Loan Application
Loan Application Overview
The borrower Applicaiton experience is a step by step walkthrough of the information required to process a loan. While our standard loan application mirrors a standard URLA document, lenders can modify their application blueprint to configure which questions are asked to their borrower in the application.
Tooltips
The loan application contains borrower friendly guides and tips to help guide them through terms and information that they may not be familiar with.
Dynamic Questions / Conditions
The loan application contains dynamic logic so that the borrower only sees and answers questions that are are required of them. For example if a borrower selects military veteran they will be asked about their service dates, but if they select no, they will be asked no further information. This helps reduce time spent on loan application and borrower confusion.
Consents and Authorizations
During the application process, borrowers are presented with required Consents & Authorizations. These items include links to your organization’s full legal language and, when applicable, require the borrower to provide authorization before continuing. Your organization can customize both the language and the full terms shown to the borrower.
Once the borrower provides consent, the system generates a PDF record that includes the full terms, along with the date, time, and IP address of acceptance. This document is stored in the Document Vault, where it is accessible to both the borrower and the lender.
Maxwell QuickApply (Optional)
Maxwell QuickApply allows borrowers to complete the application faster and remove the need for borrower to find and manually enter information like bank account ids and amounts, and employment ond income information. It also speeds up the loan processing time, by reducing the need for lenders to review and validate documents before submitting a file to underwriting.
VOA/VOE
Lenders who use Maxwell’s QuickApply VOA/VOE service often save several days in processing time because they receive accurate, up-to-date borrower information at the start of the application.
Credit Check
Another QuickApply feature allows borrowers to initiate a credit pull during the application process. Maxwell prompts the borrower to provide authorization during the application, then displays their credit results and liabilities instantly.
Your organization can be configured to run a soft pull, single-bureau report, tri-merge, or a full hard credit report at the time of application, depending on your preferences.
You also have the option to collect borrower authorization during the application but have the Loan Officer manually run the credit report later after reviewing the file.
Price Shopping
Another optional feature that supports automated pre-qualification is borrower-initiated price shopping. When connected to one of our participating P&PE integration partners, Maxwell can present borrowers with a filtered list of product options they may qualify for. Borrowers can then complete an initial pricing review and select a product during the application process.
This workflow enables lenders to offer borrower-initiated pre-qualifications, creating a faster and more seamless experience.
Automated AUS Pre-Quals
When credit and pricing are enabled, your organization can offer a self-serve AUS and pre-qualification workflow. After the borrower submits their application, the system can automatically run AUS. If the results return Approve/Eligible, Maxwell can automatically generate a pre-qualification letter for the borrower.
Application Submission
Once a borrower has completed all sections of the loan application they can submit the application for LO review. Submitting the application will move the borrower into the tasks and documents collection phase off the loan process and immediately generate tasks based off of their application questions.
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