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Mortgage Process Map - Model Answer

The document summarizes the simple mortgage origination process. It includes an as-is process map showing the steps from a borrower filling out an application to closing being scheduled if approved. There are opportunities to improve the process such as using alternative data sources and AI to manage underwriting risk, automating steps like pre-qualification, and receiving documents digitally to streamline the process.

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401 views3 pages

Mortgage Process Map - Model Answer

The document summarizes the simple mortgage origination process. It includes an as-is process map showing the steps from a borrower filling out an application to closing being scheduled if approved. There are opportunities to improve the process such as using alternative data sources and AI to manage underwriting risk, automating steps like pre-qualification, and receiving documents digitally to streamline the process.

Uploaded by

sds
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
  • Title Slide: Introduces the document with a focus on process mapping for the simple mortgage origination process.
  • As-is Process Map: Presents a flowchart detailing the steps involved in the simple mortgage origination process from application to closing.
  • Process Improvement Opportunities: Outlines opportunities for improving the mortgage origination process through technology and improved customer interactions.

Process Mapping: Simple Mortgage

Origination
Process
As-Is Process Map: Simple Mortgage Origination Process

Application
Rejected, Applicant
Notified

No

Borrower Yes Loan Program Yes


Borrower Fills Out Credit Passes and Rate Contract
Application Form Pre-qualification Pre-qualificat Contract Signed?
ion? Proposed

No
Loan Program and Document Request
Rate Negotiated to Borrower

Document Request
to Appraisal
Application No Package Package All Company
All Yes
Rejected, Applicant requirements Submitted to Reviewed for Documents
Notified met? Underwriting Completeness Received?
Document Request
to Title Company
No
Yes
Document Request
to Insurance
Company
Final Review of
Loan
Borrower Yes
Receives
Final Review of Final
Appraisal Approval? Applicant
Closing
Notified of
Scheduled
Final Review of Approval
Title No

Final Review of
Loan Not Approved,
Insurance
Applicant Notified
Opportunities for Process Improvement: Simple Mortgage Origination Process

Process Improvement Opportunities


● Manage underwriting risk differently by utilizing nontraditional sources of data: payroll companies, social media
presence, property management companies, etc.
● Use AI to review and process documents with intelligent automation
● Reduce underwriting risk using AI / machine learning to identify risks
● Use a mobile app to organize and manage customer interactions, so they can answer questions and see progress
anytime, anywhere
● Automate pre-qualification step
● Receive all documents digitally
● Interface IT systems with title and insurance company partners directly
● Automate rate contracting and negotiation steps with standard packages and pre-defined alternatives, up-sells and
cross-sells.

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