When creating a new loan product, a decision model helps define the rules that help Lendsqr implement its Risk Assessment Criteria, it also helps determine whether a loan is approved or rejected.
For example, if a lender wants to offer a loan product for only people that are married and own their own house, they can set up a decision model that will help them determine the eligibility of the borrowers applying for this loan, and as this is an automated process, it makes it easier for the lender to approve the correct loans.
Creating a model from scratch involves pulling the default system model which will contain all modules that currently exist on the system and the default values used. For modules that require external providers, you should contact a Lendsqr support staff for assistance as those require implementation of API keys and a review of pricing models.
When creating a model ensure you save each segment before proceeding to the next segment.
Creating a model from scratch
To create a new model from scratch follow the steps below:
1. Log in to your lender admin console.
2. Navigate to the “Decision Model” tab under the Product Management grouping in the left side bar.
3. Click on the “Add a New Model” button.
3. Enter the Decision Settings Name and Decision Settings Description of the model and save before proceeding to adjust the variables in the various modules.
Once you have done this, you would have successfully created a new decision model from scratch.
Watch the video below to learn how to configure your decision models.
1. Configuring your decision model (Internal integrations)
2. Configuring your decision model (External integrations)
For more information on payment gateways available to lenders, Read here
Read more: What’s a decision model?