Helps ensure compliance with industry regulations
By proactively notifying the lender of required or missing documents, Hyland’s loan document tracking solution helps ensure compliance throughout the loan’s life cycle.
It also helps identify expiring documents, informs loan officers of what new documentation needs collecting and initiates retention following payoff. The organization avoids fines and penalties and reputations are kept intact. The solution also gives auditors a 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.
Provides a complete view of the prospect pipeline
The 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.
Elevates the customer experience
The solution addresses the reuse and renewal of loan collateral in the financial services industry. Whether a bank, credit union or nontraditional lender, the solution provides 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 throughout the loan process, collateral on closed loans, pipeline visibility and correspondence.