AccuApproval Overview & Demonstration

Accu approval allows for early capture of application and credit documents. These document images are then viewable by users at any branch location. It allows collaboration by individuals or groups of individuals involved in the application process. Workflows are defined based on your institution's processes for each loan type in AccuAccount. And it allows you to move an application through the application process beginning at first contact through Booking. It will notify your departments of outstanding loan applications that have been assigned to them, and you'll be able to easily monitor your loan pipeline through reports and dashboard panels that are built into the system. Comments can be saved to application history during each step of the approval process, and application snapshots are created when specific actions are taken on the application so you can see the history of the application at that point in time. Pre and post closing conditions can be added to the application. Missing or expired documents can be tracked for the customer and application documents. Declined applications are saved for future reference, and there is built in security by user. When applications are entered into AccuAccount, actions can be taken to route the application through the approval process. When an action is taken, it creates a history of the action taken, times various aspects of the application process, routes to the appropriate person or department, tracks the lender, analyst, and approver, updates statuses for the application, credit analysis, approval, captures information for pipeline reporting, sends email notifications, and enables task exceptions. Each step of the approval process will record the history for that application. The history will include who has worked on the application, what steps the application has been through, pre and post closing conditions, any special instructions, and the credit decision. Here's an example of a simplified approval process with an Accu approval. And then loan booking. The loan is then updated on AccuAccount to store documents and track any needed exceptions to service the loan. Let's take a look at the AccuAccount system and how easy it is to use and monitor your loan applications. This is a customer page in our AccuAccount system for War and Peace. All customer pages are structured with the customer information along the top banner, the credit documents and information on the left, and any account and application documents and information on the right. We're on an existing customer's page who currently has accounts. The approval process begins by adding the application into the system for this customer. If the customer didn't already exist an AccuAccount, they would need to be manually added by selecting the Add Customer option from your menu bar. To add a new application to this customer, select the link to Add New Loan Application. A pop up window will appear to select the loan type and the application status. All of the loan types and statuses will be defined by your institution. Once Update is selected, any application information that is available can be entered including the application date, estimated closing date, probability of closing, address information, collateral information, lender information, terms of the loan, and any pre and post closing conditions. The only field that is required is the requested amount. Once this information is filled in, select update. Optionally, collaterals and guarantors can be added to the application at this point. Let's take a look at this new application on Warren Peace's customer page. The right side of the page now shows the new application information. The headers display the application's requested information and codes, timers that are tracking, who the application is currently assigned to, and its statuses. The lower section shows the document structure for all documents that will need to be collected for this application, which is specific to the loan type that you chose. As the documents are received, they can be scanned or uploaded into the application. Since this application has initially been assigned to Ben Johnson as the assigned lender, he will be able to go in and take action on this application. When the assigned lender logs into their AccuAccount system, the application will show on the dashboard under the My Active Loan Applications widget. We can also see all the applications that are assigned to Ben and what the total requested amount is. The customer name and application number will link to the customer's page. Ben, our lender, can now review the application and any documents that have been imaged. He can also add additional documents to the file within the application if he has been granted permissions to add documents. Once his part of the application process is complete, he'll select the icon to take an action. Your institution will define all actions that can be taken and which users have access to specific actions depending if they are a lender, analyst, or an approver. A few examples of actions this lender can take on this application include assigning the application to a different lender, mark that the appraisal has been completed, submit to loan committee, or withdraw. Let's choose the action to mark this application as lender approved credit analysis review, which will assign an analyst to this application. The analyst can be an individual or a group. Groups are set up by your institution. Any user that has been given permissions as an analyst will be displayed in this dropdown. Let's assign this application to John Smith. Optional approval conditions and post closing conditions can be added. Each time an action is taken, comments can also be added. The comments and the action taken will be recorded in the application's history. Now we can review the application to see who is assigned and the application statuses. John Smith will receive an email notification of his assignment so he can begin his part of the application process. All application history is within the email, which is also found in an optional snapshot document that can be generated by actions that are taken. This application snapshot will be saved in a document of your choice. The live application's history can also be accessed at any time by selecting the history icon next to the application number. This history will always be available to see even after the application is converted to a booked loan. When the analyst logs into AccuAccount, the application will show in the dashboard widget for My Pending Credit Analysis. This widget will also show any other applications that are assigned to John Smith with an outstanding total requested amount. There's also a widget turned on for active application timers. Timers track how long applications have been outstanding within each step of the process. When your Accu approval workflows are set up, you can define when you want timers to be started and stopped based on actions. Multiple timers can be tracking for each application. Once the analyst goes to the application for this customer, he will then review the application as needed and take an action from the customer's page when ready. When the action icon is selected, John will only see actions that analysts are set up to take. Some of the example actions for analysts include return to lender, credit analysis complete, Return to Lender for additional information, Submit to Loan Committee, Route to Approver, and Denied. If we choose Denied for this application, this allows the analyst to assign the application back to the lender, choose a declined reason, which will be defined by your institution, and add any comments they would like to have included in the application's history. If next were selected, this application would then have a denied status and can be optionally set up to be locked from any additional changes being made to it. If this analyst instead chooses to route to approver, they can move the application along in the process. They would assign an approver or an approver group from this dropdown. This dropdown will show any users that have been given permissions as an approver. Additional comments can be added to be saved within the application's history. The assignments and statuses are updated on the application. The history now reflects the additional action that has been taken. We have now assigned this application to the approvers group. All users who are approvers and assigned to this group will receive an email notification and begin their approval process. We can now log into the system as one of the approvers. The application will show under the My Pending Loan Approvals widget to link directly to this application on the customer's page. The application information can then be reviewed, and when ready, the final action can be taken for this application. Approval users can also be set up to follow amount rules so that each user can approve applications up to a set amount. Once the action icon is selected, the actions that approvers have access to will be displayed. In this approval system, this includes options to mark the application as approved by loan committee, do a partial denial or partial approval, approve under special provisions, withdraw, or route back to the analyst. We'll choose the option to make the approval, which allows comments to be added and saved to the application's history. This application has now made it through the approval process and is ready for booking. It will show that the approval status is now set to Approved. Once the loan is booked in your core system, AccuAccount will recognize that there is a new loan for this customer, and it will show in the dashboard widget for approved applications to be booked. When the icon to book loan is selected, you'll be taken to the customer's page and have a pop up box that allows you to set the loan status, choose to track or ignore exceptions, and choose the new loan number that was booked. Any new loans that have been booked for this customer in the last thirty days will show in red text. If the new loan hasn't yet imported into AccuAccount from your core, you can also manually type in the loan number that will be booked. Then select Update, and you'll have a confirmation to finalize this change. The application is now converted to a booked loan in AccuAccount. The application history, comments, and documents are converted to this loan, and the application's history is always accessible through the history icon. This was a simple demonstration of the application process, but Accu approval can be set up for whatever actions would be possible to take at your institution. There is no limit to the number of actions that can take place on an application.