• David

Project Management Part 3: Progress & Process

Team-members have to strike a balance between supporting applicants who are in an earlier phase of the application process while making sure those who are ready to close can do so as quickly as possible.

We talk a lot about the need to better manage client expectations, but the need exists internally as well!


When a loan package is ready for final review, there’s an expectation on the part of the reviewer that it will contain all of the required information. There’s an expectation that someone who is providing documentation has been through a few prequalification steps to ensure that no one is working on a file that is a non-starter.


Let’s look at the benefits of a project management approach to tracing progress and adhering to processes from an internal and external perspective. While these concepts may seem basic, it’s often the most basic activities that are the hardest to consistently do well over the long-term. Without effective technology, executing at a high level day in and day out can be draining.


1. Cloud-based Checklists


Clients need convenience, and keeping up with what’s needed via email or a PDF attachment is not convenient. The idea of a checklist isn’t a foreign concept, however, much like a fillable PDF many cloud-based checklists fail to leverage all of the benefits that come with a truly digital checklist. Digital checklists must be enhanced with two way communication tools, the ability to add notes, and access to FAQ like guidance at the right time and place.


Team-members lose a significant amount of time reminding applicants about what comes next, and confirming that information was received. If you’re not working with applicants in a direct capacity day in and day out, ask a colleague how much of their week is dedicated to clarifying questions. Questions from clients, as well as their own clarifying questions regarding what was submitted. Truly digital cloud-based lists are about more than checkboxes, they define and measure both process and progress while educating and reminding people along the way.


2. Milestones


Clients are easily overwhelmed when asked to provide all of the information that’s required for approval before knowing if it’s worth their time to proceed. Business owners have a lot on their plate, and after a few rejections they want to know it’s worth their time to proceed. The strategy of “send me everything” really only serves the lender, and does a poor job at that as well. Both parties need the right information, in the right format, at the right time.


Clients are easily overwhelmed when asked to provide all of the information that’s required for approval before knowing if it’s worth their time to proceed.

Team-members have plenty of work on their plates as well, and it can be very challenging for colleagues to know what’s been done and what hasn’t. For smaller lending teams, many are wearing multiple hats from originator, to marketer, to underwriter. In addition to general busyness abandonment rates are high when applicants become confused, anxious, or busy. Milestones create achievable short-term finish lines. Coupled with a robust cloud-based solution with step by step guidance that can never be misplaced, milestones combat confusion, anxiety, and busyness.


3. Priorities and Calendars


Clients are arranging their schedules based on various priorities for the week, and depending on where they’re at in the application process they may book less or more activities for themselves. If there’s misalignment on where they’re at in the process, it could delay progress by days or even weeks.


Team-members have to strike a balance between supporting applicants who are in an earlier phase of the application process while making sure those who are ready to close can do so as quickly as possible. Block scheduling is a great solution when coupled with a dashboard that allows you to filter and sort by 1). Most recent activity, 2). Completion status, and 3). Client inactivity. Personalized automation helps a lot as well! Relying on email and CRM logs can make productive block scheduling quite a challenge.


Would better progress and process management increase your ability to create more impact? If so, we'd love show you how Lenderfit can help!