Borrower frequently asked questions

Lender FAQ

 

Frequently Asked Questions for Lenders

What is Approval Pathway?
A:  Approval Pathway is redefining commercial lending for community-based lenders. Our intake and AI-powered underwriting platform simplifies workflows and accelerates decisions, so commercial loan applications are processed in days instead of weeks. We are helping lenders make faster, smarter lending decisions so they can better serve their members and fuel growth in our local economies.
How does it help my lending team?
A:  Approval Pathway replaces the emails, whatsapp groups, shared folders, and unhelpful data rooms that borrowers usually use to submit applications and supply supporting documents. Instead we offer a central, secure hub for both borrower and lender where all details and documents are securely uploaded and stored for everyone involved to easily access. Additionally, we extract key financial metrics and calculate most of the standard ratios used to evaluate a loan, making it quicker to get to "yes, this might be for us" or a quick decline. 
To help get a quick overview even faster, Approval Pathway includes a high level analysis of the application to help see trends and get a sense of how the borrower is doing, making et faster to find the right deals to focus on instead of wading through a bunch of bad or incomplete deals to get to the good ones.
What types of loan applications will I be able to view?
A:  We have support for a handful of standard commercial loan types, but will work with you during your onboarding to define which loan types you normally deal with and what documents are a must-have before you will even look at an application. 
Can I control which applications I see?
A:  Yes! first off, we won't allow a borrower to submit an application until they've uploaded all the documents you require. Secondly, if you direct your existing customers to Approval Pathway, you are the only one who will have access to those applications until you decline them. Thirdly, by partnering with Approval Pathway you will get access to a marketplace of applications that other lenders have declined, where we will help you find the types of loans you are interested in.
Do I have to be exclusive to Approval Pathway?
A:  Not at all, but you will likely find that handling application intake outside of Approval Pathway is too tedious. We make sure borrowers provide a minimum of documentation and complete a lot of the basic ratios you would want to see before spending too much time going into all the details of the applicant.
How much does it cost for us to use Approval Pathway?
A:  We have a simple, tiered, per-application processing fee where the cost is less per application the more applications you receive. You pay for each application that we process, but nothing else after that. 
If you fund an application from the marketplace, we will charge the borrower 0.5% in transaction fees payable directly from you via a Direction to Pay order signed by the borrower
If you decide to also use Approval Pathway for continuous servicing/monitoring of the loan, we will charge a small yearly fee for each application that we monitor.
How does Approval Pathway ensure application quality?
A:  The platform organizes and validates key financial documents, reducing errors and missing information.
Is the platform secure and compliant?
A:  Yes, we use bank-grade encryption and follow strict privacy laws like PIPEDA to protect your data. We're also in the process of getting our SOC 2 compliance, to show that we take security and privacy seriously.
Can I use Approval Pathway with my existing customers?
A:  Yes! Both existing and new customers can be directed to a branded version of Approval Pathway that can act as your main intake form for new commercial loan applications. Customers you direct to Approval Pathway will not be changed the $199 processing fee, as you will be charged for the processing. Whether you choose to pass on the processing cost to the borrower as part of their closing or origination fees is up to you.
How do I get started?
A:  Start your registration here, or of you want an overview of the system or simply want to talk to us first, book a demo or an introduction call  
 
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