Today’s loan origination landscape is forcing lenders to rethink their workflow engines to adapt to the new environment. The mortgage lending process is considered to be one of the more complex credit processes offered to retail customers. Without a strategic approach to designing the mortgage workflow engine, lenders will find themselves battling rising costs and inefficiencies in an increasingly fragmented and competitive marketplace.
Mortgage Process – Defined from an Operations Perspective
The mortgage loan origination process typically includes all the steps leading up to, and including, the successful closure and funding of a mortgage loan. The process is triggered when a borrower inquiries about a loan, or when a lead is generated through the bank’s marketing channels. On average, this process takes anywhere from 30 – 60 days.
- Sales & Business Development: Lenders and mortgage loan officers develop relationships with potential borrowers through multiple channels (digital marketing, referrals, branch network, etc.).
- Application Processing: Borrower data is collected and prepared for underwriting. Pre-approval is typically obtained at this point – before the final underwriting decision.
- Underwriting: Borrower data is verified for accuracy and completeness, and used to assess credit-worthiness.
- Closing: Final interest rates and loan terms are locked in here, fees are collected and the borrower’s loan is funded.
- Post-Closing: Loan data is checked again for accuracy and completeness, and the loan is boarded into the lender’s system for servicing (and/or securitization). Loans may also be prepared for sale to another financial institution at this point.
The objective of working successfully with different teams and remote individuals could easily be achieved through a task creation tool that can oversee interdependencies among tasks, task delegation, and task management. The right workflow solution often triggers a lenders-wide initiative to redesign its organizational structure and align internal processes.
Mortgage Work Flow
- Mortgage workflow charts can be used to prepare for automation or technology implementation, to understand the customer journey, and to reduce low value or wasteful work steps.
- Mortgage lending process models are sequential, detailed depictions of the work activities that occur when selling, originating or servicing a residential mortgage loan.
- The benefit of mortgage workflow are faster execution of processes
- It is easy to track, monitor, and record these tasks to meet review, reporting, or regulatory mandates at various levels.
- The Mortgage workflow can be configured and implemented in the loan origination system like Encompass 360.

Above image is an example of a configurable mortgage workflow for retail channel. A configurable workflow solution with intuitive user interfaces empowers staff to:
- Route tasks to the right team member
- Revoke these tasks in case the designated team member is unavailable
- Reassign tasks to a suitable team member who is available
- Tracking actions within the workflow with an accurate date/time stamp
- Logging of content modification and access history
- Documenting data changes as the deal progresses toward completion
The lending landscape is changing fast, and institutions must find new ways to compete and stay relevant in our digital world. As customer expectations rise, it will be ever more crucial for lenders to digitally transform their operations and the Mortgage workflow is one such approach to overcome the constraints.
Looking for more information on integrating Encompass 360 with Velocify or need help in integrating right technology, leave us a message.
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.