OpsMan_Module1Discus - the documentation stated by the underwriters is in the file Once the processors are finished with the file it then goes to

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Module 01 Discussion - Value Chains In one descriptive paragraph, discuss a value chain based on your work experience, or as a customer. List suppliers, inputs, resources, outputs, customers, and target markets. Be sure to include research from at least 1 credible and relevant source. Working in the Closing Department of Reverse Mortgages is a great example of a value chain. Although I work to close loans on time, I am not the end of the chain, nor am I in the beginning. The first step in the process involves the Reverse Mortgage Consultants that meet with people who are interested in getting a Reverse Mortgage. Once they have decided to go with the loan, the paperwork is then given to the Underwriting Department. Once it passes this process, it then goes to the Processing Department to ensure that all
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Unformatted text preview: the documentation stated by the underwriters is in the file. Once the processors are finished with the file, it then goes to the Closing Department. We call title companies to confirm fees, that all payoffs are updated, that Homeowners Insurance will cover the appraisal amount and we collect fees if taxes, etc are due. Once the loan is closed, which we will hold on to for four days, we fund the loans (on the fourth day) and send the file to the Post-Closing Department. The Post-Closing Department is responsible for scanning all documents so that it is converted to an electronic file. It’s a long process and still think there may be more departments after post-closing that handle the files....
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This note was uploaded on 04/30/2011 for the course ECON 101 taught by Professor Smith during the Spring '11 term at University of Phoenix.

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