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This workflow template illustrates the process of closing a new mortgage and involves a closing group, an underwriting group and a post close group. Purchase and download this template in PDF, Visio (VSD), PowerPoint (PPT) formats. You can customize it to fit your own organization, or simply use it to better understand the Mortgage Loan Closing process.Download a Free Sample of this Workflow Template
What is included in Mortgage Loan Closing?
The Mortgage Loan Closing process involves closing a new mortgage using the closing group, an underwriting group and a post close group. Closing receives a newly approved mortgage from underwriting and schedules a meeting for the official close. Closing then confirms the date, the initial interest rate, files the mortgage and issues an authorization number. If the loan is not properly closed at this time, it returns to the servicing department for amendments. Otherwise, the meeting date is in force and the mortgage is sent to post-close.
Which KPIs, or metrics, are typically used to measure this process?
The following metrics may be used to measure the Mortgage Loan Closing process:
Which employees and/or departments are involved in this process?
The following parties are typically involved in the Mortgage Loan Closing process:
What is the purpose of these workflow templates?
Broken business processes pervade companies, large and small. Manual workarounds, downtime, errors and other waste is thought of as "the cost of doing business." Use our workflow templates as a starting point to document your own processes. Customize them to fit your business and add "call outs" for improvement opportunities.
How are these workflow templates created?
These workflow templates are the product of over 20 years of hands-on management consulting experience, as well as research performed by the OpsDog team. All of our workflows are mapped using the BPMN 2.0 specification.
How do I download a workflow template?
Simply click the "add to cart" button and follow the process to purchase and download this workflow template. You can use any major credit card, or a PayPal account, to pay. After you have completed the purchase, you will receive a link to immediately download the workflow template in PDF, Visio (VSD) and PowerPoint (PPT) formats. If you aren't a registered OpsDog user yet, create a free account! New users get $20 off of their first purchase.