Loan Application Milestone File Flow

Loan Application Milestone File Flow

   Encompass Milestone File Flow

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  1. File Started
            Initial disclosures sent within 2 business days of application. 
  1. This is where the files are started and the Loan Officer (LO) is assigned to the loan. 
  2. ​Initial disclosures will be sent while in this milestone. 
      2. App Received 
            48 hours until the Processor moves to "Sent to Processing MS".
  1. Completed within 24 hours of receiving the initial disclosures signed by the borrower.
  2. This is where the Loan Officer will assign the Processor.
  3. This milestone will be completed when the initial disclosures are sent and returned to AFN signed.
  4. When this milestone is completed, the Processor will move the file from the Prospects folder to the Pipeline folder within 24 hours. 
      3. Sent to Processing
            7 Calendar days.
  1. This milestone will be completed by the Processor when the file is acceptable for processing. 
      4. Submitted
            Turn times published on the Encompass homepage.
  1. This milestone will be completed by the Processor and will pass it on to the Underwriter.
  2. The loan is audited by the Compliance Team and conditions are added. 
      5. Decisioned
            3 business days to submit conditions.
  1. The Underwriter (UW) will make a decision on the loan once the loan has been underwritten.
  2. The decision can go 3 ways:
    1. If the loan is denied, the loan will stay in the Decisioned milestone.
    2. If the loan is suspended, the loans will stay in the Decisioned milestone.
    3. If the loan is approved, the current milestone will automatically be moved to the "Conditional Approval" milestone. 
      6. Conditional Approval
            3 business days to submit conditions. Conditions review turn times published on the Encompass homepage.
  1. This is where the Processor will collect all the underwriting prior to doc conditions and use the Processing screen to submit the loan to the Underwriter for PTD review. 
      7. PTD Reviews
            24 hours.
  1. The Underwriter will complete this milestone when all the PTD conditions have been signed off. 
      8. Cleared for Docs
            Both the Underwriter and Compliance Analyst need to approve the loan before they can be automatically cleared for docs. 

      9. Doc Request
            The Processor will complete this milestone to request docs and put the loan in the Doc Drawers' queue.

      10. Docs Out
            Completed by the Doc Drawer when the final loan documents have been drawn and sent. 

      11. Doc Signing 
            Completed by the Funding when the final loan documents are signed and returned to AFN. 

      12. Docs Review
  1. Completed by the Funder. 
  2. ​The Funder will review the final loan documents, acquire prior to funding conditions and sign off to funding conditions. 
      13. Funding
            Completed by the Funder when the loan has been funded. 

      14. Shipping
            Completed by the Shipper when the loan has been shipped to the Investor for purchase. 

      15. Purchased
            Completed by the Post Closer when the loan has been purchased by the Investor. 

      16. Reconcile
            Accounting transactions related to the sale of the loans. 

      17. Completion 
            All trailing documents have been received and deed of trust has been recorded.