Loan Servicing & Money Movement

Loan Servicing

The Loan Servicing products manages all back-office activities related to active loans, including interest accrual, billing generation, reporting, and delinquency management. Users maintain various processes such as borrower information updates and billing record management. From booking to maturity, the product ensures effective loan management.

Key Capabilities:

Ability for users to manage active loans that accrue interest and generate billings, and delinquency management.
A post office box accessible by a bank for receiving customer payments.
Allows users to dispute credit evaluations.
Provide standard reports for customers, servicing actions, and product monitoring or analysis, as well as performance analysis, planning, and budgeting.
Additional services include preparing year-end tax accruals and federal and state tax return information, along with mailing 1099 Misc tax statements to accounts payable recipients.
Ability to post transactions in loans, escrows, and general ledger accounts.
System-generated billing statements, account summaries, and other relevant notices are produced based on the loan’s designated payment or statement frequency, ensuring borrowers receive timely and accurate account information.

Money Movement

The Money Movement products oversee cash flow transactions between borrowers’ online banking accounts and loan servicing platforms. This includes posting transactions to the general ledger (GL) and loan accounts, as well as to the Federal Reserve via CoBank, ensuring a convenient and secure way to move money.

ACH NACHA formatted files for incoming and outgoing ACH transactions.
External Transfers NACHA formatted files for incoming and outgoing ACH transactions.
Funds transfers between loan or general ledger (GL) accounts.
Federal formatted wire files for incoming and outgoing wire transfers.
Standard data extract providing customer, account, and reconciliation information.

Supports for a single, recurring, expedited bill payments, and account transfers.
Provide scanner capabilities and two levels of mobile applications. First, for consumer level access where one check is scanned at a time. Next, a high-volume commercial level mobile that allows multiple checks to be captured.
Manages transactions reconciliation, validation and provides an audit tool to view transactions and their processing status.
A service uses a file of paid drafts and matches that to issued check fields uploaded by the customer also checking where check numbers and amounts don’t match

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