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The Complete Loan Process - Business...a SelectSmart.com Flowchart
Business. The Complete Loan Process
By ASmolinsky
Viewed 953 times since July 2013.


This SelectSmart.com Business. flowchart, a free online decision tool is a creation of ASmolinsky and for amusement purposes only. The implicit and explicit opinions expressed here are the author's. SelectSmart.com does not necessarily agree.


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The Complete Loan Process
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Are you a loan officer?




YES
Have you prequalified the borrower?

YES
Has the borrower executed a contract on their purchase?

NO
If not, use Encompass to maintain contact until the borrower is ready to execute a contract.


YES
YES
YES
Is this a refinance?

YES
Have disclosures been completed?

YES
Has the loan officer had a face to face signing of disclosures?


Loan is submitted to opener.
YES


Did the loan officer email opener?

YES
Has there been a checklist uploaded to file manager?

YES
Has the opener completed:
*Appraisal
*Title
*Insurance
*Tax transactions
*Case #
*USPS
??????
YES
Loan is sent to Processor to review

YES
Has it been 48 hours?

Processor completes a welcome/intro phone call- using script.

An email is sent to the loan officer and process is officially opened.

Opener sets Milestones/Alerts.
Processor completes scorecard, emails are sent to manager and loan officer. Loan is uploaded to file manager.

Has checklist been completed?
*Email to LO
*Call w/ LO
*Agreement on duties and conditions

Emails are posted to Encompass and the conversation log is sent to processing.

Has appraisal been added?

YES
When appraisal is received:
*Submit appraisal order to borrower and realtor.
YES
Has borrower been contacted?

YES
Milestones and alerts are set.

Approval for purchase is ready. Credit is submitted.

Decision is made!
*Make necessary phone calls and emails
*Encourage reviews

Double check for:
*Signed final 1003
*Review HUD
*File has confirmed lock