Prospect

As the first step in loan or lease origination, lenders often screen the applicants and provide them with a generic offering based on their requirements.

Typically, a borrower submits an application for funds, providing the different information required for the underwriting process. Q2 Origination, in integration with verification agencies, uses this information to conduct the preliminary checks for evaluating the genuineness and credibility of the applicant and follow these with more specific checks like pulling credit reports from a credit bureau. Lenders can also choose to defer some of the tests, such as fetching credit reports, to the underwriting stage. Similarly, lenders have the option to include charges for these tests as fees on the application.