Analyse and confirm sources of down payment and closing costs
8
Conduct collateral review
9
Approval: Loan Officer
10
Verify compliance with underwriting standards
11
Approval: Underwriting Analyst
12
Ensure compliance with regulatory standards
13
Approval: Compliance Officer
14
Perform final check for discrepancies or inconsistencies
15
Generate pre-funding quality control report
16
Send report to management
17
Approval: Management
18
Send report to loan originator for any necessary corrections
19
Confirm completion and accuracy of any necessary corrections
20
Handover to the funding team
21
Issue funds and close the loan
Verify prospective borrower's information
This task involves verifying the information provided by the prospective borrower. It plays a crucial role in ensuring the accuracy of the borrower's details and avoiding any potential fraud or misrepresentation. By confirming the borrower's identity, contact information, and other relevant details, this task contributes to the overall integrity of the lending process. The desired result is to have accurate and verified information that can be used for further evaluation and decision-making. It requires attention to detail, effective communication skills, and the ability to navigate various databases or systems for verification purposes. Challenges may arise if the borrower provides incomplete or incorrect information, which can be addressed by conducting thorough research and contacting reliable sources to validate the data. The resources or tools required for this task include access to credit bureaus, public records, and reliable databases.
Collect and scrutinize borrower's credit report
In this task, we collect and scrutinize the borrower's credit report. The credit report provides valuable insights into the borrower's credit history, including their payment history, outstanding debts, and credit utilization. It plays a crucial role in assessing the borrower's creditworthiness and determining the risk associated with lending to them. By thoroughly analyzing the credit report, we can identify any red flags, such as late payments, high levels of debt, or previous bankruptcies. The desired result is to have a clear understanding of the borrower's credit profile and their ability to meet their financial obligations. This task requires attention to detail, knowledge of credit scoring models, and the ability to interpret credit report data. Potential challenges include discrepancies in reporting or outdated information, which can be resolved by requesting updates from credit bureaus or contacting the borrower for clarifications. The resources or tools required for this task include access to credit reporting agencies and credit scoring systems.
1
Experian
2
Equifax
3
TransUnion
4
Innovis
5
CoreLogic
Performance of income and employment verification
This task involves verifying the borrower's income and employment details. Income and employment verification are important factors in assessing the borrower's ability to repay the loan. By confirming their employment status, income source, and stability, we can evaluate the borrower's financial capacity and determine their eligibility for the loan. The desired result is to have accurate and verified information about the borrower's income and employment, which can be used for loan evaluation and decision-making. This task requires effective communication skills, attention to detail, and the ability to validate employment information through reliable sources. Potential challenges may arise if the borrower's employment status is uncertain or if they have multiple sources of income, which can be addressed by contacting employers or requesting additional documentation. The resources or tools required for this task include employment verification services, income documents, and reliable contact information for the borrower's employer(s).
1
Salary
2
Self-employed
3
Rental income
4
Investment income
5
Other
Analysis of borrower's debt-to-income ratio
This task involves analyzing the borrower's debt-to-income (DTI) ratio. The DTI ratio is a crucial metric in determining the borrower's ability to manage their debt obligations. By comparing the borrower's total monthly debt payments to their gross monthly income, we can assess whether the borrower has sufficient income to cover their existing debts and the proposed loan. The desired result is to have a clear understanding of the borrower's DTI ratio, which can be used to evaluate their financial capacity and assess their risk level. This task requires mathematical skills, attention to detail, and the ability to analyze financial statements or supporting documents. Potential challenges may arise if the borrower's debt information is incomplete or if they have undisclosed debts, which can be addressed by requesting additional documentation or contacting creditors for verification. The resources or tools required for this task include financial statements, debt information, and calculators for DTI ratio calculation.
Conduct appraisal review
In this task, we conduct an appraisal review of the property being financed. The appraisal helps determine the fair market value of the property and its suitability as collateral for the loan. By reviewing the appraisal report, we can assess the property's condition, location, and market value. The desired result is to have a comprehensive understanding of the property's value and its compliance with lending guidelines. This task requires knowledge of real estate valuation methods, attention to detail, and the ability to analyze appraisal reports. Potential challenges may arise if the appraisal report contains incomplete or conflicting information, which can be resolved by contacting the appraiser for clarifications or ordering a new appraisal. The resources or tools required for this task include appraisal reports, property information, and access to real estate databases or systems.
Review of all loan documentation
This task involves reviewing all loan documentation before finalizing the loan process. By thoroughly examining the loan documents, we can ensure that all necessary paperwork is complete, accurate, and compliant with regulatory requirements. The desired result is to have error-free loan documentation that reflects the terms, conditions, and obligations of the loan agreement. This task requires attention to detail, knowledge of loan documents, and the ability to identify discrepancies or missing information. Potential challenges may arise if the loan documents contain errors, inconsistencies, or missing pages, which can be addressed by contacting the loan originator or reviewing supporting documents. The resources or tools required for this task include loan documents, loan origination systems, and reference materials on loan documentation standards.
