Loan Document Tracking

Sound familiar? A customer requests a loan, online or in the branch, kicking off a process that requires employees to track dozens of documents and decisions across multiple business systems – all to provide the best available loan product to the customer.

This might mean employees must interact with content in disparate systems, comb through multiple spreadsheets and – all too often – dig into filing cabinets and Manilla folders. Hardly the best way to provide a great customer experience. And without complete visibility into the process, your organization might have to wrangle with compliance issues on top of it all.

It’s quite a challenge. And there is a solution.

Innovative loan document tracking software

Hyland’s loan document tracking solution is a single application that manages the complete lifecycle of a loan and all of the corresponding documents.

It provides a complete view of a loan’s related documents and decisions by making everything available digitally, retrieved from a central location, accessible through the line of business systems employees use daily. It also ensures the organization remains compliant by proactively notifying the lender of required or missing documents, or documents set to expire.

Elevates the customer experience

Hyland’s loan servicing solution addresses the reuse and renewal of loan collateral. Whether it’s a bank, credit union or non-traditional lender, the loan servicing software solution provides users with the ability to track loan data, documents and exceptions for multiple borrowers and multiple loans.

It does so by gathering and sorting all loan collateral, correspondence and borrower information for any loan product an organization can offer. It also is agnostic to lending process type.

The solution has the ability to report on any captured data element, including:

• Collateral type
• Entity name
• Expirations
• Exceptions
• Document types
• Items updated thought the loan process
• Collateral on closed loans
• Pipeline visibility
• Correspondence

Provides a complete view of the prospect pipeline

The loan servicing software solution begins tracking as soon as the financial institution receives a lead, giving employees a complete view of the prospect pipeline. It does so by electronically capturing information once relegated to local computers or that existed only on paper.

Now employees can run reports that provide a wealth of information in real time, including what type of loans are in the pipeline, as well as data about those loans. This includes the ability to track documents and data from prospects that may not yet be bank customers or credit union members.

Helps ensure compliance with industry regulations

By proactively notifying the lender of required or missing documents, the solution helps ensure compliance throughout the loan’s lifecycle.

It also helps identify expiring documents, informs loan officers of what new documentation needs collecting, and initiates retention following payoff. Fines and penalties are avoided and the organization’s reputation is kept intact.

The solution also gives auditors and unique view of the loan file. They can quickly see whether a loan is compliant, what documents are collected, which are missing and why, what checklist items have been completed, and why certain checklist items were not.

Beyond giving financial institutions a competitive advantage, Hyland’s loan document tracking solution also improves staff efficiency and encourages customer relationships.

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