- A
- B
- C
- D
- E
- F
- G
- I
- L
- M
- N
- O
- P
- R
- S
- T
- U
- V
- W
- X
Account Takeover
Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
Adverse Action
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
Aging Exceptions
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered Checks
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
Authorized Signer Form
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.
Share via:
Loan documents include all the documents that are necessary for a financial institution to make a loan to its account holders, including the promissory note.
In particular, loan documents serve as a legal and binding contract between the institution and a borrower, detail the terms in which the borrower must repay the debt, and provide a way to secure collateral that is pledged on a loan.
Sources of Loan Documents
Typically, there are three primary sources of loan documents. Sources of loan documents include:
Account Holder-Provided Loan Documents
The first source of loan documents is the customer or member, which could be an individual, small business, or another type of entity. Account holder documents provide important details about the person or entity that is applying for the loan.
Financial Institution-Provided Loan Documents
The second source of loan documents is the bank or credit union itself. Depending on the loan, a promissory note, deed of trust, security agreement, agreement to provide insurance, and UCC financing statement may be generated during the loan process. Many banks and credit unions utilize document preparation software to generate these types of documents.
Loan Documents Provided by Third Parties
Another source of loan documents may include third-party professional service providers, such as attorneys, land surveyors, and appraisers. Examples of such documents could include appraisals or surveys.
Consumer vs. Commercial Loan Documents
Different types of loans require different types of documents. For example, some consumer loans may only require an application and a pay stub, while a complex commercial loan typically requires large amounts of account holder-provided documentation, such as formation documents, business plans, and in-depth financial statements.
Check with your bank or credit union’s compliance team to ensure each loan is properly documented and in compliance with state and federal documentation requirements.
Transforming Loan Document Management
In the past, bankers had to cart around bulky paper folders that were packed full of loan documents. Once the loan closed, the next challenge became figuring out where and how to securely store them.
Today, all loan documents can be neatly stored and organized in an intuitive, searchable format. A core-integrated document management system, such as AccuAccount, streamlines the management of loan documents by ensuring that all required elements are present in the file. Loan documents and exception reports are also accessible to multiple personnel simultaneously. Digitizing loan documents allows banks and credit unions to reduce paper and long-term storage costs.
Learn More about Loan Management
Download a loan management eBook or spreadsheet from Alogent’s Innovation Hub. You can also read more banking definitions or download the banker’s glossary.
Explore more resources
Streamlining Banking Operations with Intelligent Document Management and Indexing
Effective document management is crucial for banks and credit unions, given their need to handle large volumes of sensitive and regulated information daily. Precise categorization and indexing from the start are essential for systematic organization, enabling...
Read More »
Related Entities Tracker
In the realm of business financing, related entities—such as subsidiaries, affiliates, or sister companies—can often be interconnected through shared financial arrangements or cross-collateralized assets. Managing these relationships requires careful attention...
Read More »
Cross Collateral Tracker
Cross collateralization involves using the same asset to secure multiple loans, which can help borrowers access more credit by leveraging their existing assets. However, this practice necessitates meticulous tracking, as each loan's performance can impact the...
Read More »
Related articles
Thursday 12 September 2024
Digital Banking Series Part 1: Considerations when Upgrading your Digital Banking Platform
Debbie Eshbaugh,
Senior Product Manager
Digital banking has transformed how consumers and small businesses transact, including accessing account information, transferring funds, paying bills, depositing checks, inquiring about loan offers, and…
Read the Blog
Thursday 29 August 2024
7 “Outside the Box” Use Cases for the AccuAccount Audit Export Feature
Jenn Mitchell,
Vice President Sales, AccuAccount
The audit export feature in AccuAccount was built to simplify audit and exam preparation for financial institutions. Instead of scrambling to gather paper loan files…
Read the Blog
Tuesday 27 August 2024
Revolutionize Banking Efficiency with the FASTdocs Workflow Library: Your Key to Streamlined Operations and Enhanced Accuracy
Cameron Marks,
Director, Product Management
In the ever-evolving world of banking and financial services, efficiency and adaptability are key. Enter the FASTdocs Workflow Library, a game-changing feature of Alogent’s FASTdocs…
Read the Blog
Tuesday 20 August 2024
5 Tips to Elevate Your Digital Banking Experience and Stand Out in a Competitive Market
Debbie Eshbaugh,
Senior Product Manager
A superior digital experience for financial institutions is essential. As consumer expectations continue to evolve, how can banks and credit unions stand out in a…
Read the Blog
Monday 5 August 2024
Future-Proofing Branch Banking: Insights from Alogent and Antuar’s Branch Transformation Webinar
Wendi A. Klein,
Vice President, Marketing & Communications
Understanding the nuances of branch banking and digital transformation strategies are crucial for financial institutions aiming to stay competitive and exceed customer service expectations. Insights…
Read the Blog
Monday 8 July 2024
How to Prepare for an Audit or Exam with AccuAccount
Jenn Mitchell,
Vice President Sales, AccuAccount
Compared to pulling paper loan files, using AccuAccount can make audit and exam prep faster and easier. But how does it actually work? Let’s break…
Read the Blog
Thursday 27 June 2024
Check Fraud: A Growing Concern for Business Owners and What your Financial Institution Can Do
Wendi A. Klein,
Vice President, Marketing & Communications
As a way to streamline deposit processes and expedite cash flows, corporates and merchants of all sizes have embraced remote deposit capture (RDC) solutions from…
Read the Blog
Monday 24 June 2024
Gaining a Holistic View of Banking Relationships with AccuAccount
Jenn Mitchell,
Vice President Sales, AccuAccount
Banking relationships can be incredibly complex. After all, one commercial customer might be connected to dozens of entities, loans, and accounts. To see the bigger…
Read the Blog
