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Policy and Regulatory Compliance
Manual checklists
Missed regulatory dates (TRID, Decision Due, CONOAT)
Lengthy training and ramp-up time for loan administrators/processors
“Officer Memo to File” is created by scouring saved emails
Post-closing file reviews require their own manual checklists
Post-closing file reviews identify a significant number of exceptions
Significant resources are needed to prepare for an audit
Regulators identify a significant number of exceptions/violations
Regulators issued an MOU or Cease and Desist
Fines have been issued due to regulatory violations
Separate processes for providing information for ALM and composition reports
Work-arounds are necessary to address new or changed regulations or loan policies
Delays
Deals lost to the competition due to turn around times
Delays due to “lost” emails buried in the high volume of emails
Incomplete loans are submitted for underwriting
Out of office - delays due to missed items when someone is out of the office
Regulatory dates violations
Delays in obtaining exception and credit approvals
Missing documents or procedural steps completion needed for closing
Loan Origination
Separate forms or PDFs are used by officers for submission of a loan to underwriting
Special Products parameters require work-arounds to accommodate
Loan exceptions, mitigating factors and approvals are manually entered into the LOS
Separate forms or PDFs are used for loan-related processes such as requests for Appraisals, Credit analysis, CIF or loan maintenance, TDR and problem loan reviews
Document Management
A shared NAS drive and nest folder structure is used for the sharing of documents
Documents are manually renamed
Individuals save documents locally in case they are lost
Documents are lost due to lost emails, storage in the wrong folder, inaccurate indexing, or storage in the wrong ECM archival cabinet
Users must navigate a shared file repository such as SharePoint to find and select loan-related templates, approval forms, and specific loan type checklists
Organizational / Departmental
Officers feel “chained to their desks” due to loan origination activities
Emails related to a loan are saved by everyone for CYA purposes
Consumer and commercial back office are separate departments
Friction between front office and back office
Lack of accountability
Significant preparation for when someone is going on vacation
Management and execution of out-of-office occurrences results in loan delivery issues
Lack of procedural consistency among staff and across departments
Individuals have created their own tools to help manage their workload
Heavy reliance on the conscientiousness of individuals
Sleepless nights worrying about something that might have been missed
Workflow
Use Outlook for workflow, assignment of responsibility, and tracking work
Individual users add and track key dates to their Outlook calendar or individual spreadsheets
C&I covenants, insurance renewals, site visits, are separate and manually maintained
Lack of visibility on loan status and related details
“Missing Items” tickler is separate and manually maintained
Confusion regarding responsibility for completion of loan-related details
Management Information
SLA, performance and productivity information is a week or more old
Collected on logs – and dependent on individuals’ accurate, manual completion
SLA performance is manually determined through the review of logs or Outlook emails
FTE resources are needed for compilation of information for reporting
Tracking and production information is siloed within each department
Portfolio Management
Problem loans and TDRs require completion, circulation, and approvals of multiple documents
Loan Grade Changes require separate forms and routing
Requests are queued and managed via email and Outlook folders
Multiple tickler systems for missing items, financial and non-financial covenants, loan renewals, insurance renewals, and site visits
Manual checklists are needed to ensure completion
Loans, post-closing, are missing documents, officer notes and important details
Resolution of problems loans is impeded by incomplete documentation
Contact Us
Corporate Office
Chicago, Illinois
833-SIMON4U
833-746-6648
Sales Office
Orlando, Florida
833-SIMON4U
833-746-6648
info@clearthroughsolutions.com
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