Efficiency with Checklists

[Video] Improve Your Efficiency with Checklists


When you know all the tasks you need to do to originate, process, or underwrite a loan, you may not see how you can get any additional efficiency with checklists.

With the COVID-19 pandemic, many of us are finding that we may not have our typical resources like we would in the office or that we’re having to take on new tasks and/or roles to help deal with these unprecedented levels of business. That’s where having a checklist can come in handy.

Below we’ll explain how you can improve your efficiency with checklists. We also have a new master checklist for loan processors and some of our other checklists.

Hack Your Brain with Checklists

We’ve all experienced that good feeling when we X, check, or scratch out an item on our to-do list. That’s because when we check something off a list, even if it’s small, our brains release a small amount of dopamine which is tied to feelings of motivation and pleasure.

Over time, that small release of dopamine will make you eager to repeat actions that led to that success in the first place.

Focus, Free Up Brain Space, and Build Confidence

When used properly, checklists can add a lot of benefit to a process, especially in cases where you’re new to a role. They’re powerful tools for multi-step yet repetitive tasks such as processing a loan. While each step may seem small and potentially insignificant at the time, missing one task can cost you and your business time and money.

The real power of checklists comes in when you realize that the list has all the steps and you don’t need to remember them all. What that means is you can free up brain space because you’re not worrying about forgetting a step.

So what do you do with all that freed brain space? Focus on critical problem-solving tasks to deliver the best work for your customer and team. When you can creatively solve problems while knowing all the steps of the process will get done, you know you can deliver a WOW experience for your borrower, leading to happier borrowers and good word of mouth for your business.

Lastly, checklists can help build your confidence. As we mentioned earlier, many people in the mortgage industry are either having to take on new tasks or roles or are new altogether to the sector. Having a thorough checklist for the processes you need to work through can help you build confidence in your new role. This goes for individual contributors and managers.

Checklists from Genworth

If you’re looking for some existing checklists to help you right now, Genworth has several:

  • SAMPLE Master Checklist >> covers the initial application, internal compliance, document validation, and more. Perfect for loan processors. Print and write in other steps for your company’s process.
  • Appraisal Review Checklists (Single Unit and 2-4 Unit) >> covers everything you want to have in the appraisal. Perfect for underwriters and available on our Underwriting Tips page under Appraisal Checklists.

What kinds of checklists do you find useful in your role? Leave us a comment below to tell us.

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