Global Financial Corporation

Topics: DVD region code, Computer program, Interest Pages: 3 (941 words) Published: March 16, 2013
Global Financial Corporation (GF) offers financing services for customers purchasing heavy construction equipment from its parent company Global Equipment Company (GEC). GF’s Bakersfield, California office is setup to process the loan applications for the western United States. A recently appointed Vice President of GF, Nancy Rodriquez, is also in charge of managing the Bakersfield office. She has received a memo from the Director of Marketing at GEC with a complaint stating that the “Bakersfield office was taking much too long to process loan applications” and their major competitor has promised to process loan applications in “10 business days or less” (Page 1). CURRENT PROCESS

Once the loan application has been received at the Bakersfield office via FAX or overnight mail it is classified into either a “Standard or “New.” A “Standard” application, which accounts for 40 percent of the submitted applications, is defined as a current customer who GF has previously processed a loan application for. The “New” applications are easily defined as all new customers and any current customer who is applying for a substantially larger loan amount. The Bakersfield office has setup a process which takes each loan application through a four step process. The first step is the “Evaluation and Analysis” which determines the applicant’s qualifications to determine whether they are qualified and have the ability to repay. The next step is the “Interest Rate Determination” which reviews the files and determines the interest rate for each application. The third step is the “Loan Terms” which determines and defines the specific terms of each loan application. The fourth and final step is the “Final Issuing” which prepares the loan documentation print outs. Here are the specifics of each step: 1.Evaluation and Analysis:

3 teams, 2 persons each. Each team covers a geographic sales region. Can be 1-2 hours or 10-12 hours per application
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