Retail Banking Workflow Chart

Consumer Finance Business Process Definitions & Templates

  • Workflow Template / Consumer Finance / Consumer Lending

    Consumer Lending (General)
    The Consumer Lending (General) process involves the origination, approval, setup and verification of consumer loans. This process includes customer education on available loan products, loan application processing (application submission and review, identification and acquirement of any missing documentation), underwriting and final approval/denial of the loan. All approval or denial decisions must be communicated with the customer. Consumer loans, unlike commercial loans, are obtained by individuals.
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  • Workflow Template / Consumer Finance / Credit Cards

    Credit Card Collections
    Credit card collections is a process that involves the collection of outstanding credit card balances from individual customers (incoming and outgoing call processes). This process includes account verification (customer name, social secutiry number, account information, etc.), payment (partial or full) and promise to pay acceptance (if customer cannot pay at the time of the call). Debt collectors must provide the customers they contact with a recitation of what is known as the "mini-miranda rights" (an explaination that the call or contact is from a debt collector, that they are calling to collect a debt and that any information obtained during the contact will be used to collect the debt).
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  • Workflow Template / Consumer Finance / Fraud Prevention & Management

    Credit Card Fraud Resolution
    The Credit Card Fraud Resolution process involves the process for resolving a case of credit card fraud, which requires two functional groups: a specialist and an escalation & case team. The specialist acts as a CSR and interacts with the customer. The specialist can review transaction history with the customer, flag transactions for dispute or cancel/reopen a credit card. Cases that the specialist cannot resolve are forwarded to the escalation & case team, which then audits the specialist’s notes and takes the appropriate action.
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  • Workflow Template / Consumer Finance / Loan Servicing

    Default Mortgage Loan Collections
    The Default Mortgage Loan Collections process involves coordination between customers (i.e., borrowers) loan servicing staff and collections team members to collect overdue loan balances (typically 30 or more days past due). This process includes the generation of a list of borrowers who are carrying past due balances, the pass-off of this list to the collections team and subsequent tasks related to collecting the past due balance or adjusting the terms of the loan to assist the borrower with payment (loan modification, deferements, etc.).
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  • Workflow Template / Consumer Finance / Loan Servicing

    Deferments & Forbearance
    The deferments & forbearance process involves the review and documentation of deferment or forbearance requests from debtors. A deferment is a temporary suspension of a customer's required minimum monthly loan payments (common component of student loan repayment practices). Forbearance, on the other hand, can either reduce or temporarily suspend loan payments. This process includes deferment and forbearance request reviews (for eligibility, etc.), approval or denial of request, mailing of verification letters and updating debtor account information.
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  • Workflow Template / Consumer Finance

    Financial Product Development
    Financial Product Development deals with the initial concept development (sometimes called "ideation"), market analysis, product documentation development, internal approval and regulatory registration for new products launched by Financial Services companies (e.g., banks, insurers, investment managers, etc.). Financial products may include credit cards, insurance coverage, investment products (e.g., exchange traded funds, etc.), savings accounts and deposit accounts. Product Development teams, product managers and line of business executives coordinate to conduct full-scale cost/benefit and market analysis to determine if the product is viable. If the product is approved internally, documentation is compiled and submitted to regulatory agencies for approval. If the product is approved by the appropriate regulatory bodies, the teams must then prepare for a full-scale market launch.
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  • Workflow Template / Consumer Finance / Loan Operations

    Loan Origination Workflow Template
    The Loan Origination process involves four functional groups (Sales, Underwriting, Client Liaison and Closing Desk) in the origination of a loan. Sales transmits a new loan application to Underwriting, which either accepts or rejects the application. Second review and cross-selling may take place soon afterwards. The Liaison then contacts the client, explains a decision and asks for documents. If the application survives, the Liaison coordinates with Underwriting to finalize the loan, and Sales notifies the client before beginning the onboarding procedures. Finally, Closing enters the new account into the institution's computer system.
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  • Workflow Template / Consumer Finance / Loan Servicing

    Loan Servicing
    Loan Servicing involves the generation and review of new loans and their subsequent maintenance (loan information updates), payments and payoffs. This process includes loan package transmission (loan officers should ensure that all required information is available processing the loan), borrower debt verification, compliance review, initial payment and the processing of loan payoff requests (archive all loan information once payoff is completed). Due to the multitude of loan options out there, ensure that any customer who asks for a loan is informed on what is available, and on the loan procedures themselves.
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  • Workflow Template / Consumer Finance / Mortgage Lending

    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.
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  • Workflow Template / Consumer Finance / Mortgage Lending

    Mortgage Loan Foreclosure
    Mortgage Loan Foreclosure includes a set of processes that are triggered when a borrower is 60 or more days past due on their mortgage loan payments. The foreclosure process begins with a letter sent to the borrower when their loan deliquency has reached a certain threshold - typically 60 or more days past due (60+ DPD). At that point, the borrower is presented with options to complete payment or modify their loan to avoid foreclosure. If the lender and borrower cannot reach an agreement, the property moves into foreclosure - during this time, the bank inspects the property to assess its value and condition, and prepare for sale.
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  • Workflow Template / Consumer Finance / Mortgage Lending

