In this article, we will be discussing about the Encompass 360 Milestones which is the most important aspects of loan origination in Encompass 360. At first, let us know about the Milestone in Encompass 360.
Encompass 360 Milestone
- It is a step in the workflow that contains loan tasks that are performed by an assigned loan team member.
- When a loan team member opens a loan file, each milestone that is applied to the loan is listed in the Log.
- Each milestone must be finished to complete the loan process.
- You can configure the behavior of the core milestones and create new custom milestones as needed.
How to create custom Milestone
You can have your own Milestone created as per your Business and process requirements in the Encompass 360. It is easy to create own custom Milestone and here are the steps to create custom Milestone.
- On the menu bar, click Encompass, and then click Settings.
- On the left panel, click Company/User Setup, and then click Milestones.
- Click the New icon.
- In the Milestone Name field, enter a unique name for the milestone. If the milestone name already exists in the system, you will be prompted to enter another value. You can enter up to 15 characters in this field.
- In the As Shown in Log field, enter the milestone’s name as it will display in the Log, before and after the milestone is finished.
- In the Milestone Color field, you can choose or define the color for each Milestone.
- In the Role drop-down list, select the role authorized to work on this milestone.
- Optionally, select the check box to indicate that assigning a loan team member to the milestone is required.
- In the Days to Finish field, enter the number of days required to complete the milestone.
Note: The Days to Count option (at the bottom of the Milestones screen) is used to calculate the expected milestone completion dates for your loans. You can base the calculation on weekdays or calendar days.
- In the Field Summary Form field, click the magnifying glass icon, select a form, and then click OK to assign a form to the Field Summary button that displays on the milestone worksheet.
Note: The Field Summary button on the Milestone Worksheet provides the ability to easily access and review the values in key loan fields before moving a loan to the next milestone. To view fields that appear on multiple loan forms, you can create a custom form that contains all the key fields, and then assign the custom form to the Field Summary button.
- Click Save.
- Milestones can be saved for future use. Instead of deleting milestones that are no longer being used, you can archive them so that the Current Milestones list is up-to-date and more manageable.
- Archived milestones can be moved back to the Current Milestones list as required.
- You cannot archive the Started and Completion milestones.
To learn about the Encompass 360 Milestone, please refer “Encompass 360 Milestone“.
Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.