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This workflow template illustrates the processing of requests from current borrowers to modify the terms of their loan (payment amount, interest rates, etc.) in order to avoid default or foreclosure. Purchase and download this template in PDF and Visio (VSD) formats. You can customize it to fit your own organization, or simply use it to better understand the Mortgage Loss Mitigation, or Loan Modification, process.Download a Free Sample of this Workflow Template
What is 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.
Which KPIs, or metrics, are typically used to measure this process?
The following metrics are typically involved in the Mortgage Loss Mitigation process:
Which employees and/or departments are involved in this process?
The following parties are typically involved in the Mortgage Loss Mitigation 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 and Visio formats. If you aren't a registered OpsDog user yet, create a free account! New users get $20 off of their first purchase.