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 Tickler Software

Loan tickler software is used to track customer, member and account documentation, trailing items, and ongoing due diligence. This type of software can be used in both retail and commercial banking, as both types have situations where initial and ongoing items must be collected and monitored.

Common Use Cases for Loan Tickler Software

A new automobile loan, for example, requires signatures, proof of insurance, and receipt of the title by the financial institution. In this case, loan tickler software might trigger a notification to the correct department to follow up on any outstanding documentation. In another case, a bank or credit union may use tickler software to manage annual verifications that insurance and taxes are paid by customers on residential mortgages.

Tickler software is especially helpful on the commercial side for remembering to perform collateral inspections or following up with customers and members to request annual financials and tax returns. Commercial credit and loan tracking requires a significant amount of documentation and ongoing tracking.

Although used primarily by loan departments at financial institutions, tickler software can create smoother processes in other divisions as well. Any department that needs to track and follow up on customers, members and accounts could benefit from it, including deposit and trust departments.

Spreadsheets vs. Loan Tickler Software

Although some banks and credit unions still use a spreadsheet as a tickler, this method is not ideal. Employees can get distracted and forget to either add (or delete an element) on the spreadsheet. Likewise, failing to manually run an exception report (or running an errant report) can lead to stale or unreliable data, thereby exposing the bank to unnecessary risk and, potentially, unwelcome compliance issues.

Automated loan tickler software reduces the human-error element. To be most efficient and cost-effective, a bank or credit union should choose one tickler platform that can be adapted and used by many departments across the institution—including all its branches—as opposed to investing in separate software for various departments or locations.

Loan tickler software streamlines inefficient workflows across the bank or credit union by automatically routing exception reports to those employees who are responsible for obtaining missing signatures, information, or documents. In short, tickler software reduces administrative work and virtually eliminates the potential for error.

What to Look for in Loan Tickler Software

Best-in-class loan tickler software aligns closely with your document imaging process, allowing information to be instantly available to multiple employees both within a location and among its branches. As new documents are scanned in by staff, exceptions should be automatically cleared.

Ideally, your loan tickler software should also offer the flexibility to handle all your tracking needs via custom exceptions and reporting. Automated notice letter generation is also a nice feature to look for.

Most importantly, loan tickler software should save your back-office staff and lenders time to focus on higher impact priorities.

Document Tracking Resources

For additional information on loan tickler software, be sure to check out our extensive resource library with free document tracking spreadsheets, whitepapers, videos and eBooks. Tired of ticklers? Check out our AccuAccount tracking platform that’s built for bankers like you.

Looking for more banking definitions? Check out our banking definitions page.

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 »