The Loan Processing recipe is based on REST and SOAP APIs. The process is called by an
HTTP request with basic information about the loan request as an incoming parameter.
The process performs initial verification by validating the loan information. After successful
validation, the process sends an email for application submission, generates a loan ID, and
verifies employment details and income.
The process then performs a credit check to assess any risk. If the credit score of the
applicant is more than 700, the loan gets automatically approved and an approval email is sent
to the applicant with the document for an e-signature. Otherwise, an email is sent to the
applicant stating that the loan application is under review.
Simultaneously, an email is sent to the reviewer to determine the risks associated with the
loan based on the applicant's credit score. Based on the reviewer's decision, if the loan is
approved, an approval email is sent to the applicant with the document for an e-signature.
Otherwise, a loan rejection email is sent.
You can use this documentation to work with the following recipes:
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