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Best Practices

Your (free!) Lead-Submission Checklist

January 26, 2018
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3min read

Effectively generating leads is the only place start in order to make potentially successful legal and medical funding investments, but leads alone can’t generate a successful payout until they pass through your underwriters and get into the hands of investors. To that end, every funding company must have a solid system in place for processing all leads before sending them up the chain to your underwriting team. 

Simply put -the more organized and accurate your company's case files are from the get-go, the more quickly your underwriters will be able to make a well-informed investment decision.

Simplicity is your best friend

Simple, and effective, the checklist is a legal or medical funders' best friend. In such a process driven business, the checklist is simple but invaluable tool for case lead organization and your team's productivity. 

The key is to make it succinct, organized, and user-friendly, indexing only the most crucial steps for preparing a case file for underwriting. It should be tailored for your business, and it should be in the hands of whoever manages funding applications prior to submitting them to your underwriting team.

Your priorities are two-fold:

  1. Ensure key, accurate information gets to underwriters in a timely fashion;
  2. Save underwriters time by organizing the file well while making it easy for them to utilize

How to Use Your New Checklist

We usually recommend having an “underwriter operations” person or team who is solely responsible for managing the flow of case applications to and from your underwriters. The overarching goal is to have underwriters focused on underwriting (what a crazy notion!) — they are often the highest paid and highest leveraged workers at funding companies, so it makes sense to have someone else manage workflow as well as internal and external communications.

You should train your case managers to complete your lead submission checklist prior to submitting the case to underwriting, and then ensure your underwriter operations manager reviews the checklist prior to actually submitting the file to your underwriter.

This ensures your underwriters have all the information they need in the case files. For example, there is nothing more frustrating for an underwriter to spend 10 minutes underwriting a case just to realize that there is prior funding on the case, but no payoff (or police report, or medicals, or insurance info-- you get the idea!).

As you know, there are a lot of crucial steps on the road to a successful legal funding. Don’t get  tripped up right at the outset — stay organized, make it easy for your team to do well, and prepare to see results down the line.

[CLICK HERE] to download the checklist and get started

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