For example, a credit officer can use the software to:
Track the status of all loans:
The software can be configured to automatically update the status of loans based on the information received from borrowers, such as payment records and credit reports.
Automate follow-up actions: The software can be configured to automatically send follow-up emails, SMS or calls to borrowers who are late on their payments, or to borrowers who have missed payments altogether.
Generate reports:
The software can generate a variety of reports that provide information on the status of loans, such as the number of loans in default, the total value of loans outstanding, and the average interest rate on loans.
Track and analyze performance of loans:
The software can also be used to track and analyze the performance of loans, such as the number of loans that have been repaid in full, the total amount of interest earned, and the average loan term.
Monitor credit risk:
The software can be used to monitor the credit risk associated with each loan, and alert the credit officer if a borrower's credit score drops below a certain threshold.
Ensure compliance and audit readiness:
The software can help credit officers maintain compliance with regulatory requirements by securely storing loan documents, generating audit trails, and providing easy access to records during inspections or audits.
​Use case scenarios for loan monitoring
01.
Identifying potential loan defaults:
A credit officer is tasked with managing a portfolio of loans. They are able to use loan monitoring software to set up alerts for loans that are at risk of defaulting. The software analyzes the loan data, such as payment history and creditworthiness of borrowers, and sends an alert to the credit officer when a loan is showing signs of default. The credit officer can then take proactive steps to address the issue and potentially prevent a loan default.
03.
Generating loan performance reports:
A credit officer is responsible for monitoring the performance of loans and identifying areas for improvement. The loan monitoring software allows the credit officer to generate reports on loan performance. The reports show the number of loans approved, the number of defaults, and other key performance indicators. The credit officer can use these reports to identify trends and patterns in loan performance, which can help them make more informed decisions about future loans.
05.
Streamlining loan application process:
A credit officer is responsible for managing the loan application process. The loan monitoring software automates the process by allowing borrowers to submit applications online, and credit officer can review and approve the application in the software. This streamlines the process and allows credit officer to make a decision on the application quickly and efficiently.
02.
Assessing creditworthiness of loan applicants:
A credit officer is reviewing loan applications and needs to quickly assess the creditworthiness of the applicants. The loan monitoring software allows the credit officer to input the applicant's financial information and the software automatically analyzes the data and assigns a credit score. This makes it easier for the credit officer to identify which applicants are most likely to be approved for a loan and which ones may need additional review.
04.
Automating loan disbursement and tracking:
A credit officer is responsible for processing and disbursing loans. The loan monitoring software allows them to automate the loan disbursement process and track the status of each loan. The software also generates reminders for credit officer to follow up on overdue loans, this allows the credit officer to stay on top of their workload and ensure that loans are processed in a timely manner.
05.
Ensuring regulatory compliance and audit readiness:
A credit officer needs to ensure that all loans comply with regulatory guidelines. The loan monitoring software maintains a complete digital record of loan documents, borrower communications, and transaction histories. During audits, the officer can quickly generate compliance reports and provide auditors with accurate, up-to-date records, reducing manual effort and minimizing compliance risks.
Loan Monitoring Software Use Cases
for Bank Credit Officer
A credit officer can use loan monitoring software to track and manage the loans they are responsible for. The software can be used to automate many of the tasks associated with loan management, such as tracking payments, calculating interest,
and generating reports.
​​​Loan monitoring responsibilities for a credit officer
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As a credit officer, you are responsible for assessing the creditworthiness of potential borrowers and making lending decisions. One important aspect of this process is ensuring that all loan documentation is in order and complies with regulatory requirements. However, with a large number of loans to manage and a constantly changing regulatory landscape, it can be difficult to keep track of all the documentation and ensure compliance.
Loan documentation exceptions monitoring software can help credit officers streamline this process and reduce the risk of non-compliance. The software can automatically scan loan documentation for errors and inconsistencies, and flag any exceptions that need to be addressed. This can include things like missing signatures, incorrect information, or missing documents.
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One key benefit of using loan documentation exceptions monitoring software is that it can help you identify and address issues early on, before they become bigger problems. For example, if the software flags a missing signature on a loan application, you can reach out to the borrower and have them sign the document before it becomes a major compliance issue.
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Another benefit of loan documentation exceptions monitoring software is that it can help you stay up-to-date with changing regulations. The software can be programmed to automatically check for compliance with the latest laws and regulations, so you can be sure that your loans are in compliance with the most current standards.
