Use Cases for Bank Loan Compliance Specialist/Manager
A loan compliance specialist can use loan monitoring and document exceptions software to manage and track loan compliance more effectively. The software can be used to automate many of the tasks associated with loan compliance, such as monitoring compliance with regulations, identifying and addressing documentation exceptions and storing and sharing compliance documents.
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For example, a loan compliance specialist can use the software to:
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Automate compliance checks: The software can be configured to automatically check loan applications against the bank's compliance policies, identifying any exceptions or potential violations. This allows the compliance specialist to quickly and easily identify areas of concern and take appropriate action.
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Monitor loan performance: The software provides real-time updates on the status of loans, including payment history, outstanding balances, and current interest rates. This allows the compliance specialist to identify any potential issues or areas of concern, such as late payments or high default risk, and take appropriate action.
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Track and analyze compliance data: The software can generate a variety of reports that provide detailed information on loan compliance, such as the number of loans that have been approved, the total value of loans approved, and the average interest rate on loans. This helps the compliance specialist to identify trends, analyze performance, and inform decision-making.
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Monitor and manage document exceptions: The software can be configured to check for missing or incomplete documentation during the loan application process and generate a list of exceptions. The compliance specialist can then view and track all exceptions, as well as assign them to the appropriate team members for follow-up. They can also set up automated reminders for borrowers to submit missing documentation, reducing the risk of delays.
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Monitor regulatory changes: The software can be configured to automatically track and monitor changes to regulations and compliance policies, alerting the compliance specialist to any updates or changes that may affect their loan portfolio.
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Securely store and share compliance documents: The software provides a centralized location for storing and managing compliance documents, ensuring that all necessary documentation is easily accessible and secure. This eliminates the risk of lost or misplaced documents and improves the overall efficiency of the loan compliance process.
Overall, loan monitoring and exceptions software can help loan compliance specialist to manage the loan compliance process more efficiently and effectively, reducing the risk of errors, delays, and defaults. It allows them to automate compliance checks, monitor loan performance, track and analyze compliance data, manage exceptions, monitor regulatory changes, and store and share compliance documents.
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.
Why BankStride platform
BankStride is a web-based software solution for commercial banks and credit unions that works with customers to manage loan agreements and eliminate credit exceptions. FileStride improves credit exception management by reaching beyond the walls of the bank to work directly with customers.
Customers respond to information requests much like paying an online invoice – they clearly see what’s required of them and they act. Customers can respond using a login-less portal or by email – no account or password required.
With BankStride, banking teams can schedule recurring requests for documents like financial statements and tax returns, compare actual and threshold covenant values (e.g. minimum DSCR), and send compliance certificates for signature via DocuSign.
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BankStride is like autopay for customer information.
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How does this help banks
Banks that pursue superb loan agreement management are faced with handling complex recurring tasks using the basic tools of email, spreadsheets, and calendar ticklers. Banks that let this work fall behind risk delaying their awareness of problematic loans or operating practices, jeopardizing capital and reputation.​
A borrower’s risk profile can change significantly over the years that follow a lending event. Managing loan agreement adherence through reporting and internal monitoring is an ongoing and tedious battle for banks.
With BankStride, banks gain high-resolution loan agreement monitoring that saves time and delights customers.
How does our bank customer use BankStride
For example, BankStride has proven effective in managing revolving lines of credit. BankStride automatically requests and reminds customers to submit monthly AR and AP listings, inventory analyses, and borrowing base certificates each month.
BankStride reminds the banking team to test various financial ratios. The results of the customer’s actions and the ratio testing all roll up to per-banker and per-office reports that can be run on-demand in seconds.
Our bank customer uses BankStride to schedule and automate the activities required to monitor loan agreements.
​Benefits of Using BankStride for
Covenant Monitoring
Risk Mitigation: By providing real-time alerts and comprehensive monitoring, BankStride helps mitigate the risk of covenant breaches and financial penalties.
Accuracy: Integration with financial systems ensures that the data used for covenant calculations is accurate and up-to-date, reducing the risk of errors.
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Efficiency: The automation of data extraction, monitoring, and reporting streamlines the covenant management process, saving time and resources.
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Enhanced Compliance: BankStride ensures that all covenant requirements are met, maintaining compliance with loan agreements and fostering strong lender relationships.
Streamlining Loan Underwriting, Loan Monitoring, Covenants, and Financial Reporting
Automate Bank customer information requests for covenant monitoring , loan reporting, financial reporting and exception handling.
FiStride allows you and your customers to exchange information with zero friction so that you can reduce credit exceptions and recover valuable time.
The Workspace view in FileStride gives you a holistic overview of what you have, what you need, and where your customer stands.
Get a quick pulse check on where your projects stand with the Dashboard view in FileStride.
The Workspace view in FileStride gives you a holistic overview of what you have, what you need, and where your customer stands.
FEATURES
​Bankers increase efficiency and improve loan risk and compliance with loan monitoring, reporting and exceptions.
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