Analyse and confirm sources of down payment and closing costs
In this task, we analyze and confirm the sources of the borrower's down payment and closing costs. Down payment and closing costs are important components of the loan transaction, and verifying the source of funds is necessary to ensure compliance with regulations and mitigate potential fraud. By analyzing bank statements, gift letters, or other supporting documents, we can confirm the legitimacy and availability of the funds. The desired result is to have verified and documented sources of the down payment and closing costs. This task requires attention to detail, knowledge of asset verification procedures, and the ability to evaluate financial statements. Potential challenges may arise if the documentation provided is incomplete or if the source of funds raises red flags, which can be addressed by requesting additional documents or contacting the borrower for explanations. The resources or tools required for this task include bank statements, gift letter templates, and documentation of fund transfers.
1
Savings
2
Gift
3
Sale of existing property
4
Investment proceeds
5
Other
Conduct collateral review
This task involves conducting a collateral review to assess the value and condition of the property being financed. By verifying property documents, conducting site visits, and evaluating market conditions, we can determine the property's suitability as collateral and potential risks associated with it. The desired result is to have a thorough understanding of the property's value and its compliance with lending guidelines. This task requires knowledge of real estate appraisal methods, attention to detail, and the ability to interpret property documents. Potential challenges may arise if the property documents contain errors or if there are discrepancies between the property's actual condition and the reported details, which can be resolved by conducting further investigations or ordering additional property inspections. The resources or tools required for this task include property documents, real estate databases, and contact information for property owners or managers.
1
Single-family home
2
Condominium
3
Townhouse
4
Multi-unit property
5
Vacant land
Approval: Loan Officer
Will be submitted for approval:
Verify prospective borrower's information
Will be submitted
Collect and scrutinize borrower's credit report
Will be submitted
Performance of income and employment verification
Will be submitted
Analysis of borrower's debt-to-income ratio
Will be submitted
Conduct appraisal review
Will be submitted
Review of all loan documentation
Will be submitted
Analyse and confirm sources of down payment and closing costs
Will be submitted
Conduct collateral review
Will be submitted
Verify compliance with underwriting standards
In this task, we verify compliance with underwriting standards to ensure that the loan meets the lender's guidelines and risk tolerance. By assessing the borrower's creditworthiness, income stability, and other factors, we can determine whether the loan aligns with our underwriting criteria. The desired result is to have a loan that meets all underwriting requirements and minimizes potential losses or default risks. This task requires knowledge of underwriting guidelines, attention to detail, and the ability to analyze financial documents. Potential challenges may arise if the borrower's financial situation is complex or does not meet certain criteria, which can be resolved by conducting additional verifications or seeking exceptions based on compensating factors. The resources or tools required for this task include underwriting guidelines, loan origination systems, and reference materials on lending policies.
1
Conventional
2
FHA
3
VA
4
USDA
5
Other
1
More than 2 years
2
1-2 years
3
6 months to 1 year
4
Less than 6 months
5
Self-employed
Approval: Underwriting Analyst
Will be submitted for approval:
Verify prospective borrower's information
Will be submitted
Collect and scrutinize borrower's credit report
Will be submitted
Performance of income and employment verification
Will be submitted
Analysis of borrower's debt-to-income ratio
Will be submitted
Conduct appraisal review
Will be submitted
Review of all loan documentation
Will be submitted
Analyse and confirm sources of down payment and closing costs
Will be submitted
Conduct collateral review
Will be submitted
Verify compliance with underwriting standards
Will be submitted
Ensure compliance with regulatory standards
This task involves ensuring compliance with regulatory standards throughout the loan application process. Compliance with regulatory requirements is crucial to protect both the lender and the borrower, promote fair lending practices, and mitigate legal and reputational risks. By reviewing documentation, policies, and procedures, we can identify any potential non-compliance issues and take necessary corrective actions. The desired result is to have a loan application process that adheres to all applicable laws, regulations, and internal policies. This task requires knowledge of lending regulations, attention to detail, and the ability to analyze policies and procedures. Potential challenges may arise if there are frequent regulatory changes or if certain requirements are open to interpretation, which can be addressed by regular trainings, compliance audits, or seeking guidance from legal experts. The resources or tools required for this task include regulatory guidelines, compliance policies, and documentation of compliance reviews.
