Financial Accounting and Reporting Solutions On-Line Loan Collection Module

The Information Technology, Inc. On-Line Loan Collection Module (OLC) automates the process of collecting delinquent loan payments by standardizing collection procedures, developing a daily agenda for each collector and documenting collection activity. OLC offers information on-line and is integrated with the ITI Premier System.

  OLC helps organize the collection effort to reduce the number and amount of delinquent notes. Procedures which have proven effective for experienced collectors can be set up as standards to guide the efforts of all collectors. The procedures can control events such as the timing of the first telephone call to the borrower, the exact text and timing of follow-up letters and how long to wait before following up if a borrower's commitment fails to materialize. The standards help ensure proper steps are taken in the correct time frame.

Delinquent notes are automatically assigned to collectors. Complete note information is available for on-line review, and collectors can record their efforts on a real-time basis. The information displayed can include comments from telephone conversations, letters and payment history, as well as all note information available through the ITI Premier System.

OLC automatically extracts past due notes from the Premier Loan Application. Even before notes are automatically assigned to collection, loan officers have past due information available for on-line inquiry to help them work with delinquent notes. Once notes are in collection:

They are automatically assigned to collectors based on characteristics of the notes and the workload of each collector. Specifications are used to define the methods of assigning notes. Policy specifications establish the standard sequence of collection activity events. The standards are easily modified to fine-tune every aspect of the collection process.

An on-line agenda is automatically generated for each collector to help organize collection activities.

All collection data is retained and reported for a complete audit.

Features

• Full integration with Premier
• On-line reporting of past due notes
• Standardized policies and procedures
• Collector assignments
• Collection activity audit reporting
• Customized notification
• Collector agenda
• Supervisor review
• Management reports and statistics