Happy Mango supports the entire processing workflow of applications for loans, lines of credit, and account opening. Regardless of the type of product, most applications move through the following five stages of review before they finalize into loans, lines of credit or newly opened accounts. Each of these five stages corresponds to a unique work space on the "Applications" or "Accounts" drop down menu.
- New
This work space includes all newly submitted applications. An institutional user can conduct completeness review of the application package on this page. She can add external sourced information such as the applicant's MLA status, upload additional documents, or leave a note for future reviewers. Upon completing this step, she will click a button to send the application to the next stage. Depending on the complexity of the product, you may choose to skip this page.
Click here for an article on how to customize the review process. - To Initiate Review
This work space includes applications that are ready for underwriting. There are various underwriting tools and metrics on Happy Mango that can be customized for each product to suit your institution's risk appetite and standards. The underwriter makes an initial recommendation in this step and pass her recommendation to the final reviewer(s) in the next stage.
Click here for an article on how to customize underwriting standards. - To Finalize Review:
This work space is optional and flexible. This step is necessary for those products that require "second set of eyes" review by a senior risk officer. However, for simple products, you can choose to skip this step; for complex products, you can require multiple final reviews. The final decision on the application--approve, counter, or decline-- is made in the Final Review stage.
Click here for an article on how to customize the review process. - To Notify Application:
This work space allows the institutional user, who typically works in legal or operations, to generate the loan closing document, new account offering document, or an adverse action letter to send to the applicant.
Click here for an article on how to customize and create legal documents. - Approved, Countered, or Declined
Depending on the decision made on the application, the application will move from To Notify page to one of these three pages.- The Declined page includes all applications that have been declined and is the final resting place for all declined applications.
- The Countered page is a holding area waiting for applications that are pending applicants' decide to accept the counter offer. Once the offer is accepted by the applicant, the application is moved back to To Notify page as and "Approved" application.
- The Approved page includes disbursement, payment transfer, and other functions, upon which an application will transform into a new loan or a newly opened account.
In addition to the above, these stages in the workflow can be used for accommodating unique products or enhancing process efficiency.
Incomplete
This page includes applications that applicants have started but not yet submitted. An institutional user can use this page to monitor the application process or reach out to undecided applicants.
Hold
This page holds applications that are deemed to be missing data after the completeness check. Once the missing information is available, an institutional user can "resume" the processing of this application by moving it back into the workflow.
Pre-Approved
This page is created for products that require pre-approval, such as auto loans or other purchase financing products. You can choose to have it as part of the workflow or not through settings on on the Product Settings page.
Click here for an article on how to customize the review process.
Expired
This page includes applications that have passed the expiration date of the offer or of the application itself. The expiration dates are defined on the Product Settings page.
Click here for an article on how to create and customize a product.
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