Use Cases for Bank Loan Officer
A bank loan officer can use loan documentation exceptions and loan monitoring software to streamline the loan application and approval process, and to manage and track loans more effectively. The software can be used to automate many of the tasks associated with loan management, such as gathering and verifying documentation, calculating interest, and generating reports.
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For example, a bank loan officer can use the software to:
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Automate documentation gathering: The software is configured to automatically collect and verify documentation from borrowers, such as income statements, credit reports, and ID proofs. When a borrower submits their application, the software checks for missing or incomplete documentation and generates a list of exceptions.
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Monitor and manage exceptions: The software also provides the loan officer with an exception management dashboard, where they can 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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Track the status of loan applications: The software can be configured to automatically update the status of loan applications based on the information received from borrowers, credit officers, and other bank staff. The loan officer can quickly and easily access the status of each application, as well as view any outstanding exceptions, from the loan monitoring dashboard.
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Generate reports: The software can generate a variety of reports that provide information on the status of loan applications, such as the number of loans approved, the total value of loans approved, and the average interest rate on loans. This helps the loan officer to analyze the performance of the loan process and identify areas for improvement.
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Monitor credit risk: The software can be used to monitor the credit risk associated with each loan application, and alert the loan officer if a borrower's credit score drops below a certain threshold. This helps the loan officer to identify and manage potential credit risk early on, reducing the risk of loan defaults.
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Automate follow-up actions: The software can be configured to automatically send follow-up emails or calls to borrowers who need to submit additional documentation or to other bank staff who need to review the application.
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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 approved, the total amount of interest earned, and the average loan term.
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Automate compliance checks: The software can be configured to run compliance checks on loan applications and alert the loan officer if the application does not meet the bank's compliance policies.
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Additional use cases on loan documentation exceptions and loan monitoring software
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Loan documentation exceptions and loan monitoring software can help bank loan officers to manage the loan process more efficiently and effectively, reducing the risk of errors, delays, and defaults. It allows them to automate the documentation gathering process, monitor and manage exceptions, and track and analyze the performance of loans. It also enables them to identify potential credit risks and take necessary actions to mitigate them, automate follow-up actions, and ensure compliance.
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A bank loan officer can use loan documentation exceptions and loan monitoring software to streamline the loan application and approval process, and to manage and track loans more effectively. The software can be used to automate many of the tasks associated with loan management, such as gathering and verifying documentation, calculating interest, and generating reports.
For example, a bank loan officer can use the software to:
-
Automate documentation gathering: The software is configured to automatically collect and verify documentation from borrowers, such as income statements, credit reports, and ID proofs. When a borrower submits their application, the software checks for missing or incomplete documentation and generates a list of exceptions.
-
Monitor and manage exceptions: The software also provides the loan officer with an exception management dashboard, where they can 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.
-
Track the status of loan applications: The software can be configured to automatically update the status of loan applications based on the information received from borrowers, credit officers, and other bank staff. The loan officer can quickly and easily access the status of each application, as well as view any outstanding exceptions, from the loan monitoring dashboard.
-
Generate reports: The software can generate a variety of reports that provide information on the status of loan applications, such as the number of loans approved, the total value of loans approved, and the average interest rate on loans. This helps the loan officer to analyze the performance of the loan process and identify areas for improvement.
-
Monitor credit risk: The software can be used to monitor the credit risk associated with each loan application, and alert the loan officer if a borrower's credit score drops below a certain threshold. This helps the loan officer to identify and manage potential credit risk early on, reducing the risk of loan defaults.
-
Automate follow-up actions: The software can be configured to automatically send follow-up emails or calls to borrowers who need to submit additional documentation or to other bank staff who need to review the application.
-
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 approved, the total amount of interest earned, and the average loan term.
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Overall, loan documentation exceptions and loan monitoring software can help bank loan officers to manage the loan process more efficiently and effectively, reducing the risk of errors, delays, and defaults. It allows them to automate the documentation gathering process, monitor and manage exceptions, and track and analyze the performance of loans. It also enables them to identify potential credit risks and take necessary actions to mitigate them, and automate follow-up actions.
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.
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.
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​Bankers increase efficiency and improve loan risk and compliance with loan monitoring, reporting and exceptions.
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