Kirti Kote

Standard Operating Procedure (SOP) Mortgage Loan Auditing Process 1. Objective To ensure precise, compliant, and efficient mortgage loan processing through comprehensive audits at all stages: pre-underwriting, underwriting, and post-underwriting. 2. Scope This SOP applies to all personnel engaged in mortgage loan audits, including Loan Processors, Underwriters, and Quality Analysts. It establishes the guidelines for conducting audits, identifying discrepancies, and maintaining compliance with legal and regulatory standards. 3. Responsibilities Loan Processor: Perform initial checks, enter data in LAR, and facilitate processing across stages. Underwriter: Evaluate loan submissions and decide on acceptance, denial, or additional conditions. Quality Analyst: Audit processes to confirm accuracy, compliance, and adherence to underwriting conditions. 4. Tools and Resources • Mortgage Bot Application: For loan data entry, tracking, and status updates. • Loan Application Registry (LAR): A database to monitor loan stages using status codes. • Regulatory Guidelines: To ensure legal compliance. • Document Management System: For secure storage and document version control. 5. Workflow Overview The mortgage loan auditing process involves seven primary steps, detailed below: 1. Loan Initiation 2. Basic Checks 3. Pre-Underwriting Review 4. Underwriting Decision 5. Post-Underwriting Checks 6. Post-Underwriting Review 7. Loan Completion 6. Step-by-Step Process Detailed steps are outlined below. Step 1: Loan Initiation and Basic Checks Follow the process below: Step 2: Underwriting Decision This step determines the loan's status: Step 3: Post-Underwriting and Loan Completion Finalize the loan with the following steps: 7. Final Considerations • Maintain clear and timely communication with all stakeholders. • Use the latest compliance guidelines and regulatory standards for auditing. • Ensure all data entered in the system is accurate and updated in real-time. • Document reasons for discrepancies or delays at every stage for transparency. • Regularly review and update this SOP to reflect industry changes. Together, these visualizations and detailed descriptions create a clear and professional SOP that adheres to your specifications. Let me know if you would like to integrate these visuals into a comprehensive document.