Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
Account-centric enterprise content management solutions allow users to access account holder information based on their account numbers.
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.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
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 file is a hard copy or electronic organizational tool that helps banks and credit unions manage an account holder’s credit and loan documents. Financial institutions use loan files to store and organize important documents in compliance with their retention policies.

How is a Loan File Structured?

Loan files play an important role in grouping similar documents together so that they’re easier for staff to locate and manage. Document structures vary from one bank or credit union to the next, but one might expect to find the following sub tabs within a typical loan file:

  • Application documents
  • Approval documents
  • Consummation documents
  • Collateral
  • Perfection documents
  • Insurance documents
  • Customer and member financial documents
  • Formation documents

Paper Loan File vs. Electronic Loan File

Until recently, most loan files were kept in paper format and stored in record rooms or vaults. Creating a new loan file involved pulling out a new folder, adding the account holder’s name, and manually collecting documents in the file until payoff occurs. Customers and members with numerous loans may require multiple folders due to the sheer volume of paper that must be collected and stored in the loan file.

  • Paper loan files have several drawbacks compared to modern solutions, namely:
  • Paper loan files can only be in one place at a time
  • Documents are more likely to get misplaced, lost, or destroyed
  • Finding information is time-consuming
  • Updating the loan file is tedious work

Electronic loan file solutions, such as AccuAccount, alleviate many of the challenges associated with a paper-based approach. Electronic loan files and associated documents can be viewed by multiple users at the same time. Locating documents in a digital environment is usually easier and faster than flipping through tabs of paper documents, too. And, digitization offers an opportunity to streamline exception tracking in a way that is less feasible in a paper-only world.

Continue Reading about Loan Document Management

Looking to learn more about loan document management? Browse dozens of lending-related articles on our blog or read other definitions. You can also download free PDFs and spreadsheets by visiting our Innovation Hub.
 

Explore more resources

ECM Platform Evaluation Checklist

Is Your ECM Solution Keeping Up? As a financial institution, you’re managing more than just paper - check images, scanned IDs, loan documents, emails, and video files - to name a few. The volume and complexity are increasing rapidly, and so are the risks. Is...
Read More »

Related articles

Monday 11 August 2025

From Checks to Cybersecurity: Fraud Trends from the FRFS Risk Officer Survey Every Bank and Credit Union Should Know

The Annual Federal Reserve Financial Services (FRFS) Financial Institution Risk Officer Survey recently released its 2024 findings, offering a comprehensive look into the evolving fraud…

Read the Blog

Tuesday 5 August 2025

Ditch the Paper: Why Now Is the Time for Banks and Credit Unions to Embrace Electronic Cash Letters

In today’s financial environment, speed, efficiency, and cost-effectiveness are essential. Yet many banks and credit unions still rely on paper cash letters, a legacy process…

Read the Blog

Thursday 31 July 2025

Modernization Strategies for Banks and Credit Unions: Replacing Legacy Systems to Boost Value and Security

As technology continues to evolve, banks and credit unions are under increasing pressure to replace outdated systems. They must not only deliver greater value to…

Read the Blog

Tuesday 29 July 2025

[Playbook] Leveraging Workflows to Efficiently Route Vendor Invoices

Here’s the situation: Your financial institution does business with dozens of vendors ranging from audit firms and IT consultants to the pest control company. Maintaining…

Read the Blog

Wednesday 16 July 2025

[Playbook] Integrating Banking Systems with FASTdocs like Core and Digital Banking Solutions

Here’s the situation: FASTdocs has become your financial institution’s central hub for internal and account holder documentation. However, your institution still relies on a variety…

Read the Blog

Monday 7 July 2025

Using AccuAccount to Support Doc Prep & Post Loan Booking Processes

Implementing effective doc prep procedures is key for ensuring success in today’s lending environment. Cores and loan documentation software are primary tools used by doc…

Read the Blog

Wednesday 25 June 2025

Check Fraud Mitigation: A Bank Teller’s Guide to Stop Fraud at the Front Counter

Even as digital banking continues to grow, the teller line remains an important part of daily operations in banks and credit unions. Tellers provide personal…

Read the Blog

Monday 23 June 2025

[Playbook] Document QC Review in AccuAccount

Here’s the situation: Your financial institution is looking for an ECM (enterprise content management) system that aligns with your quality control strategy . You’ve decided…

Read the Blog