Digital Lending Essentials
Digital Lending provides banks and financial institutions with a comprehensive platform for consumer lending. It's an end-to-end loan origination solution that helps streamline the application intake, underwriter review, and disbursement processes for loan types such as home, auto, and personal loans.
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Digital Lending Essentials is a collection of terms, key objects, and key concepts designed to help you navigate Digital Lending. This collection is based on a typical loan application scenario where a customer applies for a loan at a financial institution.
- Product
- A financial product such as a specific loan product, insurance, savings account, or credit card. In a typical lending scenario, this represents the loan product the customer is applying for.
- Product Catalog
- A centralized repository of financial products and services offered by the institution. Organizes products into categories and classifications to facilitate product discovery and configuration. See Set Up Product Catalog for Digital Lending.
- Product Classification
- A grouping mechanism that categorizes similar products together, such as Personal Loans, Mortgages, or Auto Loans. Classifications can have associated attributes that define product-specific characteristics.
- Product Attributes
- Dynamic fields that capture product-specific information such as loan amount, tenure, interest rate type, and other configurable parameters. Attributes can be assigned at the product classification level.
- Product List Rate
- Standard or advertised interest rate for a specific product such as a loan or savings account. Represents the base interest rate that a customer can receive under normal circumstances without adjustments. Used as the starting point for pricing calculations.
- Product Fee
- Defines fees or charges associated with a financial product. Stores fee types, amounts, calculation methods, and applicability rules for various product-related charges such as processing fees, annual fees, or service charges.
- Program
- Represents a structured initiative or service offering designed to assist applicants. Programs can include government schemes, special financing programs, or promotional offerings that provide specific benefits or modified terms for qualifying customers.
- Program Product
- Junction object between Program and Product. Links specific products to programs and stores program-specific product values, such as special rates, modified terms, or unique eligibility criteria applicable under the program.
- Term
- Master data of all possible terms and conditions that can be applied to a product or loan. Stores template terms such as prepayment clauses, documentation requirements, insurance mandates, or other contractual conditions.
- Term Related Object
- Junction object relating terms to products. Tracks which terms are associated with specific products, including effective dates and active status of the term-product relationship.
- Index Rate
- The benchmark interest rate used as a reference point for financial products such as adjustable-rate loans. Tracks market index rates that serve as the basis for variable rate pricing.
- Application Form
- The central object that tracks the loan application. The usage type should be Loan Origination. This object is where the customer's loan application is tracked throughout the lending lifecycle.
- Applicant
- A child object of the Application Form. Represents either a new-to-bank customer or an existing customer applying for a new product. The applicant has a lookup to Account or Contact which stores customer information. The applicant object has related objects such as Person Employment, Party Income, Party Expense, Party Financial Asset, Party Financial Liability, and Party Credit Profile. These objects track employment records, income and expense records, asset and liability records, and credit records. The applicant's contact details and role (Primary Applicant or Co-Applicant) are also stored here.
- Party Profile
- Stores Know Your Customer (KYC) information for an applicant or account holder. Contains personal identification details, demographic information, and related party data. Party Profile serves as a central repository for customer information used across the lending process.
- Party Profile Address
- Represents the address of a party profile. Contains flags to indicate whether the address is current and whether it's a permanent address. Multiple addresses can be associated with a single party profile.
- Party Profile Participant
- Represents individuals or stakeholders associated with a party profile. Tracks participants and their roles in relation to the customer's profile and relationships.
- Party Profile Risk
- Stores risk assessment information for a party profile. Tracks risk scores, risk categories, and risk-related attributes used in credit decisioning and underwriting.
- Party Identity Verification
- Tracks identity verification processes for a party profile. Records verification steps, methods, and results for various forms of identity authentication used during customer onboarding and KYC processes.
- Party Screening Summary
- Stores results of customer screening checks to prevent fraud or identify high-risk individuals. Includes Anti-Money Laundering (AML) screening, sanctions list matching, and other compliance-related checks.
- Information Verification
- Tracks information verification processes initiated for Application Form or Party Profile. Records verification type, status, and results for various forms of data validation such as address verification, employment verification, or document authentication.
- Deviation
- Master data object storing common anomalies or exceptions that can occur during application evaluation. Defines deviation types, thresholds, and handling procedures. Application Form Product Deviation references these records to track specific deviations.
- Application Form Product
- A child object of the Application Form, used to track product-specific details. For a loan application, this includes the requested loan amount, tenure, and product selection.
- Application Form Product Proposal
- A child object of an Application Form Product. A proposal that includes interest rate, interest rate type, validity dates, monthly payment details, total interest, and term. This object can represent pre-qualification proposals or final offers.
