Mortgage Loan Risk Assessment
This workflow template illustrates the generation of credit reports for potential borrowers and the subsequent approval or denial of mortgage loans based on the borrower's credit history and financial standing. 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 Risk Assessment (similar to Underwriting) process.
Related KPIs : Cycle Time: Mortgage Loan Decision, Mortgage Loan Applications per Processor, Mortgage Loan Applications per Underwriter, Percentage of Mortgage Loans Declined, Percentage of Recently Boarded Loans with FICO Over 699
What is 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 if any other information (insurance, additional documents, etc.) is required to complete the closing process.
Download a Sample Mortgage Loan Risk Assessment
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