Processes T hat Work Loan Underwriting
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Processes That Work Loan Underwriting Presented by Tracy Beck and Susan Tachau Pennsylvania Assistive Technology Foundation (PATF) February 28, 2014 1
description
Processes T hat Work Loan Underwriting. Presented by Tracy Beck and Susan Tachau Pennsylvania Assistive Technology Foundation (PATF) February 28, 2014. Webinar Agenda. Introductions Underwriting Process: The Nitty Gritty Data Collection Guaranteeing Loans: Web-based Forum - PowerPoint PPT Presentation
Transcript of Processes T hat Work Loan Underwriting
Processes That Work Loan Underwriting
Presented by Tracy Beck and Susan Tachau
Pennsylvania Assistive Technology Foundation (PATF)
February 28, 2014
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Webinar Agenda
• Introductions
• Underwriting Process: The Nitty Gritty
• Data Collection
• Guaranteeing Loans: Web-based Forum
• Loan Management – What Works for You?
Feel Free to Ask Questions Throughout2
Introduction
Who are we? Pennsylvania Assistive Technology Foundation (PATF)
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Loan Underwriting Process:Remember!
Regularly review the loan application, closing documents, policy guidelines, & security.
•Assure that underwriting practices and loan documentation are in accordance with current lending guidelines.
Y:\Application\PATF APPLICATION TEMPLATES\loan application revised 1-20-2014 (PA Assistive Technology Foundation).DOC
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Loan Underwriting ProcessKeeping Organized
• Central loan hub: easy access for everyone
• Visual cues
• Database: update, update, update
• No files left behind
• Security: website, loan databases, email, office space
• Redundancy is good
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Loan Underwriting ProcessWhere to Start
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PATF LOAN RECEIVED
LOAN Flowchart
Time/Date stamp
Input application into database. Include
requested amount and calculate payment amount
using PATF website calculator.
Scan application and documents into database
Input all conversations regarding application into
CONTACT section. Including emails, phone
calls and staff conversations
INCOMPLETE
Contact borrower
and review missing
files
Scan, Attach and mail/email Incomplete
Letter
Update Status on database
Return to "Incomplete"
section of filing cabinet
COMPLETE
Contact borrower let them know we received
application
Scan and attach
application to
database
Update Status
on database
Return to "New
Application"section of
filing cabinet
Loan Underwriting: OperationalKeeping Organized
Central Loan Hub
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Loan Underwriting ProcessKeeping Organized
Application Checklist
Y:\Application\Low-Interest Folder Checklist 10-2013.docx
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Loan Underwriting ProcessDirect Lending
Review credit Prepare closing documentation•Promissory note•ACH authorization•Notary form•Privacy noticeDownHome LoanReport Credit (Credit Builders Alliance)
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Loan Underwriting ProcessAll those files!
Booked/Paid/Denied/Withdrawn Loans
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Loan Underwriting ProcessLoan Database
http://loanapp/applications/manage/?id=9772
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Guaranteeing Loans The Voting Process
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Guaranteeing Loans: A Web-Based Forum
http://www.patf.us/forum/viewtopic.php?f=2&t=445
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Ten Years of Reading Credit Reports Led To…
Financial education booklet for people with disabilities who are transitioning into adulthood.
http://patf.us/images/stories/pdfs/patf_financial_education_booklet_2nd_edition.pdf
(Hint: go to PATF’s website, www.patf.us, and go to the Publications tab. The financial education booklet is the last publication listed.)
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For More Information…
Tracy Beck [email protected] Tachau [email protected]
888-744-1938 toll-free 484-674-0510 FAXwww.patf.us
Independence is priceless…we help make it affordable15
