Where your Funder is also using Omni for assessment workflows, your Omni record will be connected, and kept in sync, with their Omni record. This great functionality means:
when you submit, your application status on your deal will be updated automatically as the Funder completes their assessment
your Funder can 'allocate' tasks and action items back down to you (eg MIRs, conditions of approval, S4)
This article gives you more detail of how this works, and what to expect.
Your Omni record status will be linked to your Funder status
When you submit your application to an Omni Funder, two things happen:
a copy application is created in their channel - the Loanapp application data and supporting documents you have finalised in your channel.
a copy Omni record will be created in their channel - triggering the Omni assessment workflow your Funder will now follow to approve and settle the deal
With this linking of Omni's:
I have a successful submit to Funder channel
I can see the status in my channel is "submitted to funder"
I can also see the status in the Funder channel is "application submitted"
Your statuses can be synced with your Funder
We can also configure so that as your Funder assesses the deal (and the status updates), then your own status in your Omni record can be updated in sync.
Will all statuses update your channel?
Which statuses automatically update your channel can be configured.
The functionality is respectful of the fact the you may not want Funder statuses to update your own channel. Eg you may not want the status of Decline to instantly update your status.
We can choose, via config:
which statuses are kept in sync
which statuses have no impact on your own status
which statuses do change your status...but you choose different wording. eg with a Funder Decline status, you might want to change the status to "Referred"
You can check the status on your linked Funder's Omni from your own record
Even if we configure that a status change in the Funder Omni does NOT update your status (ie you' prefer not to auto-change), you can check on the Funder's status from within your own Omni record at any time in their assessment.
Note if you find you can't see the Funder's status, make sure this is ticked on:
How will your Omni-linked Funder pass actions down to you?
If your Funder is also using Omni, they are able to create and pass activities back down into your Omni. If they do this, then Action Items will appear in your Omni record from your Funder.
This means you can work on these new items in your Omni; and they then will get the outcomes of your work in their Omni. 🤩
Examples of when a Funder will allocate items to you:
Conditions of approval that need to be provided
Review of S4 before instructing solicitors
When Omni Funder Conditionally Approves deal (and sets Conditions)
When your Omni Funder Conditionally Approves your deal, and sets conditions for you to complete, these Omni requirements will be added to your Omni record:
The Conditional Approval Status may also trigger your own Omni process, as per the screenshot above.
To review and fulfil the Funder's Conditions sent to your Omni, please click here.