Introduction:
SLA (Service Level Agreement) Groups are a key feature within Lender’s platform, designed to ensure timely completion of tasks and conditions while maintaining accountability. This article will introduce SLA Groups, explain their purpose, and outline how they function within the platform.
What are SLA Groups?
SLA Groups are predefined sets of rules that govern the completion time and escalation paths for tasks and conditions within the loan origination process. When a task or condition becomes actionable, it triggers the start of the SLA defined in its assigned SLA Group. The SLA Group definition specifies who is responsible for completing the task, how long they have to complete it, and the escalation process if the task is not completed within the defined time frame.
Core Features of SLA Groups:
Task and Condition Assignment:
Tasks and conditions can be assigned to an SLA Group. When these tasks or conditions become completable, the SLA timer starts, ensuring that they are addressed promptly.
Predefined Completion Time:
Each SLA Group defines the amount of time allocated for the initial person responsible to complete the task or condition. This helps in setting clear expectations and deadlines.
Escalation Path:
If the task or condition is not completed within the predefined time, the SLA Group defines an escalation path. This path outlines who the task should be escalated to and how long each person in the escalation chain has to complete it before further escalation.
Escalation Path with Individual Timelines:
Each person in the escalation path has their own specific completion time. If the initial person does not complete the task in the allotted time, it escalates to the next person in the chain, each with their own time frame to act.
Customizable Rules:
SLA Groups can be customized to fit the specific needs of your organization. You can define different SLA Groups with varying completion times and escalation paths to match different types of tasks or conditions.
Accountability and Tracking:
The use of SLA Groups ensures accountability by tracking the completion time of tasks and conditions. This helps in identifying bottlenecks and ensuring that tasks are completed in a timely manner.
Ensuring Continuity:
One of the key features of SLA Groups is that tasks and conditions don't slip through the cracks. If someone is out or on vacation, tasks will escalate up when they aren't being completed in time, ensuring loans keep moving through the system.
Examples of SLA Groups:
Condition Review SLA Group:
This SLA Group could define that an Underwriter has 24 hours to sign off on a condition. If not completed, the task escalates to a Senior Underwriter who has an additional 12 hours to complete it. If still incomplete, it escalates to the Chief Underwriter with another 12 hours to act.
Title Ordering SLA Group:
This SLA Group could specify that a Processor has 48 hours to order the title. If not completed within this time, it escalates to the Processing Manager with an additional 24 hours. Further delays escalate the task to the Head of Processing with 12 more hours to complete.
Appraisal Review SLA Group:
This SLA Group might state that an Underwriter has 36 hours to review an appraisal. If not completed, the task escalates to the Senior Underwriter with an additional 18 hours, and then to the Compliance Officer with another 12 hours.
Benefits of Using SLA Groups:
Timely Completion:
SLA Groups ensure that tasks and conditions are completed within specified time frames, reducing delays in the loan origination process.
Accountability:
By defining clear responsibilities and escalation paths, SLA Groups help maintain accountability at each stage of the task or condition.
Efficiency:
The structured approach of SLA Groups helps streamline workflows and ensures that tasks are addressed promptly, improving overall efficiency.
Customization:
The flexibility to define and customize SLA Groups according to your organization’s needs allows for a tailored approach that enhances overall effectiveness.
Continuity:
Ensuring that tasks don't slip through the cracks, SLA Groups maintain the flow of work even when team members are unavailable, keeping loans progressing smoothly.
Conclusion:
SLA Groups are an essential feature within Lender’s workflow automation toolkit. By defining the rules for task completion and escalation, SLA Groups ensure timely and accountable handling of tasks and conditions. This customizable feature is crucial for optimizing workflow management and enhancing productivity in the mortgage process.