Process Errors Determination and Correction for Commercial Loans in the Bank Industry

Abstract

The purpose of this project was to reduce or eliminate errors on Loan Boarding Packages received in the Loan Boarding Unit in order to increase the boarding volume. During the period of September 2015 through October 2015 the average loan documentation error rate has been 31%. Because of these errors boarding packages are not boarded the same day. For these reason the loan boarding processing lead time has exceeded the same day internal goal by 40% of the time. In order to found what are the variables affecting the loan boarding process we evaluate the type of errors, the loans complexity and the source of the errors. Key Terms - Boarding Package, Errors, Loan Boarding Unit, Loan Complexity Loan.