Exception Report Automation

You have a lot in common with your best friend, Jenna.

You both love country music, shopping, and the occasional glass of red wine. Interestingly enough, you even chose to pursue identical career paths. After graduation, each of you went to work in loan operations at community banks in your respective hometowns. Although you’re a few hundred miles away, you still stay in close contact. After all, she’s your best friend.

When it comes to your daily to-do lists, however, the two of you couldn’t be in more different situations.

Unfortunately, your bank is still using paper documents and manual tickler files, which creates a ton of work for you. When your lenders or board of directors ask for an updated report, it’s always a grand production. Cleaning data, pulling reports, printing out files, and ensuring successful delivery is tricky to say the least.

Jenna’s bank, on the other hand, adopted AccuAccount several years back, which automates the tedious aspects of exception management. Jenna never has to waste time by manually creating and sending one-off reports. Instead, AccuAccount handles the reporting process for her, automatically sending internal stakeholders the information they want, when they need it most.

Feeling a little frazzled, you meet Jenna for coffee in hopes of discussing her magical system called AccuAccount. This post recaps just a few of the ways that Jenna’s bank leverages exception reporting automation.

50 Lenders, 50 Different Schedules

Each lender is different. You and Jenna could certainly agree on that. At your bank, for example, when it comes to exception tracking, some lenders block out time daily to review missing and expired documents. Others, however, prefer allocating time once a week. Still others follow no distinctive pattern.

From an administrative standpoint, this creates a number of headaches. In particular, how can your operations team be expected to keep track of so many different reporting schedules? In short, you can’t – unless you have a system like AccuAccount.

Jenna went on to explain how AccuAccount solved this problem at her bank. Shortly after implementing AccuAccount, her loan operations team sent a survey to the entire lending team. Lenders were asked to specify the exact time and pattern that they wished to receive their exception reports. Once the responses were tallied, her team spent an afternoon configuring each lender’s subscription settings. Effective the following morning, Jenna never had to think about loan officer reports again. AccuAccount remembers to send real-time reports at precise intervals, as defined by each lender.

Exceptions by Officer

Other Important Exception Reports

Streamlining lender reports would be a big first step, but what about all the other recurring exception reports requested at your bank? For instance, your board routinely asks for up-to-date policy exception reports. Your Senior Credit Officer is always hoping to better understand exception-related risks. And, of course, your Insurance Clerk relies on exception data to monitor uninsured collateral, among other things.

How could AccuAccount handle such a diverse variety of needs?

After sipping her coffee, a big smile came to Jenna’s face. You could tell she was anticipating that question.

Jenna gently reminded you that AccuAccount was designed for the entire bank’s use, not just to track lender-related exceptions. With a few clicks, anyone at Jenna’s bank can slice and dice exceptions by:

  • Assigned user
  • Officer
  • Branch
  • Category
  • Customer
  • Type
  • Date
  • Loan amount
  • Expiration
  • Notice history
  • Policy definition
  • …and other criteria

And, as with the lender reports, Jenna asked other key stakeholders to specify which reports were needed and by when. After configuring the report subscriptions once, her board members now automatically receive policy exceptions on the last day of each month. Her Senior Credit Officer gets several reports on a weekly basis. And, a daily report goes to the Insurance Clerk at 7:45 am.

All of this happens like clockwork, freeing up more of Jenna’s time to focus on additional value-added activities.

Be Like Jenna!

If there’s one thing you learned from your discussion with Jenna, it’s that you need AccuAccount in your life. Not only would it make your job easier – it would provide everyone at your bank with better information, faster.

To be more like Jenna, click here and chat with us.

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Connect with Jennifer Mitchell

Jenn Mitchell is AccuSystems' Sales Manager, overseeing sales and marketing operations. Jenn previously worked as a Loan Originator for several community and regional banks. Connect with Jenn >>