Use Cases for Loan Document Specialist
A loan documentation specialist can use loan document gathering software to streamline the loan application and approval process, and to manage and track loan documentation more effectively. The software can be used to automate many of the tasks associated with loan documentation, such as gathering, verifying and storing documentation.
For example, a loan documentation specialist can use the software to:
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Automate document 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 documentation specialist 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 documentation specialist can quickly and easily access the status of each application, as well as view any outstanding exceptions, from the loan document gathering dashboard.
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Securely store and manage loan documents: The software provides a centralized location for storing and managing loan 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 documentation process.
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Automate compliance checks: The software can be configured to run compliance checks on loan applications and alert the loan documentation specialist if the application does not meet the bank's compliance policies.
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Automate document sharing: The software allows for automated document sharing with other departments or third-party vendors, such as underwriters, which can help speed up the loan approval process.
Overall, loan document gathering software can help loan documentation specialist to manage the loan documentation 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 securely store and share loan documents. It also enables them to ensure compliance, and speed up the loan approval process
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.
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
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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.
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BankStride is like autopay for customer information.
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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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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.
How does this help banks
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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.
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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.
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With BankStride, banks gain high-resolution loan agreement monitoring that saves time and delights customers.
How does our bank customer use BankStride
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Our bank customer uses BankStride to schedule and automate the activities required to monitor loan agreements.
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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.
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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.
BankStride is powerful for bankers
LOAN
MONITORING
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Track financial reporting, covenants, and certificates.
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Issue compliance certificates for signature via DocuSign.
REPORTS AT EVERY LEVEL
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Bank leadership can drill down to identify pockets of risk and underperformance.
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Every member of the team knows where to focus.
FLEXIBLE INFORMATION MANAGEMENT
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BankStride supports one-off and recurring information requests.
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Flexible storage layer configuration options available.
Easy for bank customers
NO USERNAMES
AND
NO PASSWORDS
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Customers receive tokenized links that enable portal access.
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Bankers can request information from anybody with an email address.
UPLOAD OR EMAIL
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Easy to use customer portals show the customer exactly what is needed.
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Email-based file ingestion enables customers to email files in response to requests.
TIMELY ALERTS
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Reminders and alerts are aggregated to prevent information overload.
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Alerts can be toggled per-user.
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Customizable reminder schedules.
STREAMLING LOAN UNDERWRITING, LOAN MONITORING, COVANENTS, 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.
BANKERS STREAMLINE LOAN REPORTING DOCUMENTS
Know what you have, know what you need.
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 covenants.
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.
Who it's for
BankStride is a solution for individuals, teams, and banks that need a better way to request information. We've facilitated thousands of customer relationships and transactions with teams in banking, accounting, consulting, and advisory services, just to name a few.
FEATURES
Bankers increase efficiency and improve loan risk and compliance with loan monitoring, reporting and exceptions.
Know what you have,
know what you need
Create recurring requests with status indicators, reports and automatic nudges that keep everybody in the know.
Many ways in,
password optional
Customers have the option to send files through email or a login-less portal. Either way, we get the files where they need to go.
Built to empower bankers
Track and monitor financial reporting, covenants, and certificates, and identify pockets of risk and non-compliance.
Structured for you and
your team
Add your colleagues with a single click, and manage access permissions so the whole team can get the job done.
We've facilitated over 1,000,000 client interactions...and counting.
