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A little study of the business process under scope, is leading the design team to
see at least two or three different decision service that need to be called by an orchestration layer in the
application code:
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Data validation
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Loan Underwriting which includes the steps Calculate Risk grade and credit
score, Select a loan program, Eligibility, Pricing
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Manage the result
The discussions with the business team brought some example of rules of the Data
Validation step:
· The borrowers need to be at least 18, except in state of Arizona, he needs to
be above 21 at the date of the loan application
· It is possible to have one borrower and one co-borrower, but there is always
one primary borrower in the loan application. There can be no, or at most one co-borrower
· An employer should be associated to a non self-employed applicant.
· No employer can be associated to a self-employed applicant.
· A requested loan amount less than 0 is invalid.
· The property information should be given
o Address, zip code
o Year built
The purpose of the loan should include one of Purchase, construction, refinance, construction-permanent or other. And
also the broker needs to specify is it is an investment, a secondary or primary residence. If the the property is a
construction or construction-permanent we also need to get some information
· myLending is not doing business in North Dakota or South Dakota.
· Family income needs to be present
From there we can see that there is some global rules and some state related ones.
It seems that the number of rules for data validation is not high and a rule set around 100,150 rules will be designed.
But we can guess that some of those rules may be shareable in the future.
We can also extract the following business terms:
· Borrower: a person who has been approved to receive a loan and is then obligated to repay it
and any additional fees according to the loan terms
· Co-Borrower: an additional individual who is both obligated on the loan and is on title to the
property
· Credit History: a record of an individual's repayment of debt. Credit histories are reviewed my
mortgage lenders as one of the underwriting criteria in determining credit risk
· Loan: The principal or amount of total borrowed money that is repaid with
interest.
· Loan-To-Value
(LTV): the percentage relationship between the amount of the loan
and the appraised value or sales price (whichever is lower).
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