Applications

An Application represents a Borrower's loan request in Prime API. An Application can be continuously modified and updated throughout the lending journey. A Partner can update an Application as they collect and submit consumer-permissioned data to Prime . When a new Application is created, a comprehensive lending record is initiated, that both Prime and the Partner will progressively enrich with data as a Borrower moves through the Application flow.

The Application's data structure adapts to this progressive data collection process. As a Borrower provides information through a Partner’s platform, the Application will update with new details from this consumer-permissioned data. Starting from basic contact information and moving to more complex elements like financial (open banking) data. While a Partner manages the consumer-permissioned data, Prime complements the data by automatically enriching the Application with information that becomes available in the background. Examples of this include banking connection details and dynamically generated legal documents, to be signed by the borrower, to provide a complete Application.

Partners can interact with Applications through Prime API, create new Applications; update Applications with additional consumer-permissioned data as it becomes available, and retrieve the latest Application entry (including status and other attached entities, like documents).

During the initial phase, a Partner will create a new Application, which will require a User and a Eligibility Decision (created with the Eligibility endpoint). The Application will move through phases, including enrichment, underwriting, and finalization as additional information is gathered and submitted. A Partner can monitor these phases by checking the Application metadata checklist information. Once all required information is collected, the Application will move to the underwriting phase, and conclude with the loan disbursement and servicing.

Important to know: You will need a valid Eligibility Decision and a User entity in order to be able to start an Application.