Mortgage Payment Processing
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.
Related KPIs : Payments Processed per Payment Processing Employee, Cycle Time: Payment Processing (All Payments), Payoffs Processed per Payment Processing Employee
What is 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 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.
Download a Sample Mortgage Payment Processing
Frequently Asked Questions
Q: How do you create your Workflow Templates?
A: From real-world consulting engagements with Fortune 500 leaders. We’ve spent 25 years analyzing operations at hundreds of leading companies worldwide, documenting thousands of business processes at precise levels of detail. We’ve anonymized this data—drawn from millions of dollars’ worth of consulting assignments—and have made it available to you in easy-to-use templates at affordable OpsDog prices.
Q: What can a Workflow Template do for me?
A: Boost productivity, efficiency, and service levels! Broken business processes—marked by manual workarounds, downtime, and errors—are all too common. Many businesses write off this waste as “the cost of doing business.” But you know better than that! Simply select the OpsDog Workflow Template that best fits your situation, tweak it to your liking, and then use it to train employees, identify process improvements, inform an IT project, or re-design a workflow. That’s a lot of power in your hands, cheap!
Q: What’s in the box when I buy one?
A: Three handy versions, all in one zipped file. It’s yours to download immediately upon purchase, and includes your chosen Workflow Template in PDF format, plus Microsoft PowerPoint (which you can edit), and Visio (which you can also edit).
Q: Your download-able templates look great. But I need something custom. Can you help?
A: Heck yes. Our analysts would be happy to provide you with a more detailed Workflow Template than what we offer for instant download. We can also develop an entirely new, customized Workflow Template to fit your business; we specialize in this stuff and would love to help you! Simply email us (email@example.com) or call us at 866.650.2888 and one of our friendly professionals will be happy to answer all your questions.