Processing Policies and Procedures
Mortgage Loan Processing represents the area where companies encounter the most difficulties. Having written policies and procedures for mortgage processing allows managers to identify quality control and process problems in before they become post-closing issues.
Loans spend about 85% of their lifespan in processing status. The processing function represents the most critical stage involving loan document assembly. All other functions interact with processing at one stage or another.
While this module can act as a training tool for new Loan Processor Training, in that it does provide granular detail into how a processor conducts his or her job, if you are interested in Loan Processor Training, you should request the Practical Guide to Loan Processing for more general workflow training, such as how to read credit reports, compute income and calculate deposit requirements.
Loans spend about 85% of their lifespan in processing status. The processing function represents the most critical stage involving loan document assembly. All other functions interact with processing at one stage or another.
While this module can act as a training tool for new Loan Processor Training, in that it does provide granular detail into how a processor conducts his or her job, if you are interested in Loan Processor Training, you should request the Practical Guide to Loan Processing for more general workflow training, such as how to read credit reports, compute income and calculate deposit requirements.
Loan Processor Policies and Procedures Module Contents
- Position Description - Duties and Responsibilities of the Mortgage Processor
- AIR Compliance Process
- Procedures for Loan Setup and Mortgage Quality Control Review
- Disclosure Preparation and Mortgage Compliance Review
- Vendor (Appraisal/Credit/Title) Order Process
- Stack Order Checklists
- Customer Contact Process
- Status Update Process
- Pipeline Management
- Documentation Requirements
- Determining File Readiness
- Pre-Submission Checklists
- Underwriting Conditions Process
- Closing Preparation Process
- Pre-Closing Checklists
- Schedule Management
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