3 Exception Categories to Try at Your Bank

Moving your bank’s exception data off of spreadsheets and onto a core-integrated tracking platform offers many benefits. Improved accuracy, reporting, and accessibility are just a few examples.

Despite the many advantages of a centralized exception management process, change does not come without some level of uncertainty. This is especially true if your users are accustomed to maintaining their own ticklers and tracking documents. Centralizing everything into one system can seem like an impossible feat, and furthermore, may cause some team members to worry about potential oversights.

At AccuSystems, we’ve developed several features that make the switch less scary. In particular, the ability to categorize your exceptions.

In this post, we’ll explore a few common ways bankers use the software to categorize their exceptions, thereby making their exception data more useful and actionable.

1. Financial Documents

On the commercial loan side, each new year brings another fresh set of customer financial statements. Some customers are like clockwork, sending updated records before you even ask for them. However, there’s always a sizable group that requires constant reminders. Sending notice letters is a good start, but there’s no guarantee that they’ll be acknowledged. Unfortunately, some customers require more than a simple letter or two. They need a personalized follow-up sequence (most likely initiated by the lender).

By utilizing AccuAccount categories to track financial documents, you’ll empower your lenders with the exact information they need to start reaching out. AccuAccount reporting will help you quickly pull a list of all “financial” exceptions by loan officer. This information can be generated and emailed to (or directly accessed by) each loan officer.

Financial Document Exceptions by Loan Officer

For additional automation, lenders can also enable a daily, weekly, or monthly report subscription. This gives lenders the exact exception data they need, when they need it most (without having to bother your loan operations team).

2. Compliance Exceptions

“I need a list of any disclosure-related exceptions we currently have that are outstanding,” says your compliance officer. Without AccuAccount, you’re probably in for a lot of work. With AccuAccount, it can be a completely different story.

By creating a “compliance” category, your bank can easily group and track any exception that auditors, examiners, or in-house staff might want to see. Examples may include:

  • Missing loan pre-disclosures
  • Expired flood insurance
  • Loans that exceed loan-to-value regulatory limits
  • Missing HMDA compliance checklists
  • Expired escrow analysis statements

Once categorized, you’re just a click or two away from a presorted list of compliance-related exceptions. When your next audit or exam rolls around, this view can save your team hours of manual effort (and significantly reduce stress).

As an added bonus, your in-house compliance team now has fingertip access to the exceptions they care about most. Remember, AccuAccount allows you to set up unlimited users, ensuring everyone (including compliance) can log in and review information in real time.

3. Collateral Perfection

Collateral perfection can be tricky business, requiring your bank to jump through many different hoops for each transaction. Some banks maintain external checklists for each loan, helping them track pending actions or missing documents.

Using a dedicated exception category in AccuAccount can shed additional light into your bank’s collateral perfection workflow. Has the title policy been received for these loans? Which loans are pending a recorded assignment of the deed of trust? With an AccuAccount exception category, the answer is just a click or two away.

Collateral Exception Category

Categorize Your Exceptions

If you feel overwhelmed by the volume of exception data at your bank, a tool like AccuAccount can be a game changer. AccuAccount not only allows you to see exceptions at the individual customer or account level, it provides a “big picture” view of those exceptions sharing common characteristics. As we’ve discussed in this post, using AccuAccount categories can make exception data seem less overwhelming – and, much more beneficial to your financial institution.

To learn more about our exception management plans, click here and chat with our US-based team.

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