Mortgage Lending & Banking Workflows

Mortgage Lending Business Process Definitions & Templates

  • Workflow Template / Mortgage Banking / Mortgage Collections

    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.).
    File Formats Available: PDF, Visio, PowerPoint | See More
  • Workflow Template / Mortgage Banking / Mortgage 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.
    File Formats Available: PDF, Visio, PowerPoint | See More
  • Workflow Template / Mortgage Banking / Mortgage Lending

    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.
    File Formats Available: PDF, Visio | See More
  • Workflow Template / Mortgage Banking / Closing

    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.
    File Formats Available: PDF, Visio, PowerPoint | See More
  • Workflow Template / Mortgage Banking / Foreclosures

    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.
    File Formats Available: PDF, Visio | See More
  • Workflow Template / Mortgage Banking / Mortgage Loan Operations

    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.
    File Formats Available: PDF, Visio | See More
  • Workflow Template / Mortgage Banking / Underwriting

    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 / Mortgage Banking / Application Processing (Origination)

    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.
    File Formats Available: PDF, Visio, PowerPoint | See More
  • Workflow Template / Mortgage Banking / Underwriting

    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.
    File Formats Available: PDF, Visio, PowerPoint | See More
  • Workflow Template / Mortgage Banking / Loss Mitigation

    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.
    File Formats Available: PDF, Visio | See More
  • Workflow Template / Mortgage Banking / Payment Processing & Modifications

    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.
    File Formats Available: PDF, Visio | See More
  • Workflow Template / Mortgage Banking / Post-Closing

    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.
    File Formats Available: PDF, Visio | See More

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