A Milestone is a step in the Encompass workflow that defines loan activities and the role that carries out those activities.
As a loan is in process, the status is tracked through milestones. By understanding how a Role interacts with Milestones, it is possible to get a fuller understanding of the Role. Below is a matrix of a Role Description against the Milestones it is active in. The checkmarks indicate which Milestones the Role is active in.
| Role Description |
FST
|
STP
|
SMT
|
CNA
|
RSM
|
APV
|
RFD
|
DCO
|
FND
|
SHP
|
PUR
|
CMP
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Receiving the initial application from the borrower, either through Consumer Connect or directly | ||||||||||||
| Populating all the required fields and documentation (income, assets, employment verifications, credit reports, etc). This triggers the "File Started" milestone and should be individually marked as finished. | ||||||||||||
| Monitoring the loan's progress through the various pipeline views, such as "Floating", "Pipeline", and "Active". The loan officer can see where the loan is in the process. | ||||||||||||
| Submitting the loan to underwriting for review. The underwriter will then set any necessary conditions that need to be cleared. | ||||||||||||
| Working with the processor to clear the conditions. After all conditions are cleared, the loan officer does not have direct access to the loan file. | ||||||||||||
| The loan officer cannot make changes to the loan file once it has been submitted to underwriting, unless the branch manager or site manager sends it back to the "Submitted" status. | ||||||||||||
| The loan officer is responsible for ensuring all information is accurate and complete at the time of submission. Once submitted, they will not be able to make changes later in the process. | ||||||||||||
| The loan officer may have access to check on their loan's progress, but cannot edit the file once it reaches the underwriting stage. |