What Is Packet Completeness?
Packet completeness describes whether an application packet includes all necessary components.
In MCA and small business lending, a packet typically consists of an application form, multiple months of bank statements, identification documents, and sometimes tax returns or proof of business operations.
Packet completeness typically appears during the intake stage, when submissions are first received. Operators use it to confirm that all required pieces are present before moving the deal to underwriting.
This reduces wasted time and stops underwriters from reviewing partial or invalid packets.
How Does Packet Completeness Work?
At a general level, packet completeness involves a sequence of checks.
- Input: A broker or ISO submits an application packet containing multiple documents.
- Core action: Each document is reviewed for presence, page continuity, and relevance.
- Output: The packet is marked complete or flagged as missing items.
- Follow-on: If complete, it moves to underwriting. If incomplete, the broker is asked to supply missing documents.
In the Heron workflow, packet completeness is detected automatically.
- Intake: Submissions arrive via email, portal, or API and are captured by Heron.
- Scrub/Checks: Heron checks for missing pages, outdated documents, duplicates, and mismatches such as wrong business names.
- Write-Back: Results are written to the CRM with fields like “packet status: complete” or “packet status: incomplete.”
- Next Action: Heron triggers a missing-info request to the broker if documents are absent, or routes the complete packet to underwriting.
Heron makes sure packets move forward only when complete, cutting down on back-and-forth and stalled deals.
Why Is Packet Completeness Important?
For brokers and funders, packet completeness is critical because missing documents waste valuable underwriting time. Underwriters cannot make decisions without full statements, so deals sit in limbo and turnaround time suffers.
By automating completeness checks, Heron improves speed, accuracy, and scale. Deals are routed correctly on the first pass, rework is minimized, and underwriting teams focus only on submissions that are ready to be reviewed.
Common Use Cases
Packet completeness is applied daily in MCA and small business lending workflows.
- Checking that all months of bank statements are present in an ISO submission.
- Verifying that ID documents match the business name on the application.
- Detecting missing pages in scanned statements and flagging the issue.
- Generating auto-requests to brokers for missing items, such as additional documents or signatures.
- Routing complete packets to underwriting queues without delays.
FAQs About Packet Completeness
How does packet completeness reduce manual work for brokers and funders?
Heron automatically checks each packet for missing items and flags issues before underwriters touch the file. This removes the need for staff to review documents one by one and send manual follow-up emails.
What happens when a packet is incomplete?
Heron marks the packet as incomplete, writes the result into the CRM, and triggers a missing-info request back to the broker. This prevents underwriters from wasting time and makes sure brokers know exactly what to send.
What should be included in a complete packet for MCA deals?
A complete packet usually contains an application form, recent bank statements, identification, and other supporting documents. Having all pages, clear scans, and consistent details is essential for underwriters to review deals quickly.