Underwriting Decisions

An Underwriting Decision represents the formal outcome of Prime's comprehensive credit assessment process for a loan Application. Once an Application includes all the necessary information about the Person and the Business seeking a loan, it undergoes a comprehensive underwriting evaluation. This process results in a detailed decision, determining whether the application can proceed to the selection of a Loan Offer and agreement signing. Each Underwriting Decision captures Prime's risk assessment and lending outcome in an immutable log for auditing and regulatory purposes.

The Underwriting Decision contains the outcome (approved, declined, etc...), along with detailed reasoning and any conditions attached to the approval. For approved Applications, the decision includes parameters that shape potential Offers, such as approved amount, term length, and term options. The decision may also specify additional documentation or information requirements that need to be fulfilled before final approval. In the event that a potential Borrower does not provide additional documentation or information within 30 days, Prime declines the Application and provides the Borrower with an Adverse Action Notice (AAN), in compliance with Regulation B requirements. For declined Applications, Prime provides a standardized reason code, explaining the decision. Prime also provides an Adverse Action Notice (AAN) to the Borrower, in compliance with Regulation B requirements.

Through the API, you can push an Application to undergo the underwriting process by calling the underwrite action endpoint. While an Underwriting Decision may be retrieved at any moment from the Application entity, the final outcome is only available once the risk assessment and lending outcome is complete. For approved decisions, available loan Offers are provided to review. For pending decisions, a Partner can't submit an Application for loan issuing until it reaches a final outcome (approval or denial). Each Application typically receives one final Underwriting Decision. However, preliminary decisions may be available during the assessment process. The underwriting process involves a mix of automated underwriting, background screening, and—if necessary—manual assessment by one of Prime's operators.