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 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

ClosedStarted

Originate a loan file and record basic loan and borrower information.

ClosedActivities

  • Assign Loan Officer (opt)

  • Change start date (Admin)

  • Add or edit comments

ClosedQualification

Gather information to prequalify the applicant.

ClosedActivities

  • 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

ClosedSend to Processing

Gather initial required documents and prepare for processing.

ClosedActivities

  • 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

ClosedSubmittal

Gather verified documentation and other information needed for the underwriting decision.

ClosedActivities

  • 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

ClosedCond. Approval

Determine if the lender should approve the loan with conditions.

ClosedActivities

  • 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

ClosedResubmittal

Gather remaining information and clear conditions.

ClosedActivities

  • 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

ClosedApproval

Final approval of the loan.

ClosedActivities

  • 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

ClosedDoc Preparation

Gather documents for closing.

ClosedActivities

  • 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

ClosedDoc Signing

Complete closing documents and obtain signed document package.

ClosedActivities

  • 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

ClosedFunding

Disburse funds per instructions.

ClosedActivities

  • 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

ClosedPost Closing

Confirm all documents are complete after funding.

ClosedActivities

  • 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

ClosedShipping

Deliver loan to investor or retain as a portfolio loan.

ClosedActivities

  • 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

ClosedCompletion

Deliver loan to secondary investor or retain as a portfolio loan.

ClosedActivities

  • 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