Introduction

If you use LoanPro's customer-facing website, you can use it to host personalized applications for credit products. When borrowers submit an application, it'll be created as a new account within LoanPro, kicking off any processes and automations you have set up for KYC, underwriting, and decisioning.

This article will cover the basics of what the application is and where it fits into your origination process. If you're already familiar with how our personalized application tool works, you might want to skip ahead to our article on Creating a Personalized Application or Creating a Loan through a Personalized Application.

Highlights

When a potential borrower visits your website, they can fill out an application, giving you all the information you need to decide whether to extend an account and with what terms. When they submit their application, the system creates a new, inactive account in LMS. Some of that loan's data is supplied by the borrower's information, and the rest is given by one of your pre-configured loans. From there, you can start your own process of vetting the borrower, deciding if you'll extend a account, and then getting money to them. 

Here's some other useful info about how the personalized application tool works:

• Potential customers can fill out applications on your customer-facing website. And if you have your own website, you can use an iframe to put the application there.
• You can use custom HTML or CSS to match the application's style with your company's brands
• You can create multiple applications to match the different credit products you offer. If you stop offering one of those products, you can easily delete or deactivate the application.

Where Do Applications Fit?

Most lenders who use the personalized application tool will set up a process so that new applications are automatically queued up for data gathering and decisioning. If you have agents run through those processes manually, a servicing queue can organize new applicants for them and streamline the process. If you use other software for your data gathering and decisioning, you could instead set up a webhook to send borrower information those partners.

This Feature is Not

Before you go building applications for yourself, we should clear up a few possible misunderstandings:

• LoanPro's personalized application tool is not a marketing solution. This tool is a handy way to get your prospective borrowers' information into our software, but borrowers probably aren't going to find that application all on their own. Lenders still need to market their accounts to new customers and direct those customers to the application.
• The personalized application tool cannot decide whether to extend a account. While the application is a helpful way to get borrower info into the system, lenders still need to vet those customers and determine whether they qualify for a account.

What’s Next?

From here, we recommend reading up on Creating a Personalized Application or Creating a Loan through a Personalized Application. You might also be interested in our Customer-Facing Website tool, a simple website built out of LMS where you can host your applications.