Automation Rule Triggers

This article delves into the various automation rule triggers available in the LendingWise Automation Rules. It provides example use cases for each trigger, demonstrating how they can be leveraged to enhance communication, and streamline processes.

LendingWise's automation features empower users to automate critical tasks, reducing manual intervention and optimizing workflow. By understanding the different rule triggers available, users can set up automated processes that cater to their unique business needs in private lending.

1. Primary File Status Trigger

• Use Cases:
  • Automated Borrower Notifications: Notify borrowers when their loan application status changes, such as when entering "Underwriting."
  • Internal Task Assignment: Automatically assign tasks to prepare documents when status updates to "Closing."

2. File Sub Status Trigger

• Use Cases:
  • Conditional Document Requests: Request appraisals when sub-status is "Awaiting Appraisal."
  • Team Alerts: Notify processing team when sub-status is "Incomplete Application."
  • Escalation Procedures: Alert management if a file remains "Pending Review" for over 72 hours.

3. Workflow Trigger

• Use Cases:
  • Automated Task Creation: Assign tasks for verifying borrower information when marking "Due Diligence."
  • Workflow-Specific Communications: Send wire instructions upon completing the "Funding" step.

4. Branch Trigger

• Use Cases:
  • Branch-Specific Notifications: Notify branch members when loans are assigned.
  • Regional Document Generation: Produce state-specific disclosures based on branch location.
  • Performance Reporting: Weekly reports on branch activities sent to leadership.

5. Broker Trigger

• Use Cases:
  • New Application Alerts: Notify loan officers upon broker application submission.
  • Broker Relationship Management: Provide brokers with performance summaries and pipeline status.

6. Loan Officer Trigger

• Use Cases:
  • Automated Lead Assignment: Assign applications based on loan officer expertise.

7. Borrower Status Trigger (set in Borrower profile)

• Statuses:
  • Approved:
  • Approval Notification: Send approval letters and next steps.
  • Document Preparation: Generate closing documents.
  • Pending Approval:
  • Underwriting Alert: Prioritize file review.
  • Borrower Follow-Up: Request missing information.
  • Denied:
  • Denial Communication: Explain denial reasons and alternatives.
  • Credit Line Exceeded:
  • Limit Notification: Inform borrower of limits.
  • Adjustment Options: Offer alternative amounts or programs.
  • Proceed with Caution:
  • Risk Assessment: Alert management for potential risks.
  • Enhanced Due Diligence: Assign further checks.

8. Borrower Type Trigger

• Types:
  • Individual:
  • Personal Financials Request: Ask for income statements.
  • Customized Communications: Send personalized emails.
  • Entity:
  • Corporate Documents Collection: Trigger document requests.
  • Entity Verification: Task for verifying legal and credit status.
  • Trust:
  • Trust Documentation: Request trust agreements.
  • Specialized Underwriting: Route to trust lending specialist.
  • Retirement Entity:
  • Compliance Checks: Ensure IRS regulation compliance.
  • Educational Resources: Provide real estate investment info.

9. Loan Program Trigger

• Use Cases:
  • Program-Specific Requirements: Notify specialists on relevant programs like "Fix & Flip."
  • Marketing Automation: Send promotional content related to specific programs.

By leveraging LendingWise's extensive automation rule triggers, lenders and brokers can significantly enhance their operational efficiency and communication strategies. These triggers allow for tailored responses to various loan scenarios, ensuring timely actions and improved borrower experiences.