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Loan Application

Loan Application Flow

The Loan Application flow is the main one, performing an actual loan application with SBAB. It can be used to apply for new loans or transferring existing ones from other institutions to SBAB.

Note that, similarly to the Pre Application flow, requests for this flow requires a client credentials access token.

When a Loan Application request is received from the client, a Left to Live calculation is executed with the received data:

  • If a negative left to live score is received, the Loan Application is rejected and the application data is not stored
  • If a positive left to live score is received, the flow continues with a creation of the signing process and the response object will contain the data to trigger BankID signing (the application is now in status loan_application_need_signing)

For the loan application to proceed, a successful BankID signature is required from the main applicant.

For the Mortgage application 2.0 API signing of an application should be done with the Signing 1.0 API. For details about the Signing 1.0 API, see the Signing API documentation.

When reaching the expiration date of the process, received in the loan application's response, an unsigned application will automatically be rejected. This expiration date is defined as 45 days after the application is first received by the API.

After signed by the applicant, the application will transition into state loan_application_received. It will then be processed by our internal systems and after some time, usually between 30 seconds and one minute, it will transition into state loan_application_processing (if not rejected by other reasons, such as credit check).

By this point, a human review of the application will take place, and the result of that is the definition of a list of documents that need to be provided by the applicant in order to fully evaluate the applicant's loan request. Such list of documents will be returned as part of the periodic status request executed by the client. The documents will be sent by the applicant to the partner in whatever format it wishes to receive them (digital or physical), and they should ultimately be sent by the client in PDF format through the API.

Once all the documents are received and approved by SBAB's Customer Service, the loan documents are printed and sent to the applicant/s. The applicant/s can also log in to sbab.se to download and print the documents. The applicant/s signs and sends the documents to SBAB by physical mail or e-mail. The applicant/s also have to answer SBABs KYC questions by logging into SBABs web. If the applicant/s already have an engagement at SBAB all existing products have to have their KYC questions re-answered. Once the documents are approved by SBAB's Customer support and the applicant/s have answered or re-answered their KYC-questions, the loan can finally be disbursed.