Application Review: How do I counter an application?

A credit application is countered when the offered amount is lower than the requested amount.  Countering an application is similar to approving an application but with one additional step as the applicant has to decide whether to accept the counter offer. 

Click here for an article on how to approve an application.

The following are the three basic steps for countering an application. 

Step 1. To Initiate Review: Make a Decision to Counter an Application

To begin the underwriting process, select "To Initiate Review" from the Credit Applications drop down or the Accounts drop down.  Find the application to review and click on the "Review" button to begin the process.

Upon clicking the Review button, you will see the Underwriting Summary page as shown below.  When all the underwriting standards on the lower half of the page have been completed, the decision buttons will activate, i.e. turning from gray to a vibrant color of red (Decline), yellow (Counter),  or green (Approve). The majority of the data inputs for the underwriting standards section are automatically filled. 

Here you can counter the application by clicking on the activated Counter button to select from the drop down menu all the reasons for not granting the requested credit amount in the pop-up window. This step is similar to declining an application, except you will also enter the countered amount.  When you have completed, click on "Submit Recommendation" to move this application to the next step.  If Final Review is part of the review process, the application will appear on "To Finalize Review" page.  After Final Review, the application will move onto "To Notify" page.  However, if Final Review is skipped, the application will move straight to "To Notify" page. 

Step 2. To Notify: Generate and Send Product Agreement

In this step, you will click on "Countered" on the To Notify page to finalize the counter offer terms as well as the reasons for not granting the credit amount as requested and notify your applicant with the counter decision.  

The terms set in the previous review steps are carried to the To Notify page.  Once you have finalized and confirmed the counter offer, click on "Next" to generate the agreement.  You can review the agreement before sending it to the applicant.  When you are ready to send, click on the "Send" button.  This will trigger an email and text message to your applicants notifying them of your decision and calling on them to accept your offer before it expires.

Step 3. Countered: Final Step to Wrap Up the Application

The "Send" button also moves the application to the "Countered" page.  

When the applicant has accepted the offer,  it will appear on the "Applicant Response" column.  At that time, you can proceed to generate product agreement on the "To Notify "page.  The remaining steps will be identical to those for approving an application.