Loan Forgiveness workflow

  • Release version: Yokohama
  • Updated January 30, 2025
  • 2 minutes to read
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    Summary of Loan Forgiveness workflow

    The Loan Forgiveness workflow enables bank agents to efficiently handle requests for loan waivers or forgiveness, applicable to both business and personal loans. Common scenarios include student loans, agriculture loans, and the SBA Paycheck Protection Program. This system streamlines the process by routing tasks to appropriate departments and providing agents with a case playbook for guidance.

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    Key Features

    • Request Submission: Loan requests can be submitted by contributors or customers through various portals, including the Customer Service Portal, provided the necessary plugins are activated.
    • Automated Workflows: Once a case is initiated, tasks are automatically assigned to back-office teams based on set rules. This includes document verification and credit assessments.
    • Document Verification: Document agents are tasked with verifying necessary documentation, with options to request deferments if needed.
    • Credit Assessment: Credit agents review the customer's credit status to approve requests.
    • Loan Authorization: Loan agents authorize the request and update the loan account within the banking system, possibly integrating with core banking systems for automatic updates.

    Key Outcomes

    Upon completion, the case is marked as "Closed Complete," and work notes are updated. Customers can easily check the status of their requests through self-service portals, enhancing transparency and customer satisfaction.

    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.