Our financial institution recently signed up for application analytics. On the data specification sheet you provided, “Application Status” is listed. Can I ask for clarification on what you are looking for?
Dear Application Status,
Let me begin with explaining how the application status field is used! In the application analytics product, the application status field is key to determining which of the 5 statuses each application will fall into. The goal is to categorize all loans as either:
- Approved – Funded
- Approved – Not Funded
Though the application status is key, we often use a combination of fields to correctly categorize the applications. For example, usually the status field will contain an “Approved” status, but we need to differentiate between those approved applications that were funded and not funded. We can use a funded date or funded amount field for this. Just in case you happen to speak the language of programming (SQL), I am including the logic I just finished for one of our clients!
IF(`LoanStatus` = ‘APPROVED’ AND `FundingDate`>0, ‘Approved – Funded’, IF(`LoanStatus` = ‘APPROVED’, ‘Approved – Not Funded’,
IF(`LoanStatus` = ‘DECLINED’, ‘Denied’,
IF(`LoanStatus` = ‘CANCELED’, ‘Withdrawn by Applicant’,’Other’))))
During the Data Review, I will go over the logic with you to make sure it captures all the loans correctly.