Loan Processing Procedure

Owned by Dayna Harp (Unlicensed)
Last updated: Dec 01, 2014 by KaloyanN (Unlicensed)Version comment
2 min read

Firstly, the clinet’s lending needs will be discussed with them to ensure that we are providing the most effective lending solution to meet their needs.

 Forms Needed

 Completed Loan Application

Loan Approval Worksheet

Loan Security Agreement

Loan Adverse Action Notice (if applicable)

 

Procedure

  1. Review the Loan Application to ensure it is complete and signed.

  2. Log on to the Mifos system and open the client’s main account screen.
  3. Select “+New Loan” tab in the blue navigation bar.
    1. Select the correct loan from the Product drop down menu.
    2. Select the correct Loan Officer from the drop down menu. 
    3. Select the Loan Purpose from the drop down menu.
    4. Select Enter the “Submitted on” date. 
    5. Select Fund from the drop down menu.
  4. Verify the information in each of the loan fields.  Most of this information is pre-filled, however, it is prudent to review the data for accuracy. Click on “Submit”.
  5. The system will return to the main loan screen. In the blue navigation bar, click on “More”. Click on “Assign Loan Officer.”
  6. From the drop down menu, select the loan officer who will review and make the lending decision.
  7. ake a photo of or scan the entire loan application packet and upload the Loan Application into the “Loan Documents” tab.
  8. Complete all fields on the Loan Approval Worksheet. After all information is verified, scan and upload the completed worksheet into the “Loan Documents” tab on the client account screen.
  9. Notify the Loan Officer of a new loan request.  (This will also appear in the Loan Officer’s work queue).  The loan officer will review the uploaded loan application, loan worksheet, client identification documents and any other supporting documentation that is in the “Client Documents” electronic file.
  10. The Loan Officer will review the details originally entered into the system.  If there are changes to be made after loan application review, the Loan Officer will request additional information via the use of “Notes” in the Mifos system.  If the file is in order, the Loan Officer will approve the loan for disbursal.