Approving an Application
Once an applicant has completed and submitted their application, the Lead representing that application will appear in the Lender Portal with a status indicating that it is ready for review. If the information provided meets the institution’s criteria and no further action is required, the Lead can be approved.
What Happens When a Lead Is Approved
Approving a Lead is the first step in converting an application into an active product. When a user selects the "Approve" action from the Lead, the platform will prompt them to create a Product instance. This product represents the live financial service associated with the application, such as a loan, line of credit, or other account type.
Approving a Lead also:
• Closes the Lead and prevents any further editing by the borrower • Records the approval as part of the Lead’s audit history • Allows the institution to begin servicing the Product via Ascent’s servicing tools • Marks the application as successful from the applicant’s perspective
How to Approve a Lead
Navigate to the Lead you wish to approve
Review the submitted application and any attached files or Requests
Select the “Approve” option from the Lead actions menu
Complete the prompt to create a Product instance by selecting the appropriate product type and entering any necessary details
Confirm the approval
Once completed, the Product instance will appear within the Member Profile under Active Products. From here, it can be managed through servicing tools such as renewals, modifications, or document generation.
Important Considerations
• Only Leads that have been submitted can be approved • The approval action is final and cannot be undone • Not every institution uses or tracks Product instances. Archiving a Lead might be the end of the flow in these cases. • Product instances can be modified or closed after creation, depending on institutional permissions • Additional documents or closing steps may be required depending on the product type
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