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Phase C: Loan Processing

Phase C: Loan Processing SIPOC Workflow Diagram

SIPOC Workflow Components

Suppliers (Received from)

  • Loan Officers
  • Pre-qualification Team
  • Document Management System
  • Third-party Services

Inputs (Information)

  • Loan Application
  • Supporting Documents
  • Pre-qualification Results
  • Verification Reports

Process (Activities)

Outputs (Created)

  • Processed Loan File
  • Verification Reports
  • Processing Checklist

Co-Workers (Handed-off To)

  • Underwriting Team
  • Quality Control Team

Systems Interaction Summary

  • 1. Access the Loan File
    • Open the borrower's loan file in Encompass
    • Navigate to the eFolder section
  • 2. Review Document Checklist
    • Access the loan program's required document checklist
    • Compare received documents against requirements
    • Identify any missing or incomplete items
  • 3. Verify Document Completeness
    • Check each document for:
      • Proper signatures and dates
      • Required information fields completed
      • Legibility and clarity
      • Correct document versions
  • 4. Document Issues and Follow-up
    • Note any discrepancies or missing information in the loan file
    • Create and send document requests for missing or incomplete items
    • Set follow-up reminders for outstanding documents
  • 5. Update Document Status
    • Mark documents as received and reviewed in Encompass
    • Update the document checklist status
    • Add relevant notes to the loan file
  • 1. Order Credit Report
    • Access credit report ordering system through Encompass
    • Verify borrower information accuracy
    • Submit credit report request
  • 2. Review Credit Report
    • Analyze credit scores and history
    • Review payment patterns
    • Check for discrepancies or red flags
  • 3. Document Findings
    • Record credit review results
    • Note any concerns or issues
    • Update loan file accordingly
  • 1. Income Verification
    • Review income documents
    • Verify employment history
    • Calculate total income
  • 2. Asset Review
    • Analyze bank statements
    • Verify asset sources
    • Document asset history
  • 3. Cross-Reference
    • Compare documents
    • Identify discrepancies
    • Request clarifications
  • 1. Document Sorting
    • Categorize documents
    • Create folder structure
    • Label documents properly
  • 2. System Upload
    • Upload to eFolder
    • Verify file quality
    • Index documents
  • 3. Quality Check
    • Verify organization
    • Check accessibility
    • Confirm completeness
  • 1. Status Review
    • Check current progress
    • Review completed tasks
    • Identify next steps
  • 2. Timeline Updates
    • Update milestone dates
    • Adjust timelines
    • Set new deadlines
  • 3. Communication
    • Notify team members
    • Document changes
    • Update status reports

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