Processes T hat Work Loan Underwriting
description
Transcript of Processes T hat Work Loan Underwriting
![Page 1: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/1.jpg)
Processes That Work Loan Underwriting
Presented by Tracy Beck and Susan Tachau
Pennsylvania Assistive Technology Foundation (PATF)
February 28, 2014
1
![Page 2: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/2.jpg)
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
![Page 3: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/3.jpg)
Introduction
Who are we? Pennsylvania Assistive Technology Foundation (PATF)
3
![Page 4: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/4.jpg)
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
4
![Page 5: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/5.jpg)
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
5
![Page 6: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/6.jpg)
Loan Underwriting ProcessWhere to Start
6
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
![Page 7: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/7.jpg)
Loan Underwriting: OperationalKeeping Organized
Central Loan Hub
7
![Page 8: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/8.jpg)
Loan Underwriting ProcessKeeping Organized
Application Checklist
Y:\Application\Low-Interest Folder Checklist 10-2013.docx
8
![Page 9: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/9.jpg)
Loan Underwriting ProcessDirect Lending
Review credit Prepare closing documentation•Promissory note•ACH authorization•Notary form•Privacy noticeDownHome LoanReport Credit (Credit Builders Alliance)
9
![Page 10: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/10.jpg)
Loan Underwriting ProcessAll those files!
Booked/Paid/Denied/Withdrawn Loans
10
![Page 11: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/11.jpg)
Loan Underwriting ProcessLoan Database
http://loanapp/applications/manage/?id=9772
11
![Page 12: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/12.jpg)
Guaranteeing Loans The Voting Process
12
![Page 13: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/13.jpg)
Guaranteeing Loans: A Web-Based Forum
http://www.patf.us/forum/viewtopic.php?f=2&t=445
13
![Page 14: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/14.jpg)
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.)
14
![Page 15: Processes T hat Work Loan Underwriting](https://reader035.fdocuments.in/reader035/viewer/2022062423/568146ca550346895db402ea/html5/thumbnails/15.jpg)
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