The Default Milestone Workflow
A milestone is a step in the workflow that defines loan activities and the
loan team member that carries out those activities. When activities are completed,
the milestone is marked as finished, and work begins on the next milestone.
There are seven predefined milestones: Started, Processing, Submittal, Approval, Doc Signing, Funding, and Completion. Your system administrator can configure the behavior of these milestones
and create new custom milestones as needed.
There are thirteen predefined milestones: Started, Qualification, Send to Processing, Submittal, Cond. Approval,
Resubmittal, Approval, Doc Preparation, Doc Signing, Funding, Post Closing, Shipping, and Completion.
The default settings for each milestone are detailed below.
Note: You can also configure milestone templates that consist of a set of milestones grouped together by a common factor such as loan origination channel, loan type, and other company-specific conditions.
For detailed instructions on completing milestones, refer to the
topic, Working with Milestone Worksheets.
To view a milestone worksheet with a description of each component, refer
to the topic, The Milestone Worksheet.
Default Milestones
Started
Originate a loan file and record basic loan and borrower information.
Activities
Qualification
Gather information to prequalify the applicant.
Activities
-
Change current Loan Officer (opt)
-
Assign Loan Opener (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add or edit comments
-
Finish the milestone
Send to Processing
Gather initial required documents and prepare for processing.
Activities
-
Change current Opener (opt)
-
Assign Loan Processor (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add or edit comments
-
Finish the milestone
Send to Processing
Gather initial required documents and prepare for processing.
Activities
-
Assign Loan Processor (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Add or edit comments
-
Finish the milestone
Submittal
Gather verified documentation and other information needed for the underwriting decision.
Activities
-
Change current Processor (opt)
-
Assign Underwriter (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add or edit comments
-
Finish the milestone
Submittal
Gather verified documentation and other information needed for the underwriting decision.
Activities
-
Change current Processor (opt)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Add or edit comments
-
Finish the milestone
Cond. Approval
Determine if the lender
should approve the loan with conditions.
Activities
-
Change current Underwriter (opt)
-
Assign Loan Processor (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add or edit comments
-
Finish the milestone
Resubmittal
Gather remaining information and clear conditions.
Activities
-
Change current Processor (opt)
-
Assign Underwriter (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add of edit comments
-
Finish the milestone
Approval
Final approval of the loan.
Activities
-
Change current Underwriter (opt)
-
Assign Loan Processor (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add of edit comments
-
Finish the milestone
Approval
Final approval of the loan.
Activities
-
Assign Closer (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Add of edit comments
-
Finish the milestone
Doc Preparation
Gather documents for closing.
Activities
-
Change current Processor (opt)
-
Assign Closer (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add of edit comments
-
Finish the milestone
Doc Signing
Complete closing documents and obtain signed document package.
Activities
-
Change current Closer (opt)
-
Assign Funder (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add of edit comments
-
Finish the milestone
Doc Signing
Complete closing documents and obtain signed document package.
Activities
-
Change current Closer (opt)
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Add of edit comments
-
Finish the milestone
Funding
Disburse funds per instructions.
Activities
-
Change current Funder (opt)
-
Assign Post Closer (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add of edit comments
-
Finish the milestone
Post Closing
Confirm all documents are complete after funding.
Activities
-
Change current Post Closer (opt)
-
Assign Shipper (req)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add of edit comments
-
Finish the milestone
Shipping
Deliver loan to investor or retain as a portfolio loan.
Activities
-
Change current Shipper (opt)
-
Assign an Archiver (opt)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of tasks
-
Enter required field values as needed
-
Add of edit comments
-
Finish the milestone
Completion
Deliver loan to secondary investor or retain as a portfolio loan.
Activities
-
Change current Archiver (opt)
-
Accept file (clear alert)
-
Return file to sender
-
Change days to finish
-
Record receipt of documents
-
Record completion of documents
-
Enter required field values as needed
-
Add of edit comments
-
Finish the milestone
See Also
Milestones