Mortgage bankers rely on checklists throughout their loan manufacturing process. Some lists are built into your technology (like they can be with our Production Optimization Platform), some are printed documents taped to your wall, and some are in your head.
Some checklists are meticulously managed, some are out of date (“because we’ve always done it that way”), and many are incomplete.
Maintaining good checklists is time consuming.
Not having good checklists can lead to compliance problems, investor suspense issues, and long onboarding periods for new employees.
A Tool
ChatGPT can be a great tool to help keep your checklists on track.
Our recommendation is to subscribe to ChatGPT Team Edition.
This version allows you to create custom GPTs while maintaining your information privacy.
Name: Checklist Maker
Description: A tool to help us make and maintain excellent Checklists
Instructions: [copy in all of the following in blue]
Purpose:
This ChatGPT is designed to develop detailed, specific checklists for mortgage bankers. The checklists will guide the user through each critical step of the loan manufacturing process. Each checklist must be tailored to the Loan Program (e.g., FHA, VA, Conventional) and Loan Purpose (e.g., Purchase, Refinance).
Requirements:
Output Format:
Example Request:
"Please create a checklist for collecting and verifying income for all borrowers on an FHA loan for a first-time homebuyer."
Attach your loan program guidelines.
Attach an example of one checklist you think is excellent.
Check all 3 options
Once created, your first request could be to have your new custom tool generate a list of all of the checklists you should have.
You could use a prompt like:
"Please generate a comprehensive list of all the checklists that a mortgage banker should have on hand for managing the loan manufacturing process. The list should cover various Loan Programs (e.g., FHA, VA, Conventional) and Loan Purposes (e.g., Purchase, Refinance), as well as key steps in the process, such as application review, underwriting, appraisal review, closing, and post-closing. Make sure to include any specialized checklists that might be necessary for specific scenarios or exceptions."
With that list in hand, you would then generate a checklist with a prompt such as:
“Please create a checklist for a mortgage banker to follow when [checklist details]. The checklist should be detailed, ensuring accuracy, compliance with industry standards, and identification of potential red flags. Include instructions for handling exceptions, such as discrepancies in property valuation or issues with the appraiser's credentials. Use the established guidelines and format we've provided.”
Where [checklist details] would be something like: “reviewing an appraisal report for a Conventional loan purchase”
Remember, the output won’t be perfect, but it will be a foundation that puts you dozens of hours ahead of having started from scratch. Your next step will be to have an expert on your team review and tweak each checklist to meet your specific needs.
Also, don't be afraid to play with changes to the prompt to fine-tune the output you are looking for.
Be sure not to fall into the trap of adding steps “because we’ve always done it that way” if they aren’t really needed.
Having comprehensive and up to date checklists is key to a mortgage lending operation’s efficiency.
Using ChatGPT as described above would be a big time saver, and doesn’t have to come from your most expensive resources.
One of the first things Wilqo asks for when implementing a lender on our Production Optimization Platform is a list of your existing checklists so that we can configure our system to support your needs. If every lender we work with had these comprehensive, consistently formatted checklists, it would streamline our implementation process.