Overview
In a typical loan application process, the bank needs to:
1) Collect and organize information pertinent to the application
2) Collect and share backup documentation supporting the information
3) Communicate to other staff members all working on their piece of the application
4) Track all applications in process to help plan
AccuLoan Loan Approval assists the bank in collecting information, communicating between staff, and tracking loan applications through their life cycle. Loan Approval is completely customizable for each bank to mirror their manual workflow. Loan Approval allows different types of users to interact with applications (lenders, underwriters, approvers). It facilitates communication between users via e-mail notifications. Loan Approval produces pipeline tracking reports to help manage and budget. Loan Approval provides dashboards for individual users to see what they are responsible for.
How Loan Approval Works
Statuses, Users, Actions
Loan Approval is comprised of three main components: Statuses, Users, and Actions
Statuses
Statuses define the different phases of an application from inception to approval
Loan Approval tracks three different statuses, each with a responsible person for that phase of the application:
- The Loan/Application Status is the master status. The originating loan officer is usually responsible for the overall application.
- The Underwriting Status optionally tracks the status through the underwriting phase. An underwriter or underwriting group can be assigned to each individual application.
- The Approval Status tracks the status through the application approval phase. Loan Approval can track a single or multi-person approval process.
Users and Groups
Each user in AccuAccount can be designated as a Lender, Underwriter, or Approver.
- Users can also have more than one role.
- Groups define collections of users working in a similar function.
When assigning responsibility, either a user or an appropriate group can be selected.
- Groups are optional in Loan Approval.
- Users can belong to multiple groups.
Actions
Actions are the events taken by people to process the application
Actions are restricted by the user type (lender, underwriter, approver)
Actions will typically:
- Change one or more statuses
- Allow the user to select the appropriate person responsible for the next phase
- Communicate to the users via e-mail notifications
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