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Applications

What is an Application?

An Application is an aggregating entity that brings together participants (borrowers, guarantors, collateral providers) and assets to complete the lending process. Applications serve as containers that orchestrate all elements of a transaction from submission through disbursement.

Application Structure

Core Components

Participants:

  • Borrower (primary applicant)

  • Co-borrower (shared responsibility)

  • Guarantor (credit enhancement)

  • Collateral provider (asset security)

Application Properties:

  • Application type (Online, Offline, Pre-approved)

  • Product requested

  • Amount requested

  • Current status

  • Business Process stage

  • Creation and update timestamps

Relationships:

  • One Application contains one or more Participants

  • Participants are primary to Applications

  • Application status derived from Participant statuses

  • Business Process determines Application journey

Application Types

1. Online Applications

Applications completed outside the system and registered via API.

Characteristics:

  • End-to-end API processing

  • Minimal or no staff involvement (except manual underwriting)

  • Typically single participant (borrower role)

  • Fully automated workflow execution

Use Cases:

  • Digital lending platforms

  • Partner channel applications

  • Mobile app submissions

2. Offline Applications

Applications completed by staff when customers visit in person.

Characteristics:

  • Staff-initiated and managed

  • Multiple participant types supported

  • Document collection in person

  • Manual data entry

  • Staff interaction throughout process

Use Cases:

  • Branch-based lending

  • Complex commercial loans

  • Secured lending with multiple parties

3. Pre-approved Applications

Applications automatically created by the system for selected customers.

Characteristics:

  • System-generated for qualified customers

  • Campaign-based targeting

  • Pre-calculated offers

  • Typically single participant (borrower)

Use Cases:

  • Marketing campaigns

  • Customer retention offers

  • Cross-sell opportunities

Application Status

Application status is derived from participant statuses based on Business Process logic.

Status Derivation Logic

The Application status reflects the "least progressed" participant:

Example:

Participants:
- Borrower status: APPROVED
- Guarantor 1 status: APPROVED
- Guarantor 2 status: KYC_PENDING

Application Status: KYC_PENDING

Logic: If any active participant has KYC_PENDING status, the Application cannot progress until that participant completes KYC.

Common Application Statuses

Initial:

  • NEW: Just submitted

  • INCOMPLETE: Missing required information

  • DOCUMENTS: Collecting required documents

Processing:

  • ASSESSMENT: Under evaluation

  • MANUAL_REVIEW: Requires human decision

  • ADDITIONAL_INFO: Requesting more information

Decision:

  • APPROVED: Loan approved

  • CONDITIONALLY_APPROVED: Approved with conditions

  • REJECTED: Did not meet criteria

  • WITHDRAWN: Cancelled by applicant

Finalization:

  • READY_FOR_DISBURSEMENT: Approved and documented

  • DISBURSED: Funds transferred, Loan created

Application Workflow

Standard Application Journey

  1. Submission

    • Application created (API or manual)

    • Participants added with roles

    • Initial data validation

    • Status: NEW

  2. Document Collection

    • Required documents identified based on product and participant roles

    • Documents uploaded by customer or staff

    • Document verification

    • Status: DOCUMENTS or DOCUMENT_REVIEW

  3. Assessment

    • Workflow executes for credit assessment

    • Data Sources called for external data

    • Scoring and risk categorization

    • Status: ASSESSMENT or MANUAL_REVIEW

  4. Decision

    • Automated approval/rejection based on thresholds

    • OR Manual review for complex cases

    • Status: APPROVED, REJECTED, or CONDITIONALLY_APPROVED

  5. Offer Generation (if approved)

    • Offer Engine calculates terms

    • Customer presented with offers

    • Customer selects preferred offer

  6. Contract and Signature

    • Loan agreement generated

    • E-signature workflow initiated

    • Documents signed by all parties

    • Status: READY_FOR_DISBURSEMENT

  7. Disbursement

    • Final approval confirmation

    • Loan entity created

    • Funds transferred

    • Status: DISBURSED

Participant Composition Patterns

Single Borrower Pattern

Used for: Simple consumer loans, online applications

Application
  └── Participant (Borrower)

Configuration: Minimal, fast processing Processing: Largely automated

Multi-Participant Pattern

Used for: Complex loans requiring additional security

Application
  ├── Participant (Borrower)
  ├── Participant (Co-borrower)
  └── Participant (Guarantor)

Configuration: Coordinated evaluation Processing: Multiple workflow executions, status coordination

Collateral-Backed Pattern

Used for: Secured lending products

Application
  ├── Participant (Borrower)
  ├── Participant (Collateral Provider)
  └── Collateral Asset

Configuration: Parallel creditworthiness and collateral evaluation Processing: Both participant and asset assessment workflows

Application Configuration

Framework Level (SDK)

  • Application entity structure

  • Participant relationship definitions

  • Status derivation logic

  • Business Process stages

  • Flow orchestration rules

Admin Panel Level

  • Application form design (Form Builder)

  • Required document configuration by product

  • Workflow triggers by status

  • Notification templates

API Integration

Applications support complete lifecycle management through API:

API Capabilities:

  • Application submission (create Application and Participants)

  • Status monitoring and updates

  • Document upload and retrieval

  • Workflow execution triggering

  • Offer selection recording

Custom API Development:

  • Process-specific endpoints can be created

  • Tailored request/response structures

  • Match institutional requirements

  • Support external system integration

Implementation Resources

Through SDK (Development team)

Application Entity:

Integration:

  • Getting Started - API setup

  • Custom endpoint development for specific processes

Through Admin Panel

Application Forms:

Workflow Configuration:

Product Configuration:

Related Topics

TimveroOS: Unified application management

PreviousClients and ParticipantsNextBusiness Process vs Workflow

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