Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

Loan Imaging

Loan imaging is the process of leveraging technology to scan paper loan documents onto a computer or network repository and then organizing the electronic files. Loan imaging provides numerous benefits to banks and credit unions, such as providing instant access to the digitized documents and requiring less storage space for hard copies.

Consumer vs. Commercial

Financial institutions use loan imaging for both consumer and commercial loans.  Consumer loan documents that are commonly scanned and indexed with loan imaging technology include:

  • Loan applications
  • Promissory notes
  • Proof of insurance documents

Commercial loans are often more complex than consumer loans, involving more paperwork and ongoing tracking. Documents commonly found in an electronic commercial loan file are:

  • Loan applications
  • Loan approvals
  • Promissory notes
  • Closing documents
  • Loan agreements
  • Financials (e.g., tax returns, bank statements)
  • Credit reports
  • Title/deed of trust
  • Insurance documents
  • Flood determinations and/or flood insurance

Loan Imaging System Options

Financial institutions usually employ one of three loan imaging approaches:

Network drive – Some banks and credit unions scan loan documents and then save them in an account holder-specific folder on the network drive. In this situation, exceptions may be tracked manually (usually in a spreadsheet). Drawbacks to this method include clerical errors on electronic file names and documents that are inadvertently omitted from scanning.

Core banking systemCore banking systems often provide document imaging add-on modules, but their capabilities may be limited when managing complex commercial loans—especially for tracking exceptions.

Third-party loan imaging solutions – Tools like AccuAccount integrate with the core and are specifically designed for loan imaging and exception tracking. Prebuilt loan types provide a framework for imaging and saving digital files, which saves time and reduces the chance for data entry errors. Built-in tracking and reporting of missing, upcoming, and expired items elevates efficiency.

Loan Imaging Resources

Looking for more information about core-integrated loan imaging tools? Check out AccuAccount for comprehensive commercial loan imaging, exception tracking, and file storage.

Browse our banking definitions page for more terminology.

Explore more resources

Remote Deposit Capture (RDC) eBook

Remote deposit capture (RDC) ranks as a significant feature of modern banking. In fact, a San Global Research industry report projects the RDC market to grow at a compounded rate of 5.8% through 2032. As the banking industry continues its digital...
Read More »

AccuAccount: Solution Overview Brochure

Track and manage every loan document in one system and streamline loan management from application through servicing with our core-integrated software platform. From loan application automation, to drag-and-drop document imaging, to document tracking, and five...
Read More »

Related articles

Tuesday 26 March 2024

Check Fraud: Common Examples and How to Stay Ahead of the Fraudsters

Check fraud is the most prevalent type of fraud at financial institutions, costing billions of dollars in losses annually, while impacting millions of account holders…

Learn More »

Wednesday 20 March 2024

Accelerating Efficiency by Leveraging Alogent’s Full Suite of Process Automation Solutions

Why should your bank or credit union consider implementing FASTdocs alongside AccuAccount? For financial institutions looking to retire legacy systems, consolidate vendors, and reduce paper-based…

Learn More »

Thursday 14 March 2024

Show Me the Money: Best Practices to Accelerate Funds Availability through Check Deposits

The Financial Brand recently published an article highlighting how faster access to funds could reshape the battle for deposits. Would you implement new processes if…

Learn More »

Tuesday 12 March 2024

With Delinquencies on the Rise, It’s Time to Rethink Collateral Perfection & Risk Management

Delinquent loans seem to be on the rise at financial institutions across the United States. Such trends may indicate macroeconomic difficulties, but they also pose…

Learn More »

Tuesday 5 March 2024

3 Loan Management Workflows to Help You Save Time & Drive Efficiency

Automating a single task may not seem like a big savings in the grand scheme of things. But, what if that task occurred multiple times…

Learn More »

Monday 26 February 2024

Banking Innovation: Are You Keeping Up with Transaction Processing Trends Shaping the Banking Market?

The payments landscape continues to take shape with alternative payment and cashless transaction methods, yet in the face of persistent digitalization, checks remain a viable…

Learn More »

Thursday 15 February 2024

Meeting Gen Z’s Banking Demands and Remaining Relevant with the Largest Generation in American History

The year is in full swing, and financial institutions are keenly observing the emerging powerhouse of economic influence: Generation Z. This generation isn’t just digitally…

Learn More »

Tuesday 6 February 2024

From Loan Imaging to Cold Storage: Extend AccuAccount’s Automation Potential with Additional Content Management Capabilities from Alogent

Efficient document and information management is increasingly important for modern financial institutions. Paper documents, siloed information, and outdated technology create operational bottlenecks that can be…

Learn More »