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This workflow template illustrates the processing and completion of borrower mortgage loan payments and/or payoffs (i.e., the calculation and payment of the loan's entire remaining balance). 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 Loan Payment process.Download a Free Sample of this Workflow Template
What is Mortgage Loan 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 remaining 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.
Which KPIs, or metrics, are typically used to measure this process?
The following metrics may be used to measure Mortgage Loan Payment Processing processes:
Which employees and/or departments are involved in this process?
The following parties are typically involved in the Mortgage Loan Payment Processing 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.