Using workflows in FINPACK+ increases efficiency and transparency across the loan decisioning process, helping you create a standardized decision process from request to closing.
You can start with the default templates included with FINPACK+, clone and customize them to your needs, or create workflows from scratch. You can have as many templates as you need and assign them to a loan decision based on your own criteria. If you change your process and a particular workflow template no longer matches your process, you simply clone the existing template, edit the process, then activate the new template. The ‘old’ template can be deactivated (although not deleted; once it’s been used, the system keeps it ‘for the record’.)
When you create the steps in a workflow, you also decide who by default is assigned the various tasks, whether that’s a particular individual or a member of a job group. Job groups can be made up of loan officers, credit analysts or any other designation you choose. By using job groups, every member of the group is notified when a task is assigned.
Once a loan application is received, the officer dealing with it logs into FINPACK+ and locates the customer. They add a workflow, choosing from any of the templates the bank already has in place. Each task is then assigned per the template, but that can be changed ‘on the fly’ if for some reason, you need a specific person to work on a particular task. As each task comes ‘live’ in FINPACK+, the designated person is informed of the tasks being assigned to them either via real-time email notifications or a daily digest email listing all tasks assigned to them in FINPACK+. Once each task is completed, the next task opens up, and again, the person assigned to that task is notified.
The workflows are closely integrated with the tasks function, and can also point to the Credit Decision tool, which lets the designated members of your Credit Approval Groups see the completed workflow and any attached analysis documents included the loan presentation or credit memo, then approve, deny, approve with conditions, or pass on for further review.
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David Maguire helps Ag and Commercial lenders across the country understand the value of using FINPACK for credit analysis and loan management. David has worked in the marketing, training and education fields in Minnesota, Ireland and Germany.