Loan Forgiveness workflow

  • Release version: Washingtondc
  • Updated February 1, 2024
  • 2 minutes to read
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    Summary of Loan Forgiveness workflow

    The Loan Forgiveness workflow enables bank agents to effectively manage loan service requests related to the waiver or forgiveness of outstanding loans, applicable to both business and personal loans. This process includes requests for full or partial loan forgiveness, commonly seen with student loans, agriculture loans, and SBA Paycheck Protection Program loans.

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    Key Features

    • Workflow Automation: The workflow automates the routing of cases and tasks to relevant agents across different departments, enhancing efficiency.
    • Case Initiation: Loan forgiveness requests can be submitted by loan contributors or directly by customers through various service portals, provided the necessary plugins are activated.
    • Role-Specific Tasks: The workflow generates specific tasks for document verification, credit assessment, and loan authorization, ensuring structured case handling.
    • Integration Capabilities: If enabled, the workflow can automatically update loan accounts in the core banking system after approval.

    Key Outcomes

    By utilizing the Loan Forgiveness workflow, bank agents can streamline the resolution of loan service requests, resulting in improved case management and customer satisfaction. Customers can track the status of their requests through the Customer or Consumer Service Portal, fostering transparency and engagement throughout the process.

    Learn how bank agents, using the Loan Forgiveness workflow, resolve a loan service request for a waiver or forgiveness of an outstanding loan with the bank. The workflow applies to both business and personal loan service requests.

    A loan forgiveness request could be for the full loan amount or only a partial amount. Some common examples are student loans, agriculture loans, and the Small Business Administration (SBA) Paycheck Protection Program.

    The following diagram shows how the application helps bank agents resolve a Loan Forgiveness service request.
    Figure 1. Loan Forgiveness workflow
    Workflow that shows how a loan service request for forgiveness is resolved using the Loan Operations application.

    The following workflow routes the case and tasks for a Loan Forgiveness service request to agents in different departments. The agents log in to Workspace to work on the tasks in their queue. For Loan Forgiveness workflow for business loan operations, agents can also use the case playbook that guides them through the steps that are needed to resolve the case.

    As a loan contributor, requester, or customer
    A loan contributor or a requester submits a Loan Forgiveness loan service request on behalf of a customer.
    A customer (consumer or contact) can directly submit a request from the Customer Service Portal, Consumer Service Portal, or another self-service portal.
    Note:
    For consumers to submit a request using the Consumer Service Portal, you must have the Consumer Service Portal plugin (com.glide.service-portal.consumer-portal) activated.

    A case is initiated based on the request type.

    As back-office agents
    After the case is initiated and an agent updates the case details, a workflow is triggered automatically. The assignment rules route the associated tasks to the appropriate back-office teams.
    1. A loan agent reviews the case details and adds additional details, such as a fee.

      The document processor service determines the documents that must be verified for the request. The workflow generates an inbound document verification task for the document agent.

    2. A document agent works on the inbound document verification task to verify each document that is listed in the task. If required, this agent can request a deferment of a specific document.

      The workflow generates a credit assessment task for the credit agent.

    3. A credit agent works on the credit task to review the credit for the customer and to approve the request.

      The workflow generates a loan authorization task for the loan agent.

    4. A loan authorizer (loan agent) reviews the case details and approves it.
    5. A loan agent works on the loan update task and updates the loan account in the banking system.

      If the bank has enabled an integration, the loan account could also get automatically updated in the core banking system.

    After the case is complete, its state and the stage are set to Closed Complete and the work notes are updated. A customer can view the status of the case from the Customer or Consumer Service Portal or another self-service portal.