Example SOPs: Loan Processor

We’ve made it easy for you to build your Loan Processor SOPs. Add the example SOPs to our SOPs template and then customise them to suit your specific systems & processes.

Need help setting up your Loan Processor SOPs library? Speak to our team about our SOP starter templates that are tailored to your specific industry.

Loan Processor SOPs

Creating Standard Operating Procedures for your Loan Processor work can be difficult and take time. That’s why we’ve created these example Loan Processor SOPs so you can jumpstart your SOP creation process. We want to help you set up your Finance systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Finance procedures in one place, your team will have the information they need at all times. Let’s look at some Loan Processor SOP examples.

Loan Processor SOP Examples

1. Loan Application Processing: The purpose of this SOP is to outline the steps involved in processing loan applications. It includes gathering necessary documentation, verifying applicant information, and conducting credit checks. The scope of this SOP covers all loan applications received by the company. The loan processor is responsible for following this SOP. Reference to other SOPs includes the Loan Documentation Checklist and Credit Check Procedure.

2. Loan Documentation Checklist: This SOP provides a detailed checklist of all the required documents for different types of loans. It ensures that all necessary paperwork is collected from the applicant, such as income statements, tax returns, and identification documents. The loan processor is responsible for using this checklist to ensure all required documents are obtained. Reference to other SOPs includes the Loan Application Processing and Loan Approval Process.

3. Credit Check Procedure: The purpose of this SOP is to outline the process of conducting credit checks on loan applicants. It includes obtaining credit reports, analyzing credit scores, and assessing the applicant’s creditworthiness. The scope of this SOP covers all loan applications that require a credit check. The loan processor is responsible for following this SOP. Reference to other SOPs includes the Loan Application Processing and Loan Approval Process.

4. Loan Approval Process: This SOP outlines the steps involved in reviewing and approving loan applications. It includes assessing the applicant’s financial stability, evaluating the loan-to-value ratio, and determining the loan terms and conditions. The scope of this SOP covers all loan applications that have passed the initial processing stage. The loan processor is responsible for following this SOP. Reference to other SOPs includes the Loan Application Processing and Credit Check Procedure.

5. Loan Closing Procedure: The purpose of this SOP is to provide a step-by-step guide for closing approved loans. It includes preparing loan documents, coordinating with the title company or attorney, and ensuring all necessary signatures are obtained. The scope of this SOP covers all approved loans that are ready for closing. The loan processor is responsible for following this SOP. Reference to other SOPs includes the Loan Approval Process and Loan Documentation Checklist.

6. Escrow Management: This SOP outlines the procedures for managing escrow accounts related to loans. It includes receiving and disbursing funds, reconciling account balances, and ensuring compliance with regulatory requirements. The scope of this SOP covers all loans that require an escrow account. The loan processor, along with the escrow department, is responsible for following this SOP. Reference to other SOPs includes the Loan Closing Procedure and Loan Approval Process.

7. Loan Servicing: This SOP details the processes involved in servicing loans after they have been closed. It includes collecting loan payments, handling customer inquiries, and managing loan modifications or refinancing requests. The scope of this SOP covers all loans that have been closed and are being serviced by the company. The loan processor, along with the loan servicing department, is responsible for following this SOP. Reference to other SOPs includes the Loan Closing Procedure and Escrow Management.

8. Compliance and Regulatory Procedures: This SOP outlines the company’s compliance and regulatory requirements related to loan processing. It includes adhering to federal and state laws, maintaining proper documentation, and conducting periodic audits. The scope of this SOP covers all loan processing activities within the company. The loan processor, along with the compliance department, is responsible for following this SOP. Reference to other SOPs includes the Loan Application Processing and Loan Servicing.

9. Quality Control and Audit Procedures: This SOP establishes the procedures for conducting quality control checks and audits on loan processing activities. It includes reviewing loan files, verifying accuracy of data, and identifying any discrepancies or errors. The scope of this SOP covers all loan processing activities within the company. The loan processor, along with the quality control department, is responsible for following this SOP. Reference to other SOPs includes the Loan Application Processing and Compliance and Regulatory Procedures.

10. Customer Communication and Relationship Management: This SOP provides guidelines for effective communication with loan applicants and maintaining positive customer relationships. It includes responding to inquiries, providing updates on loan status, and addressing customer concerns. The scope of this SOP covers all loan processing activities that involve customer interaction. The loan processor, along with the customer service department, is responsible for following this SOP. Reference to other SOPs includes the Loan Application Processing and Loan Servicing

 

Loan Processor SOP Templates

Looking for SOP templates for your Loan Processor work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Loan Processor work. Get in touch if you’ve got questions about the quickest way to build out your Finance SOPs library.

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