instead of "COUNTER" and "APPROVE", the "PRE-APPROVE" button is displayed. 

Click on "Pre-Approve" and open a pop-up window where the pre-approval terms to be offered as well as any notes will be entered.  

Click "Pre-Approve" on this pop-up to forward this application to the next step in the review process: "Under Review - Ready for Final Review" 

• Decline an Application

Click on "Decline" and open a pop-up window where the reasons for decline along with important data sources used as well as any notes will be entered.  

Click "Decline" on this pop-up to forward this application to the next step in the review process: "Under Review - Ready for Final Review"