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.
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.

Loan imaging is the process of leveraging technology to scan paper loan documents onto a computer or network repository and then organizing the electronic files. Loan imaging provides numerous benefits to banks and credit unions, such as providing instant access to the digitized documents and requiring less storage space for hard copies.

Consumer vs. Commercial

Financial institutions use loan imaging for both consumer and commercial loans.  Consumer loan documents that are commonly scanned and indexed with loan imaging technology include:

  • Loan applications
  • Promissory notes
  • Proof of insurance documents

Commercial loans are often more complex than consumer loans, involving more paperwork and ongoing tracking. Documents commonly found in an electronic commercial loan file are:

  • Loan applications
  • Loan approvals
  • Promissory notes
  • Closing documents
  • Loan agreements
  • Financials (e.g., tax returns, bank statements)
  • Credit reports
  • Title/deed of trust
  • Insurance documents
  • Flood determinations and/or flood insurance

Loan Imaging System Options

Financial institutions usually employ one of three loan imaging approaches:

Network drive – Some banks and credit unions scan loan documents and then save them in an account holder-specific folder on the network drive. In this situation, exceptions may be tracked manually (usually in a spreadsheet). Drawbacks to this method include clerical errors on electronic file names and documents that are inadvertently omitted from scanning.

Core banking systemCore banking systems often provide document imaging add-on modules, but their capabilities may be limited when managing complex commercial loans—especially for tracking exceptions.

Third-party loan imaging solutions – Tools like AccuAccount integrate with the core and are specifically designed for loan imaging and exception tracking. Prebuilt loan types provide a framework for imaging and saving digital files, which saves time and reduces the chance for data entry errors. Built-in tracking and reporting of missing, upcoming, and expired items elevates efficiency.

Loan Imaging Resources

Looking for more information about core-integrated loan imaging tools? Check out AccuAccount for comprehensive commercial loan imaging, exception tracking, and file storage.

Browse our banking definitions page for more terminology.

Explore more resources

Benefits of Unify in the Cloud

With its cloud native, thin client architecture, Unify simplifies image acquisition and processing by powering all Day 1 and Day 2 channels with the same modern platform. Benefit from tighter integrations to third-parties and faster access to data analytics...
Read More »

Related articles

Tuesday 28 November 2023

Level Up Your Information Management Strategy: From Employee-Only to Enhanced Self-Service

The same level of transaction flexibility that digital and remote banking solutions offer can also be extended to your enterprise content and information management solution…

Learn More »

Monday 13 November 2023

[Playbook] Automating the Assignment of To-Dos with Task Groups

A task group is a predefined list of tasks that can be applied to multiple situations. Banks and credit unions can use task groups to…

Learn More »

Tuesday 7 November 2023

Cut Costs Through Modernization: Fix these Gaps in your 2024 Deposits Strategy

With current market conditions, combined with aging technology that drive up processing costs, determining a strategy that keeps overhead down and efficiencies up is critical…

Learn More »

Wednesday 25 October 2023

10 Questions VP Loan Managers Ask about AccuAccount

Does your financial institution need a better way to manage its commercial loan documents and related exceptions? Perhaps you’ve looked at our AccuAccount product, but…

Learn More »

Tuesday 17 October 2023

Cloud Native vs. Cloud Ready Solutions and Why It Matters for Banks and Credit Unions

These days, it’s cloud computing or bust – but is cloud ready or cloud native better for your bank or credit union? To stay competitive…

Learn More »

Tuesday 3 October 2023

The Last Mile of Check Processing: A Hidden Financial and Operational Impact

In the age of technology, financial institutions are often looking for ways to automate processes and make them more cost-efficient. However, when it comes to…

Learn More »

Wednesday 27 September 2023

How to Enable Better Experiences for Multiple Stakeholders with Streamlined Document Management

Document management is often considered a “back-office” function that minimally impacts a financial institution’s key business objectives. In reality, streamlined document management can play a…

Learn More »

Tuesday 19 September 2023

From Data to Results: The Role of Personalization in Your Digital Banking Platform

One powerful strategy to enhance the user experience and drive engagement on digital platforms is through built-in contextual marketing. In the world of digital banking…

Learn More »