What happens to a loan record once it enters the approval process?

When a loan record enters the approval process within nCino, it becomes locked until further actions are taken. This locking mechanism is essential as it ensures that no unauthorized changes can be made to the loan details while it is under scrutiny. The approval process typically involves multiple stakeholders who need to review and approve the loan; therefore, locking the record helps maintain the integrity of the information during this critical phase. This way, all parties involved can be confident that they are working with the same data set, ensuring a smooth approval workflow.

Locking the record also serves to prevent any accidental modifications that might complicate the decision-making process or lead to inconsistencies, thereby streamlining the evaluation and approval of the loan.