Document tracking is a powerful feature in Salesforce that streamlines borrower engagement during the mortgage application process. In this article we will learn about several considerations for Document Tracking and Approvals in Salesforce financial services cloud.
- Document checklist items: The loan officer can create a list of document checklist items specifically for a borrower, making it clear which documents he needs to provide. The document checklist items are based on commonly required documentation for completing a mortgage process. Each checklist item corresponds to a specific file or document needed from the borrower.
- Document Approval Process: The borrower can upload relevant files for each checklist item. These files go through an approval process defined by the system. The borrower, loan officer, along with underwriter can track the status of each document. If a document is rejected, the borrower can upload new versions and track their progress from submission to approval.
- Update Opportunity and Account Page Layouts: Add the Document Checklist Items component to the Related Lists sections on Opportunity and Account page layouts.
- Document types: We can set up an optional feature called Document types to associate a new document checklist item with a document type. Examples include W-2, driver’s license, and paystubs. These document types will be useful for filtering in reporting as well.
- Allow Borrowers Access to Document Checklist Items in Experience Cloud Site: To allow borrowers access to document checklist items, create a customer user profile within Salesforce. Then assign this profile to the experience site created.
- Add relevant permissions for the Document Checklist Item standard object to user profiles such as Loan Officer and Underwriter.
- Set up sharing: Sharing of document checklist items can be set up using an account sharing model, including account teams, sharing rules, or a role hierarchy. A document checklist item owner can also manually share the record.
- Approval process: Approval process for the Document Checklist Item object can be created using the standard Status field or a custom field. Approvers for a document checklist item can be account teams, custom fields on the document checklist item, queues, or custom groups.
- In the Document Checklist settings, we can allow document checklist items to be deleted after related files are uploaded.
We have so far discussed the various considerations on Document Tracking and Approvals in Salesforce financial services cloud. To know more, click Financial Services Cloud: Best Financial Services CRM – Salesforce.com US
Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.
