Introduction:
Workflow automation is a crucial feature in Lender’s platform, designed to streamline mortgage processes and enhance operational efficiency. One of the core components of this automation is the use of Loan Actions. This article will delve into what Loan Actions are, how they work, and their benefits in the loan origination process.
What are Loan Actions?
Loan Actions are predefined buttons that appear in the Loan Editor interface for specific users at particular stages of the loan process. These buttons represent the main and expected actions that the user, who is currently viewing the loan, is anticipated to take. This makes Loan Actions both context-aware and user-aware, ensuring that relevant actions are available at the right time for the right user. By providing a focused set of actions tailored to the user’s role and the loan’s current status, Loan Actions streamline decision-making and maintain workflow consistency. Additionally, since these buttons only appear at the right time, it prevents users from taking incorrect or inappropriate actions on a loan, safeguarding the process and ensuring that each step is carried out correctly.
Example Use Case:
Imagine a scenario where a loan is submitted to underwriting. At this stage, several buttons appear in the Loan Editor for the underwriter assigned to the loan: "Approve Loan," "Deny Loan," and "Suspend Loan." If the underwriter clicks the "Approve Loan" button, this triggers a series of predefined actions. These actions could include updating the loan status to "Approved," sending an approval notification to the borrower, and logging the approval in the system. This streamlined process ensures that the underwriter can efficiently carry out their task with minimal risk of error.
Benefits of Using Loan Actions:
Efficiency:
Automating routine tasks through Loan Actions saves time and effort for users, allowing them to focus on more critical aspects of the loan process.
Accuracy:
Predefined actions reduce the risk of human error, ensuring that each step is executed correctly every time.
Consistency:
Standardized actions help maintain uniformity across the organization, ensuring that all users follow the same procedures.
Customization:
The ability to customize Loan Actions means that you can tailor the automation to fit your specific workflow needs, enhancing overall effectiveness.
Core Features of Loan Actions:
Contextual and User-Aware:
Loan Actions are designed to appear only for designated users when specific conditions are met, reflecting the expected actions for that user's role and the loan's current stage. This ensures that the relevant actions are presented at the right time, reducing clutter and making it clear what steps need to be taken next.
Predefined Actions:
Each Loan Action is associated with one or multiple predefined tasks that can be executed on the loan. These tasks can include updates to loan status, notifications, data changes, and more. This feature enables complex workflows to be executed with a single click.
Customizable:
Loan Actions can be tailored to fit the specific needs of your organization. You can define which actions are available, who can see them, and under what conditions they appear. This flexibility allows you to adapt the workflow automation to your unique business processes.
Consistency and Accuracy:
By standardizing actions through predefined buttons, Loan Actions help ensure that processes are carried out consistently and accurately, reducing the risk of errors and improving overall efficiency.
Preventing Incorrect Actions:
Since Loan Actions only appear at the appropriate time for specific users, it prevents users from taking incorrect or inappropriate actions on a loan. This safeguards the process and ensures that each step is carried out correctly.