1
Consumer Financial Protection Bureau
2
Office of the Comptroller of the Currency
3
Federal Reserve
4
Federal Deposit Insurance Corporation
5
Other
Approval: Compliance Officer
Will be submitted for approval:
Verify prospective borrower's information
Will be submitted
Collect and scrutinize borrower's credit report
Will be submitted
Performance of income and employment verification
Will be submitted
Analysis of borrower's debt-to-income ratio
Will be submitted
Conduct appraisal review
Will be submitted
Review of all loan documentation
Will be submitted
Analyse and confirm sources of down payment and closing costs
Will be submitted
Conduct collateral review
Will be submitted
Verify compliance with underwriting standards
Will be submitted
Ensure compliance with regulatory standards
Will be submitted
Perform final check for discrepancies or inconsistencies
In this task, we perform a final check for any discrepancies or inconsistencies in the borrower's information or loan documentation. By reviewing all relevant documents and comparing them against previously collected data, we can identify any potential errors or discrepancies that could impact the loan decision or closing process. The desired result is to have accurate and consistent information that reflects the borrower's financial situation and loan terms. This task requires attention to detail, analytical skills, and the ability to cross-reference multiple documents. Potential challenges may arise if there are conflicting data sources or if certain information is missing or unclear, which can be addressed by contacting the borrower, loan originator, or other relevant parties for clarifications. The resources or tools required for this task include loan files, borrower information, and communication channels for inquiries.
Generate pre-funding quality control report
This task involves generating a pre-funding quality control report summarizing the results of the quality control process. The report highlights any findings, discrepancies, or areas of concern identified during the pre-funding review. The desired result is to have a comprehensive report that provides an overview of the loan file's compliance with underwriting standards, regulatory requirements, and internal policies. This task requires attention to detail, report writing skills, and the ability to summarize complex information. Potential challenges may arise if the quality control findings are significant or if there are multiple issues to address, which can be addressed by involving stakeholders, conducting additional investigations, or seeking guidance from management. The resources or tools required for this task include quality control checklists, loan files, and report templates.
Send report to management
This task involves sending the pre-funding quality control report to the management team for review and approval. The report provides an overview of the loan file's compliance with underwriting standards, regulatory requirements, and internal policies. By sharing the report with the management team, we ensure transparency and facilitate decision-making processes. The desired result is to have the report reviewed and approved by the management team, who can then take appropriate actions based on the findings. This task requires effective communication skills, attention to detail, and the ability to address any questions or concerns raised by the management team. The resources or tools required for this task include email or communication platforms, the pre-funding quality control report, and contact information for the management team.
Pre-funding quality control report - {{form_Report_title}}
Approval: Management
Will be submitted for approval:
Verify prospective borrower's information
Will be submitted
Collect and scrutinize borrower's credit report
Will be submitted
Performance of income and employment verification
Will be submitted
Analysis of borrower's debt-to-income ratio
Will be submitted
Conduct appraisal review
Will be submitted
Review of all loan documentation
Will be submitted
Analyse and confirm sources of down payment and closing costs
Will be submitted
Conduct collateral review
Will be submitted
Verify compliance with underwriting standards
Will be submitted
Ensure compliance with regulatory standards
Will be submitted
Perform final check for discrepancies or inconsistencies
Will be submitted
Generate pre-funding quality control report
Will be submitted
Send report to management
Will be submitted
Send report to loan originator for any necessary corrections
In this task, we send the pre-funding quality control report to the loan originator for any necessary corrections or clarifications. By sharing the report with the loan originator, we provide them with an opportunity to address any identified issues or discrepancies. The desired result is to have the loan originator review the report, identify any necessary corrections or clarifications, and provide updated or additional documentation if required. This task requires effective communication skills, attention to detail, and the ability to clearly explain the findings and recommended actions. The resources or tools required for this task include email or communication platforms, the pre-funding quality control report, and contact information for the loan originator.
Pre-funding quality control report - {{form_Report_title}}
Confirm completion and accuracy of any necessary corrections
This task involves confirming the completion and accuracy of any necessary corrections or clarifications identified in the pre-funding quality control report. By reviewing the updated or additional documentation provided by the loan originator, we can ensure that the loan file is accurate and compliant with underwriting standards, regulatory requirements, and internal policies. The desired result is to have an updated loan file that reflects the necessary corrections and eliminates any previously identified issues. This task requires attention to detail, document review skills, and the ability to cross-reference multiple sources of information. Potential challenges may arise if the loan originator fails to provide the required documentation or if the corrections have not been effectively addressed, which can be resolved by following up with the loan originator or seeking guidance from management. The resources or tools required for this task include the pre-funding quality control report, updated loan documentation, and communication channels for inquiries.
Handover to the funding team
In this task, we hand over the loan file to the funding team for further processing and disbursement of funds. By passing the loan file to the funding team, we ensure that the necessary steps for loan funding are initiated, such as verifying the final loan details, coordinating with the borrower and other stakeholders, and arranging the transfer of funds. The desired result is to have a seamless transition of the loan file to the funding team, who will handle the subsequent steps in the loan closing process. This task requires effective communication skills, attention to detail, and the ability to coordinate with multiple teams or individuals. The resources or tools required for this task include loan files, funding checklists, and contact information for the funding team or relevant stakeholders.
Issue funds and close the loan
Disburse the funds as per the approved loan terms and close the loan. This task finalizes the funding process and concludes the pre-funding quality control workflow. What are the specific steps involved in issuing the funds? What documentation or acknowledgments are required to complete the loan closing? How to notify the borrower about the successful funding and loan closure?
