Underwriting Questionnaires From Your Documents

Upload your underwriting questionnaire or question list and credit agreements, compliance certificates, rate notices, and waivers. Word, Excel, PowerPoint and PDF files all work.

Review the documented terms and see exactly which rate or waiver details still need a follow-up. The questionnaire comes back in its original format.

Yes. Each answer shows its source documents, and yellow highlights mark details your files do not cover.

An underwriting questionnaire is the list of questions a lender, credit committee or investor works through before approving or renewing credit. It usually covers the borrower, the facility terms, financial covenants, collateral and any defaults or waivers. XiCLOPS drafts the answers from the credit documents you upload and highlights in yellow the details those documents do not cover.

Most ask for the maturity date, the interest rate and margin, amortization, financial covenants and their test dates, events of default, and any prepayment or change-of-control terms. The credit agreement records what was agreed, so it is the main source for these answers. Upload its amendments too, because a later amendment can change a rate, a covenant level or the maturity.

From both sides of the covenant. The credit agreement sets the test and its threshold, and the compliance certificate reports the latest result, so the draft can state the requirement and the reported figure together, as the illustrative example on this page does. If the certificate for the period asked about is missing, the draft highlights that gap.

A compliance certificate is the borrower’s periodic statement on whether it met its financial covenants for a test period. It usually sets out the calculation, the required level and the result, and may refer to a breach or a waiver. That makes it the main evidence for covenant questions, so include the latest certificate and any earlier ones the questionnaire asks about.

Upload the waiver or amendment letter alongside the credit agreement and the compliance certificate. The waiver shows which breach was excused, for which period and on what conditions. If your files only refer to a waiver without including the signed document, the draft highlights that the waiver and its conditions still need confirmation, as in the example on this page.

The credit agreement sets the formula, such as Term SOFR plus a margin, but the rate charged for a given period appears in a rate or interest notice. Upload recent rate notices if the questionnaire asks for the current all-in rate. Without one, the draft can state the documented formula and highlights that the current rate still needs confirmation.

Maturity dates, extension options and amortization schedules sit in the credit agreement and its amendments, and the draft answers from those terms. Questions about refinancing plans usually go beyond the loan documents, so add a term sheet, board paper or lender correspondence if you have one. Anything the files do not cover is highlighted for follow-up.

Usually, if you include the security documents. Security agreements, guarantees, mortgages and any intercreditor agreement describe what secures the loan, who ranks first and what each guarantor covers. Upload them with the credit agreement, and the draft highlights any lien, guarantee or ranking detail your files do not cover.

No. There is no extra fee to store or reuse source documents: they stay on file between runs, and you can add or replace files, such as the new quarter’s compliance certificate. Answering the new questionnaire uses runs at the same rate whether the files are new or already stored.

One paid run covers up to 100 questions and 1,500 pages of source documents. A credit agreement with its amendments, certificates and notices can be long, so a larger loan file or a longer questionnaire uses more runs. You see the run count before you commit.

No. Customer documents and processing context are not used to train underlying AI models. Customer data is encrypted using AES-256 at rest and TLS 1.2 or higher in transit, and access is limited through role-based and least-privilege controls. The Trust Center sets out the full approach.

Start with the yellow highlights, which mark the rate, waiver or covenant details your files did not cover. Open Sources on each answer to see the documents it drew on, then edit the answer yourself or regenerate it with the documents and instructions you choose. Review every generated answer before you use or share the questionnaire.

A maintenance covenant is tested at set intervals, usually each quarter, whatever the borrower does in the period. An incurrence covenant is tested only when the borrower takes a specific step, such as raising new debt or paying a dividend. Underwriting questions often ask which kind applies, and the covenant section of the credit agreement answers that, so upload it with any amendments that changed the tests.

The definitions section of the credit agreement. It sets out what counts as debt, debt service or EBITDA, which add-backs are allowed and how each ratio is measured over the test period. Underwriters often ask for those definitions alongside the reported result, so upload the full agreement rather than an extract. XiCLOPS is set up to quote figures, dates and names exactly as they appear in your files.

They usually ask whether any default or event of default has occurred, whether it is continuing, and whether the lender has waived it or reserved its rights. The credit agreement lists the events, while notices, waivers and compliance certificates show what has actually happened. If your files never confirm whether a default is continuing, the draft answers what they show and highlights that point rather than reading silence as a no.

Lenders often ask whether the floating rate is hedged, with which instrument, for how much of the loan and until when. The credit agreement may require a hedge, but the terms themselves sit in the swap or cap confirmation. Upload those confirmations with the facility documents, and the draft highlights any notional amount, fixed or strike rate, or expiry date your files leave out.

Pick the style that fits the questionnaire. Concise answers run one to three sentences, which suits lists of dates, rates and facility amounts. Balanced, the recommended style, runs 60 to 120 words and leaves room for covenant history, and Detailed runs 120 to 220 words. You can also write custom instructions, and the facts still come from the credit documents you upload.

Yes. The free trial includes 1 run on your own documents, with no card required.