Stack Pack Rack
Stage 1 - Stack
Organize and Digitize: Loan Files Are Collected and Categorized
In this initial stage, loan documents are gathered from various sources (paper, emails, etc.) and classified based on loan types, client information, or stages in the loan process. The goal is to ensure that all relevant files are identified and grouped together for smooth processing.
OCR Magic: Documents Are Scanned and Converted to Digital Format
Optical Character Recognition (OCR) technology is employed to scan physical documents and convert them into machine-readable digital formats. This process enables the system to recognize and extract important data from the scanned text, making it easy to access and process electronically.
Quality Check: Human Verification Ensures Accuracy and Completeness
After OCR conversion, human verification is carried out to double-check the quality and accuracy of the scanned documents. This ensures that no vital information is lost, and all documents are complete and readable. Any discrepancies or errors identified are corrected before proceeding further.
Centralized Storage: Files Are Made Available in a Secure, Accessible Repository
Once the loan files are digitized and verified, they are stored in a centralized and secure repository (usually a cloud-based system). This allows authorized personnel to easily access, review, and update files while maintaining high levels of security and confidentiality.
Stage 2 - Pack
Color-Coded Prioritization: Files Are Categorized Based on Quality
The loan files are evaluated for their quality and assigned a color code to indicate their status:
Green: High-quality, ready for immediate processing. These files contain no major errors, are complete, and can be directly moved forward in the loan approval process.
Orange: Good quality, requires minor attention. These files have some minor issues, such as missing data or small errors, but are largely in good shape and need minimal corrections.
Red: Low-quality, needs significant rework. These files have major issues like missing key information or errors that require extensive review and correction before they can proceed.
Stage 3 - Rack
Green Lane: High-Quality Files Are Fast-Tracked to Underwriters
Green-labeled files are immediately passed to the underwriting team for further processing, as they are already in top shape. The focus here is to expedite these files and ensure they don’t experience delays, allowing them to move quickly through the approval pipeline.
Orange Alert: Files Requiring Minor Fixes Are Routed for Quick Attention
Orange-labeled files are sent to the team responsible for making minor corrections or adjustments. These files do not require a complete overhaul, but they do need a quick turnaround to ensure they meet the necessary standards for underwriting.
Red Flag: Low-Quality Files Are Sent Back to Loan Officers for Improvement
Red-labeled files are sent back to the loan officers or original submitters for significant rework. These files need substantial corrections (e.g., missing information, signatures, or verification documents) before they can be reintroduced into the workflow for further processing. The goal is to improve these files to meet the minimum quality standards.
Short Version
Stage 1 - Stack
Organize and Digitize: Loan files are collected and categorized
OCR Magic: Documents are scanned and converted to digital format
Quality Check: Human verification ensures accuracy and completeness
Centralized Storage: Files are made available in a secure, accessible repository
Stage 2 - Pack
Color-Coded Prioritization: Files Are Categorized Based on Quality:
Green: High-quality, ready for immediate processing.
Orange: Good quality, requires minor attention
Red: Low-quality, needs significant rework
Stage 3 - Rack
Green Lane: High-quality files are fast-tracked to underwriters
Orange Alert: Files requiring minor fixes are routed for quick attention
Red Flag: Low-quality files are sent back to loan officers for improvement
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