Is AccuApproval Right for Your Bank?

What is AccuApproval? Could it be beneficial for your bank?

As we learned at Accu-Summit 2015, some of our banks are still unfamiliar with AccuApproval. In this post, we provide a high-level introduction to the tool. If you’d like to schedule a demo, click here for more information.

What is AccuApproval?

AccuApproval is an add-on module to AccuAccount. AccuApproval is especially useful for institutions looking to capture documents earlier, specifically during the application and underwriting process. Thanks to our third-party integrations, documents flow seamlessly into AccuApproval. This saves significant time and cost by automating hours of manual scanning and indexing.

In short, AccuApproval allows you to image paper documents as soon as they are received – rather than waiting until after the loan is closed.

AccuApproval Commercial Loan Software

This commercial loan approval software module includes a number of key fields that are used for pipeline reports, dashboard reporting, and more. These fields include:

  • Borrower type
  • Commitment
  • Risk rate
  • Requested amount
  • Interest rate
  • Repayment terms
  • Pre and post closing conditions
  • Codes (such as NAICS codes, purpose codes, or call codes)
  • Application date
  • Credit score
  • Collateral valuation information
  • Probability of closing
  • …and many others

User Roles Provide Accountability & Control

AccuApproval allows you to assign each of the users involved in the application process a role in the system. Roles include lender, analyst, approver, and loan delegate. Users can be assigned to multiple roles for increased capabilities. Roles show who is currently assigned to the application and allows them to take role based actions.

AccuApproval Users

Timers and Application Status

Timers are developed for your bank as you go through the implementation process. They allow you to monitor any step in the application process. Do you want to know how long it takes from the initial application to when the loan closes? Curious about how long the credit analysis process takes? You can create timers to track that information. Timers help you identify bottlenecks so you can create strategies for eliminating them.

Loan Approval Timers

There are three main categories for each application: the application itself, credit analysis, and approval. Each of these categories has its own status in AccuApproval. As an application is routed through AccuAccount, these statuses automatically update so you know exactly where each application is in the process.

Electronic Loan Approval Workflow

Activating an application is the first workflow in AccuApproval, which does several things. It captures key data fields such as interest rates and terms, and it also automatically assigns an application number. The automatically generated application number will be converted to the loan number for your core system at the end of the process. AccuApproval also creates an application header, assigns the required document set, starts default timers, and begins the application history. AccuApproval creates and appends to the application history as the application moves through the different workflows and processes available in AccuApproval.

Loan Approval Workflow

You can activate an application through an interface with another system or an upfront program. With an interface, you can have the system automatically create customer account records for you. If an interface isn’t practical for your financial institution, you can manually add the customer and account information.

If the application is declined, the application header will remain in AccuAccount. You’ll be able to quickly see the reason for the decline in the header.

See AccuApproval in Action

Ready to learn more about how AccuApproval can streamline the loan application process at your bank? Chat with an AccuSystems expert today.

Request a Demo of AccuApproval

Connect with Ryan Tomkins

Ryan Tomkins is the Implementation Specialist & Training Coordinator at AccuSystems, LLC. Ryan helps community banks and financial institutions become more successful through the use of document imaging and exception management technology. Connect with Ryan >>