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.

A loan producer is a bank or credit union employee who is responsible for inputting all necessary data and generating loan documents once a lender receives loan approval. A loan producer may also be known in the banking industry as a “loan documenter” or “doc prep specialist.” Terminology varies depending on the financial institution and department.

Loan Producer Duties

Loan producers enter all pertinent information (i.e. borrower, co-borrower, property address, etc.) into document preparation (or “doc prep” for short) software to generate the appropriate closing forms.

Serving as a fail-safe, loan producers also ensure that the loan is documented according to the approval. Additionally, loan producers inspect the loan file to confirm that compliance regulations are being met and everything is present to move forward with the closing. This may include checking a variety of items, such as:

  • Title work
  • Insurance
  • Number of co-signers
  • Number of guarantors
  • Collateral

Other loan producer responsibilities include sending out the loan documents to be closed and then boarding signed loans into the bank’s core system. Once a loan books to the core banking system, automated document management solutions, such as AccuAccount, can streamline the post-booking process of organizing, tracking, and reporting on documentation that was prepared by the loan producer.

Helpful Resources for Loan Producers

Are you a loan producer? Looking for additional resources to streamline the document management process? Visit our resource library and download free spreadsheets, whitepapers, videos and eBooks. Browse our banking definitions page for more terminology.

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