Product Settings: How do I customize the underwriting for each product?

Lenders own the risk and the underwriting standards.  Happy Mango provides a wide range of tools to help lenders make the best underwriting decisions.  You may select from them the relevant underwriting tools for each product and specify the required threshold for each based on your own risk appetite.  You can also decide to disclose some or all of your underwriting requirements to your applicants so that they can self-assess their qualification before applying.  

1. Select the existing product or add the new product on the System Settings - Products page. 

2. Click on "Review" and select "Underwriting" from the left menu of the product settings page. 

3. Select the underwriting standards relevant for your product. 

Depending on the product type, you may find 40-60 underwriting standards available categorized into 5-6 sections from Financial Condition to Credit History.  Checking the checkbox in front of each standard to select it.  Once selected, the standard will be displayed on the Underwriting Summary and Details page in the application review process as shown below. 

4. Enter the threshold for each standard.

Next to most underwriting standards, you will find the input fields for the relevant threshold related to that standard.  For example, you may enter the minimum required credit score next to the credit score requirement.  These thresholds will be used to compare to actual data collected and generate the comparison report on the Underwriting summary page as shown above. 

5. Choose whether to disclose each standard to your applicants.

The last column in the Underwriting let you decide whether to disclose that standard to the applicants.  We recommend provide the transparency so that your applicants can self-evaluate before deciding to start an application.  This can save time for your customers and for your staff.  If you select "Yes" to an underwriting standard, it will appear in the requirements preview pages on your customer's user interface as shown below. 

6. Never forget to click on "Save Changes" at the bottom left of the page to save all your work!