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Phase I: Funding

Phase I: Funding SIPOC Workflow Diagram

SIPOC Workflow Components

Suppliers (Received from)

  • Closing Team
  • Title Company
  • Settlement Agent
  • Document Management System

Inputs (Information)

  • Executed Closing Documents
  • Wire Instructions
  • Final Settlement Statement
  • Title Insurance Policy

Process (Activities)

Outputs (Created)

  • Funded Loan
  • Wire Confirmation
  • Funding Documentation
  • Recorded Liens

Co-Workers (Handed-off To)

  • Post-Closing Team
  • Servicing Department
  • Document Custodian

Systems Interaction Summary

  • 1. Access the Loan File
    • Open the borrower's loan file in Encompass
    • Navigate to the eFolder
    • Locate the Closing Documents section
  • 2. Review Signed Documents
    • Check for required signatures
    • Verify proper notarization
    • Validate dates and initials
  • 3. Ensure Document Completeness
    • Verify all required pages
    • Confirm all attachments included
    • Match figures with approved terms
  • 1. Access Funding Details
    • Navigate to Funding Worksheet
    • Review Loan Summary section
    • Check funding conditions
  • 2. Check Underwriting Conditions
    • Verify PTF conditions cleared
    • Confirm underwriter approval
    • Document clearance status
  • 3. Review Final Terms
    • Verify approved loan terms
    • Check funding amount
    • Confirm disbursement details
  • 1. Coordinate with Title Company
    • Confirm disbursement instructions
    • Verify wire information
    • Check escrow details
  • 2. Review Instructions
    • Verify payoff amounts
    • Check seller funds allocation
    • Confirm closing costs
  • 3. Process Transfer
    • Release funds via Encompass
    • Obtain transfer confirmation
    • Update loan status
  • 1. Verify Recording Instructions
    • Review title commitment
    • Check legal description
    • Confirm recording requirements
  • 2. Submit Documents
    • Process Deed of Trust
    • Handle Assignment of Mortgage
    • Track submission status
  • 3. Confirm Recording
    • Obtain recorded documents
    • Verify title insurance
    • Update loan file
  • 1. Prepare Notifications
    • Create funding notification
    • Compile required documents
    • Review recipient list
  • 2. Send Communications
    • Distribute to all parties
    • Include relevant attachments
    • Confirm receipt
  • 3. Document Distribution
    • Record notifications sent
    • Save copies in eFolder
    • Update loan notes

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