Workflow

The Loan origination process forces the loan application to flow from Loan Officer to the Approving Official until it gets approved or rejected.
On its way the loan application is handled to the loan processor, underwriter and/or senior underwriter, and, depending on the amount, may be handled to VP Credit, CEO representative, and Board of Directors representative.
Further it goes to Legal Assistant, Closing Attorney and Post Closers.
 Ideally the application flows forward until it is ready for disbursement. However each loan has its unique path and   may require a certain number of laps,  in case if some activities must be corrected /completed.
When  figuring out the right “routes” for each application manually, fully relying upon the knowledge and accuracy of the staff, it can be lengthy, costly and sometimes incorrect.
Automated workflow for the loan origination the system drives the process and makes sure that the loan application will be handled to the right person.  Such approach guarantees that the rules stated in policy and procedure document are strictly followed by all staff members, no matter how much training they receive and what level of commitment they show.  It organizes the work of each employee by providing the queue of tasks that each of them has to complete. Besides that, it provides management with the means to monitor and manage employee activities, control missing completion dates, manage employee’s overload versus too little load, and measure quality of work in a way of number of resubmissions per employee.
LMS automated workflow is distinguished by the following  features:
  • Build upon working system
  • Highly customizable
  • Included packages: Loan origination,Investor & Compliance Reporting, Change of Loan Terms

 

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