    Mortgage Loan Origination
    The Mortgage Loan Origination process involves coordination between customers (borrowers), mortgage loan officers and mortgage loan application processing and support staff to collect and assess mortgage loan applications. The mortgage loan officer communicates with the potential borrower to collect information and determine if their financial health is up to par with the bank's lending standards. If the borrower's credit is in line, the loan officer and loan support staff members work to educate the borrower on their options, collect all required documentation, and package everything together (pay stubs, account statements, credit reports, etc.) to pass off to the underwriting team for final review.
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  • Workflow Template / Consumer Finance / Loan Operations

    Mortgage Loan Risk Assessment
    The Mortgage Loan Risk Assessment process involves coordination between borrowers, loan officers and loan risk assessment employees (Underwriters) to approve or deny a mortgage loan based on the borrower's credit history, as well as several other factors (loan-to-value ratio, current financial standing, monthly income, etc.). This process also involves the post-approval input of all customer documents and information into the lender's system and the subsequent review of all materials to determine wif any other information (insurance, additional documents, etc.) is required to complete the closing process.
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  • Workflow Template / Consumer Finance / Loan Operations

    Mortgage Loan Setup
    The Mortgage Loan Setup process involves three functional groups (loan officer, team support and underwriting) in the setup of a mortgage loan. Mortgage Loan Officers gather all necessary information, documents and payments from the potential borrower before sending all required documents to the team support. Team support then processes the new application and forwards it to underwriting, which evaluates the application. If denied, the client is notified by the loan officer and the denial is logged. A second review may take place. If the application survives, the loan officer notifies the client of approval.
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  • Workflow Template / Consumer Finance / Loan Operations

    Mortgage Loan Underwriting
    The Mortgage Loan Underwriting process involves the detailed review of borrower mortgage applications by the underwriting team. This process includes the reception of applications from loan officers (ensure that all necessary information and documentation from the applicant), desktop underwriting, information correction or additions by loan officers, second reviews (if necessary) and final approval or denial of the application. Ensure that customers are informed upon the decision of the loan application. If the application is denied, the reason for the denial should be explained.
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  • Workflow Template / Consumer Finance / Mortgage Lending

    Mortgage Loss Mitigation
    The Mortgage Loss Mitigation process involves coordination between borrowers, loan servicing staff and third-party real estate brokers (or appraisers) to assess potential loan modification options for the borrower(s). This process includes the initial completion of loss mitigation forms by the borrower, the review of those forms by loan servicing staff and, finally, the proposal of potential loan modifications to help the borrower complete payment and avoid foreclosure. This process may also involve the inspection of the borrower's property to inform loan servicing staff in crafting loan modification options.
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  • Workflow Template / Consumer Finance / Loan Servicing

    Mortgage Payment Processing
    The Mortgage Loan Payment Processing process includes the reception of borrower loan payments through the internet or physical mail, the subsequent review of customer payment history, and the matching of borrower payment(s) to their loan balance and agreed upon installment payments. In some cases, borrowers my choose to pay off the entire balance of their loan (i.e., a loan "payoff") - in this situation, loan servicing staff must calculate the entire remaning balance and collect said amount from the borrower. In the case of an over/underpayment, loan servicing staff will communicate the payment error to the borrower and ensure that they either submit the remaining balance (underpayment) or put the excess amount into their escrow account (overpayment). This process involves coordination between borrowers, loan accounting staff and loan servicing team members.
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  • Workflow Template / Consumer Finance / Loan Operations

    Mortgage Post-Close Servicing
    Mortgage Post-Close Servicing processes involve coordination between borrowers, loan servicing staff and escrow account management staff to ensure that all tax and insurance related payment/documentation is in order prior to fully transitioning the loan over to the lender's loan servicing team. This includes ensuring that the borrower has the appropriate insurance coverage (private mortgage insurance, homeowners insurance, flood insurance, etc.) and configuring escrow account(s) to process property tax payments.
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  • Workflow Template / Consumer Finance / Loan Servicing

    Private Debt Recovery
    The private debt recovery process involves the first party (no collection agency involvement) recovery and payment of loans (in default) to private clients. This process includes the loan scorecard process (to determine accounts that will be easiest to collect) skip tracing and payment collection/verification. Should a collections agency be employed, ensure that the agency meets with the Service Level Agreement. Otherwise, be prepared to pull back from the agency.
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  • Workflow Template / Consumer Finance / Consumer Lending

    Student Loan Sales (Secondary Market)
    The Student Loan Sales (Secondary Market) process involves coordination between multiple financial institutions (banks, broker/dealers, loan servicers, etc.), marketing staff, sales representatives, sales support team members and credit/risk management staff to market and sell educational loans (i.e., student loans) on the secondary market. Loans originated by banks, or other loan originators, are often "bundled" and sold to third parties on the secondary market.
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  • Workflow Template / Consumer Finance / Loan Servicing

    Wire Transfers
    The Wire Transfers process involves the setup, approval and execution of electronic wire transfers to receiving banks and financial institutions for individual customers. This process includes customer request notification, transfer of funds authorization and verification, evaluation of sufficient funds (if there are insufficient funds, the customer and the customer service representative must be notified), wire payment processing (if the wire is going to a new destination, all relevant information must be verified), wire rejection (if necessary due to incorrect instructions or information), fund distribution and the acceptance or denial of funds by the receiving bank. Ensure that the customer is informed of all rejected wire transfers and the reasons behind them.
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