Are you getting the most “bang for the buck” from your lenders?
Or, are your lenders frustrated and slowed down by inefficient procedures and outdated software systems? The process of moving a loan request from application to booking can be tedious and time-consuming.
This was certainly the case for a bank (we’ll call them First National Bank) that contacted our team in search of a better solution for streamlining lending workflows. Let’s take a closer look at how the institution addressed this issue with a better approach to loan management.
An Integrated Approach to Loan Approval
First National Bank had a number of issues. The institution not only relied heavily on dated technology, but it also had internal workflow issues – particularly with regard to capturing loan approval documentation.
After an in-depth review of the situation, the AccuSystems team recognized the answer for First National Bank: implementing the AccuApproval module for AccuAccount. Rated number one by bankers, AccuAccount is a complete software solution, allowing imaging, tracking, and management all in one system. AccuAccount is designed to encompass loans, deposits, and trust account information.
To address the needs of lenders specifically, the AccuApproval app works seamlessly with AccuAccount as well as core systems, document preparation systems, and third-party underwriting applications.
The AccuApproval Difference
The powerful effects of AccuApproval immediately trimmed significant time from loan underwriting and approval. With this specialized module in place, “workflow” became a reality instead of simply a buzzword for First National Bank’s lenders, since users never need to leave AccuApproval throughout the loan process.
Here’s how it now works:
- Application – First National Bank scans credit documents into AccuApproval, which tracks them as they are submitted. This makes it simple to generate reports for missing items. The institution also saves time and frustration, as AccuApproval only allows the loan application to be sent to underwriting after all necessary documents have been received and scanned.
- Underwriting – Now the underwriter can view and print documents as needed, then upload spreads and write-ups into AccuAccount.
- Loan Approval – The system routes applications set on an aggregate amount. If the loan is above a lender’s authority, it is sent to the appropriate staff member for approval.
- Core Synchronization – Once loan signatures are obtained and booked into the core system, AccuAccount syncs with it. Any modifications to the core are automatically updated in AccuAccount.
In addition, the bank is now able to accept customer signatures from the convenience of a tablet device. This helps the institution avoid unnecessary paper documents from the infancy of the loan.
The benefits First National Bank are seeing with AccuApproval don’t stop there. The institution is gaining additional efficiency, as AccuApproval monitors all loans and automatically sends notifications to the appropriate user for any action steps necessary. Meanwhile, First National Bank’s administrators enjoy quick, accurate pipeline reporting and rest easy knowing that AccuAccount creates an application history for compliance and audit purposes.
Is your bank in need of an update when it comes to the flow of loan procedures? If so, it’s time to contact an AccuAccount expert today.