Here’s the situation: Your financial institution invested considerable resources to acquire, configure, and optimize a modern LOS (loan origination system). Recently, you were speaking with a colleague who works for a different institution and were intrigued to hear how his institution integrated its LOS and enterprise content management (ECM) platform. This article discusses the use of an LOS alongside AccuAccount, Alogent’s ECM solution optimized for commercial lending.
Read More: Why AccuAccount and your LOS Work Better Together for Loan Management →
Enhancing (Not Replacing) Your LOS Workflow
AccuAccount was designed to simplify post-booking activities, such as loan file management, exception tracking, audit preparation, and notice letter generation. Many financial institutions wait until after closing to manage borrower and loan information in AccuAccount. By relying on Alogent’s expertise in system integration, financial institutions can achieve a seamless handoff between their LOS and ECM—resulting in an even better workflow.
Here’s the Game Plan
Step 1: Work with Alogent to connect AccuAccount to your LOS. We’ll lead you through a straightforward process that involves a logical mapping strategy, user training, and a smooth go-live.
Step 2: Continue using your LOS as you always have. Each night, AccuAccount will check for recently closed loans and extract documents from your LOS. Core data helps AccuAccount understand which documents should be available. Documents are automatically saved to the correct location in AccuAccount.
Step 3: See the benefits of integrating your LOS with AccuAccount:
- Comprehensive view of the borrower: Documentation from your LOS and data from the core flow into an intuitive layout that “looks like” a traditional loan file—credit on the left, loans and collateral on the right. Lenders, loan admins, and even permissioned retail staff can quickly search for, locate, and view account holder documentation.
- Enhanced exception tracking: Red and green indicators make it easy to identify missing and expired documentation. Marking exceptions as QC critical offers an additional safeguard to avoid compliance issues. Managing task and policy exceptions in AccuAccount streamlines reporting.
- Efficient audit and exam preparation: Saving loan and borrower documentation in AccuAccount transforms audit prep into a five-step process. Save time and demonstrate due diligence with less reliance on spreadsheets.
- Document retention capabilities: Create retention rules in AccuAccount that mirror your financial institution’s requirements. AccuAccount surfaces eligible items and guides staff through the purge process.
- Loan participation workflow: Value-added AccuAccount modules like loan participations unlock even more value. Flagged items in AccuAccount become available to downstream participants, who can access documents via email, portal SFTP, or AccuAccount Transfer.
Gain Even More Value from Your LOS
Drive efficiency by automatically moving documents from your LOS into a lending-optimized ECM. Connect AccuAccount to your LOS and get the best of both worlds.
Read more: 10 Questions VP Loan Managers Ask about AccuAccount
Contact us for pricing information or to schedule an AccuAccount demo