Using latest build 060920_26
Create a BPEL Prj
Create a XML Schema named LoanRequestor
Create a WSDL Document.
Check the Import XML Schema and select the LoanRequestor.xsd. 
Click Next.
Click the ellips... under Element Or type for the input.
select LoanRequestor > Elements > ProcessApplication.
Repeat the same for the output and select processApplicationResponse.
Validate the WSDL File. It fails giving the following msg:
XML validation started.
D:/sherrydev/SOA/del5/LoanRequestor/src/newWSDL.wsdl:8,8
In part "part1", attribute element's value "ns:processApplication" is not a
valid xml schema element available in this wsdl file. : Specify a valid schema
element value for element attribute.

D:/sherrydev/SOA/del5/LoanRequestor/src/newWSDL.wsdl:11,8
In part "part1", attribute element's value "ns:processApplicationResponse" is
not a valid xml schema element available in this wsdl file. : Specify a valid
schema element value for element attribute.

2 Error(s),  0 Warning(s).
XML validation finished.
Notice under WSDL Import node, there is a Broken reference.