Loan Forgiveness workflow

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

    The Loan Forgiveness workflow allows bank agents to efficiently process requests for waivers or forgiveness of loans, applicable to both business and personal loans. This workflow supports various loan types, such as student loans and SBA Paycheck Protection Program loans, and can handle requests for full or partial loan forgiveness.

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    Key Features

    • Case Initiation: Requests can be submitted by loan contributors or directly by customers through the Customer Service Portal or Consumer Service Portal, requiring activation of the relevant plugins.
    • Task Assignment: Once initiated, tasks are automatically routed to appropriate back-office teams based on assignment rules.
    • Document Verification: A document processor generates tasks for document verification, allowing agents to verify necessary documents and request deferments if needed.
    • Credit Assessment: A credit agent reviews the customer's credit and approves the request through an automated credit task.
    • Loan Authorization: Loan agents review and approve cases, with updates made to loan accounts, which may sync with core banking systems if integration is enabled.
    • Status Tracking: Customers can check the status of their cases through various service portals.

    Key Outcomes

    By utilizing the Loan Forgiveness workflow, bank agents can streamline the processing of loan forgiveness requests, ensure thorough verification and approval processes, and enhance customer satisfaction by providing transparent case tracking options. The automated task routing and integration capabilities contribute to improved operational efficiency within the bank.

    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.