- Application Form Product Proposal Attribute
- Stores the key attributes and values of a proposal that directly impact pricing. This includes primary parameters such as loan amount and tenure, as well as influencing factors such as credit score and down payment amount.
- Application Form Product Collateral
- Represents a physical or financial asset that is pledged as collateral for an application form product. Links a physical or financial asset (such as a vehicle or property) to a specific loan product on the application, designating it as security for the loan.
- Application Form Product Fee
- A child object of Application Form Product. Tracks fees charged for a particular application form product, such as processing fees, documentation fees, or origination fees.
- Application Form Product Deviation
- A child object of Application Form Product. Tracks anomalies or exceptions found with respect to a specific application form product, such as loan-to-value ratios exceeding acceptable limits or other policy violations that require review or approval.
- Application Form Product Attribute
- Stores product-specific attributes and their values for an application form product. Captures dynamic product characteristics and configuration settings specific to the application.
- Application Form Seller Item
- A child object of Application Form Product. Tracks specific details of the loan asset or collateral, such as property price, address, vehicle details, or other seller-provided information relevant to the application.
- Application Form Term
- A child object of Application Form. Represents terms and conditions associated with a particular loan application, such as prepayment conditions, documentation requirements, or special clauses agreed upon for the loan.
- Application Form Evaluation
- Stores evaluation records for the application form. Captures review comments, assessments, and feedback from underwriters or reviewers at different stages of the application review process.
- Application Form Participant
- Represents individuals or stakeholders involved in the review and processing of the application, distinct from the applicants. This record tracks participants involved in application review or processing such as Underwriters, Loan Officers, or Field Investigators.
- Application Form Product Participant
- Represents information about the application form product participant. Specifies the role of a participant (user or group) in relation to a specific product requested within the application. Assign roles at the product level, such as designating a field investigator for mortgage collateral.
- Application Action Item
- Stores the action items related to the application form, assigned by underwriters or operations officers to other team members. Action items can include tasks such as verifying documents, obtaining missing information from the applicant, or completing credit checks. This object has a polymorphic lookup to Application Form, Application Form Product, Applicant, and other related objects. The object tracks action items, including details such as due dates, status, type, and assignment information.
- Stage Definition
- Represents the various stages in the loan application lifecycle, such as Application Submitted, Under Review, Approved, or Disbursed. Stage definitions help track the progress of applications through the lending process. See Stage Management for Digital Lending.
- Stage Transition
- Defines the rules and conditions for moving an application from one stage to another. Transitions can be automated based on business rules or triggered manually by users.
- Qualification Rules
- Business rules that determine which products a customer qualifies for based on their profile, credit score, income, and other factors. Implemented using Decision Tables and Expression Sets in the Business Rules Engine. See Set Up Qualification Rules for Digital Lending.
- Pricing Procedure
- A sequence of pricing elements that determine the final interest rate and fees for a loan product. Pricing procedures can include list price, adjustments based on credit score, loan amount, tenure, and other factors. See Salesforce Pricing for Digital Lending.
- Pricing Element
- Individual components within a pricing procedure that calculate or adjust pricing. Elements can include list price, price adjustment matrices, and pricing settings.
- Data Use Purpose
- Represents the purpose behind the usage of collected customer data. For example, when a customer applies for a loan, the data use purpose can include credit checks, fraud prevention, or marketing communications. See Set Up Disclosures and Consent for Digital Lending.
- Authorization Form
- Stores the name, version, and effective dates of authorization forms. You can use the revision number to determine if you're using the current version. You can also link to a default authorization form text record to be used if text isn't available for a specific language.
- Authorization Form Text
- Manages the text associated with authorization forms. This object can include multiple versions to support different languages, regions, and situations. It can also store a summary describing the form's purpose, which can be shown to the customer when asking for consent.
- Authorization Form Consent
- Records the customer's consent to data usage purposes. Tracks when and how consent was obtained, and can be linked to specific authorization forms.
- Document Checklist Definition
- Defines the list of documents required for different loan products or stages in the lending process. Document checklists can be configured to vary based on loan type, amount, or customer profile.
- Document Checklist Item
- Individual documents required as part of a document checklist, such as proof of income, identity verification, or property documents. Each item tracks the document status, upload date, and verification status.
- Appraisal
- Represents the appraisal for one or more items. Record tracking the comprehensive assessment process for determining the value of one or more assets used as collateral.
- Appraisal Item
- Represents an item that is appraised, such as a vehicle or property. The specific physical asset or property being evaluated within an appraisal.
- Appraisal Item Provider Valuation
- Represents a valuation of the item that is appraised. The value assigned to a specific appraisal item by the lender or an external third-party provider.
