Ready-to-Look

What is Ready-to-Look?

To put it simply, a Ready-to-Look loan is a loan application that is ready for the CU to underwrite and apply a decision to. The important distinction in a Ready-to-Look scenario, is that the incoming loan application will be matched to a CU loan product and recalculated based on the credit union's configuration.

How Loan Decisioning Works

When a loan application is submitted to the system, the CU will have the opportunity to issue a decision on the application. There are two methods of retrieving that decision:

1. Performing a GET on the API using the unique application ID provided in the return location header tag (Described below)
2. Providing HTTPS/TLS postback information

If you provide postback information in your original application submission (see application spec), the system will attempt to post new decisions to your system when they are applied. This eliminates the need to continually ask if decisions are available for applications.

The system can support two scenarios for posting:

1. A web service URL with an API key for auth
2. A web service URL using basic authentication credentials

More detail is available within the application schema specification

Example Verbs and URIs

Action	HTTP Verb	Entity	URI
Create	POST	Loan Application	/api/credit_unions/{CUID}/loans/applications
Retrieve	GET	Decisions	/api/credit_unions/{CUID}/loans/applications/{unique_application_id}/decisions

Available Entity Endpoints

Every verb is not supported for every entity. It is limited by permission and implementation, to be coordinated with your partner certification representative.

Loan Applications

Submit an application for the CU to decision

• HTTP Verb: POST
• Endpoint URI: /api/credit_unions/{CUID}/loans/applications
• Available Request Content-Type(s): application/xml
• Request Body View Schema | View XML Sample
• Available Response Content-Type(s) application/xml
• Response Body View XML Sample
• HTTP Response on Success HTTP 201 Created

Loan Decisions

Get decisions for a particular application

• HTTP Verb: GET
• Endpoint URI: /api/credit_unions/{CUID}/loans/applications/{unique_application_id}/decisions
• Available Response Content-Type(s): application/xml
• Response Body: View Schema | View XML Sample
• HTTP Response on Success: HTTP 200 OK

HTTP Examples

The intent to create a loan application is signified by the request type and URI. Each entity response will be provided in XML format per the referenced schemas

Note: These example do not have all header information. Much of the details must be coordinated. The request bodies’ format are for example purposes only.

Loan Submission Example

Request from Vendor to CU*Answers

XML=(XML Request)

Response from CU*Answers

<ack type="ack">
    <lender_app_id>26406</lender_app_id>
</ack>

Decision Submission Example

Response from CU*Answers

<loan xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
    <transaction_data>
        <partner_id>newpartner</partner_id>
        <partner_app_id>3207888563</partner_app_id>
        <delivery_channel>LI</delivery_channel>
        <partner_lender_id>TEST</partner_lender_id>
        <partner_dealer_id>12345</partner_dealer_id>
        <lender_dealer_id>5</lender_dealer_id>
        <credit_type>I</credit_type>
        <membership_designation>individual</membership_designation>
    </transaction_data>
    <offer_data>
        <offer decision_code="counter-offer">
            <lender_contact_number>2699836357</lender_contact_number>
            <approved_amount>13000.00</approved_amount>
            <received_date>2015-01-27</received_date>
            <interest_rate>13.25</interest_rate>
            <monthly_payment>138.51</monthly_payment>
            <decision_time>2015-01-27T09:32:55Z</decision_time>
            <max_finance>13000.00</max_finance>
            <total_finance_charge>3122.21</total_finance_charge>
            <late_payment_charge>15</late_payment_charge>
            <number_of_payments>72</number_of_payments>
            <comment/>
        </offer>
        <offer decision_code="approved">
            <lender_contact_number>2699836357</lender_contact_number>
            <approved_amount>14000.00</approved_amount>
            <received_date>2015-01-27</received_date>
            <interest_rate>13.25</interest_rate>
            <monthly_payment>300.51</monthly_payment>
            <decision_time>2015-01-27T10:15:55Z</decision_time>
            <max_finance>14000.00</max_finance>
            <total_finance_charge>3122.21</total_finance_charge>
            <late_payment_charge>25</late_payment_charge>
            <number_of_payments>72</number_of_payments>
            <comment/>
        </offer>
    </offer_data>
</loan>