The first stage of Lending/Financial services is known as the Loan Origination process and this is the most critical stage in complete Loan servicing in 7 different stages components:
Prequalification
Loan Application
Application Processing
Underwriting Process
Credit Decision
Quality Check
Loan Funding
Send Enquiry
- Loan Setup
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Data Entry and Credit report order
Title, Flood Cert, Appraisal other Vendor Document order - Title, Flood Cert, Appraisal other Vendor Document Order
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Prequalification response from approved Decision engines AU/DU/LP
VVOE Property Tax and Insurance Verification
Liens, Judgments and Open encumbrances
Review Income, Payoff, Appraisal Document - Loan Underwriting
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Review Collateral, Credit Documents, Income, Asset Documents as per Client Guidelines
Perform Manual Underwriting
Underwriting QA - Pre-Closing & Post-Closing
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Prepare Final Settlement Statement (HUD)
Prepare Closing Package, order Missing /Outdated Documents
Catalogues the Final Loan Package into the loan file and close the Loan
HMDA Reporting