- Appraisal Adjustment
- Represents an adjustment for the appraisal or an appraisal item. A positive or negative modification applied to the base value of an appraisal. These adjustments account for factors such as condition, mileage, upgrades, or market fluctuations.
- Financial Account
- Represents a financing option, such as a home loan or auto loan, related to a customer. Once a loan application is approved and disbursed, a Financial Account is created to track the ongoing loan relationship.
- Financial Account Balance
- Represents the details about a financial account balance associated with the loan product. Tracks outstanding balance, principal amount, interest accrued, and payment status.
- Financial Account Party Financial Asset
- Represents information about a party asset associated with a financial account. Tracks collateral or assets associated with the lending agreement and their relationship to the loan.
- Payment Mandate
- Used to store repayment details including dates, payment amount, frequency, and bank account information for processing loan repayments. Supports various payment methods such as auto-debit, standing instructions, or manual payments.
- Party Income
- Income record of an Applicant. Multiple income records can be associated with an applicant. Each income record includes information about income type, amount, and frequency.
- Party Expense
- Expense record of an Applicant. Multiple expense records can be associated with an applicant. Each expense record includes information about the expense type, amount, and recurrence interval.
- Party Financial Asset
- Financial asset record of an Applicant. Multiple financial asset records can be associated with an applicant. This record can include physical assets such as property or a vehicle, or financial assets such as stocks or savings.
- Party Financial Asset Owner
- Represents the primary owner of a financial asset owned by an applicant or party profile. Tracks ownership details and the relationship between the asset and its owner.
- Party Financial Asset Relationship
- Represents the relationship between financial assets. Relates one party financial asset to another and is used for grouping assets to be pledged together as collateral. An asset can be part of multiple groups, each group being pledged for a specific loan.
- Party Financial Liability
- Financial liability record of an Applicant. Multiple financial liability records can be associated with an applicant. This record can include existing loans or credit card liabilities.
- Party Credit Profile
- Used to store credit details including credit score, total exposure amount, and date of credit pull. Can be related to both Applicant and Account. Useful for tracking credit information of applicants.
- Party Credit Profile Inquiry
- Represents the details of requests to access a borrower's credit report, initiated either by the financial institution or by external organizations. These inquiries serve as a record of credit activity and can influence the assessment of a borrower's risk profile.
- Party Credit Profile Financial Account
- Represents information about financial accounts such as credit cards, auto loans, or mortgage accounts reported by a credit bureau. Helps lenders review the details of a borrower's accounts, both active and inactive.
- Party Credit Profile Financial Account Activity
- Represents information about the payments made by a borrower reported by a credit bureau. Reveals a borrower's payment behavior on past debts, indicating timely, delayed, or skipped payments.
- Party Credit Profile Alert
- Represents alerts and triggers raised against a borrower's credit activities, such as sudden score changes, new accounts, or payment defaults. Aids in detecting fraud, identifying borrower errors, and facilitating verification processes.
- Person Employment
- Stores applicant's employment information. This object has a lookup to Applicant and Contact. It contains a flag to indicate current employment. Digital Lending creates person employment records based on data entered in the intake process. These records track employment details in the context of a particular application.
- Party Financial Asset Lien
- Represents information about a lien held by another lender on the party asset. For a property that an applicant declares as a financial asset, this indicates if another lender has a lien on the property.
- Party Financial Asset Additional Owner
- Additional owner of a financial asset owned by an applicant. This can represent co-owners for property or vehicles.
- Party Financial Liability Additional Borrower
- Represents an applicant who is an additional borrower for a party financial liability. This can represent co-borrowers for existing loans or credit card liabilities.
- Party Financial Asset Relationship
- Represents the relationship between financial assets. The object relates one party financial asset to another and is used for grouping assets to be pledged together as collateral. For example, an asset can be part of multiple groups of assets, each group being pledged for a specific loan.
- Party Financial Asset Term
- Represents the term or condition associated with the party financial asset. Specifies the contractual terms, legal conditions, or restrictions attached to a customer's asset. This records details such as ownership tenure, existing liens, or specific covenants that affect the asset's eligibility or value as collateral.
- Insurance Policy
- Represents the type of insurance policy, such as auto or property, associated with the financial asset used as collateral.
- Insurance Policy Asset
- Represents the customer property or specific collateral asset for which insurance coverage is tracked.
- Integration Orchestration
- Manages integrations with external systems such as credit bureaus, document verification services, or core banking systems. Coordinates data exchange and maintains integration logs. See Integration and Orchestration for Digital Lending.
- Compliant Data Sharing
- A framework for managing data access and sharing permissions across the lending lifecycle. Ensures that sensitive customer information is shared only with authorized participants based on their role and the current stage of the application. See Compliant Data Sharing for Stage Management.
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