Checklists

Complexity:    

Audience: Loan Servicer or Collector, Loan Servicing/Collections Managers, Administrator, Compliance

Introduction

As a creditor, you may have your own unique loan processes that aren't automatically accounted for in the software. Checklists can help you manage loan processes that aren’t natively supported by LoanPro, and they can also be paired with automation features like wizards and and rules applied. This makes the Checklist feature perfect for standardizing your company-specific processes, such as ensuring that proper documentation is received before a loan is funded.

When a checklist item is marked as complete, the date and time are recorded in LoanPro so that you can see when each item was completed. Additionally, you can search by checklist items to see which loans are in which step of the process. Below, we explain how to create your own checklists, use them on loans, and use them as search parameters.

How Checklists Work

To use a checklist, all you have to do is navigate to a specific loan and select Servicing > Checklist. This page will display all active checklists and allows you to mark which checklist items have been completed for the loan.

To mark an item in a checklist, simply click the checkbox next to the item. To unmark an item, click the checkbox again. Dates will appear next to marked items, and the history of checklist changes is at the bottom of the page.

Searching by Checklist

You also have the option search for loans by their checklist status using the advanced filters in the loan manager. The advanced filters can be accessed by clicking the button highlighted in red in the image below.

Checklist status is located under the Servicing category. Here, you can select which checklist items to filter for. After making your checklist selection, click 'Apply Filters'. Now, only loans with your chosen checklist parameters will display.

Creating a Checklist

To create, view, or edit a checklist, navigate to Settings > Loan > Checklist inside your company account.

To create a new checklist, click the 'Add' button in the top right corner. This will display the checklist creation page where you can enter a title and description for the checklist and determine its status. Once those fields are complete, you can begin building the checklist steps by clicking 'Add Checklist Item'.

Adding steps to your checklist is straightforward—simply set a name, description, and active status. Your checklist items can be as descriptive as you'd like, as long as they stay within 250 characters. Continue to create checklist items until you are satisfied and finish your checklist by clicking 'Save'.

After you have saved your checklist, it will now be listed on the checklists page as shown below.

Checklists will not prevent a user from continuing on to the next step if they haven't checked off an item unless the Checklist is configured to work in conjunction with a Process Wizard. It works more as a reminder of which actions have and have not been completed.

Common Uses & Questions

Let's say you want ensure all of the necessary information is collected for your underwriting process. You can create a Checklist with items to ensure information such as income, residence, and credit history are collected before a user can move on in the process.

Can I see a list of loans on which an item checked or not checked?

Yes. In the loan manager, you can search for loans and get results for which ones either "have" or "need" the item. You can also export loan information through the customer query that shows the status of checklist items.

If you want to learn more about other automation tools Checklists can work in conjunction with, check out our articles Process Wizards 101 and Rules Applied – Basics.


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