Well, looks like I do not explain this good enough first time.
Phase 1
Raiding party attack fief - Siege is set in standart battle shedule. You can gather force, reinforce, buy weapons etc.
Phase 2
Raiding party win siege. After this you can choose between Own a village or Pillage this village for gold and items.
Phase 3
You can interrupt looting with any patroling party (if it's party working for fief owner), or you can win battle with looters and loot a little yourself (independent party)