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Loan documentation exceptions monitoring software can also help you improve the efficiency of your lending process. By automating the process of checking for errors and inconsistencies, the software can free up your time to focus on other important aspects of the lending process, such as assessing creditworthiness and negotiating loan terms.
In summary, loan documentation exceptions monitoring software can help credit officers streamline the lending process, reduce the risk of non-compliance, and improve the efficiency of their operations. By automating the process of checking for errors and inconsistencies, the software can help credit officers ensure compliance with the latest regulations and focus on other important aspects of the lending process.
​
BankStride loan monitoring software
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BankStride Loan monitoring software can be a valuable tool for credit officers to manage and track loans. The software can help credit officers to easily access and analyze important loan data, including payment history, creditworthiness of borrowers, and loan performance.
​
One key use case for loan monitoring software is to help credit officers identify potential issues with loans before they become serious problems. The software can be configured to send alerts to credit officers when loans are in danger of defaulting or when borrowers are at risk of becoming delinquent on their payments. This allows credit officers to take proactive steps to address the issue and potentially prevent loan defaults.
​
Another use case is identifying the best loan opportunities. The software can be configured to automatically analyze borrower creditworthiness, income and other financial data, and recommend loans that are most likely to be successful. This can help credit officers to make more informed decisions and increase the success rate of loans.
Loan monitoring software can also help credit officers to stay organized and manage their workload. The software can be used to track and manage loan applications, approvals, and disbursements. This can help credit officers to stay on top of their workload and ensure that loans are processed in a timely manner.
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In addition, the software can also be used to generate reports on loan performance. These reports can be used to identify trends and patterns in loan performance, which can help credit officers to identify areas for improvement and make more informed decisions about future loans.
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Overall, loan monitoring software can be a valuable tool for credit officers, helping them to manage and track loans, identify potential issues, increase loan success rate, stay organized and generate reports on loan performance. This can help credit officers to make more informed decisions and increase the success of their loans.
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Covenant Tracking & Monitoring are important part of managing borrowers financial and reporting documents for loan monitoring. Almost 70% of banks still rely on some combination of spreadsheets, core ticklers, or other manual processes.
BankStride is a digital banking platform you've been waiting for. BankStride makes it easy for banks to automate loan documents, exceptions tracking, loan reporting and covenant monitoring. No more managing checklists, searching for files in emails, or waiting on updates from other parties. Just create your requests and let BankStride do the work for you.
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Many Banks and lending companies depend on non-public client information to provide their
services. Examples include:
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Automate Document Gathering
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Checklist For Loan Reporting Requirements
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Frictionless Customer Experience To Send Documents
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Create Credit Exceptions & Tickler Tracking
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Automated Loan Monitoring and Loan Compliance
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Loan Reporting, Risk & Financial Reporting
Without a dedicated tool, professionals would have to manually manage checklists and calendar
events to keep track of all required information. BankStride automates this work while improving
security and reporting.
BankStride is powerful for bankers
Flexible information management
BankStride supports one-off and recurring information requests with flexible storage layer configuration options.​
Reports at Every Level
Bank leadership can drill down to identify pockets of risk and underperformance, ensuring every team member knows where to focus.​
Loan Monitoring
Track financial reporting, covenants, and certificates, and issue compliance certificates for signature via DocuSign.​
A Clear Banker's View
See your portal in action.
Easy for bank customers
No usernames and no passwords
Customers receive tokenized links for portal access, and bankers can request information from anyone with an email address.
Upload or email
Easy-to-use customer portals show exactly what is needed, while email-based file ingestion lets customers respond by emailing files.
Timely alerts
Reminders and alerts are aggregated to prevent information overload, can be toggled per user, and feature customizable schedules.
A Clear Customer's View
See your portal in action.
FEATURES
​Bankers increase efficiency and improve loan risk and compliance with loan monitoring, reporting and exceptions.
We've facilitated over 1,000,000 client interactions...and counting.
Know what you have, know what you need.
BANKERS STREAMLINE LOAN REPORTING DOCUMENTS
Why BankStride?
We're the digital banking solution you've been waiting for.
We make it easy to automate your loan reporting and covenant monitoring. No more managing checklists, searching for files in emails, or waiting on updates from other parties. Just create your requests and let BankStride do the work for you.
How it works
BankStride combines checklists with cloud storage to help you communicate and monitor your information requests and documents.​
All it takes to get started:
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​Request items by creating projects for one-off items or templated lists.
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Review incoming files from your client and mark items as satisfied or complete.
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Repeat with automatically recurring requests and reminders.​
