Maintaining the loan decisioning documents and approval chain for credit packages is a must for any financial institution. FINPACK +’s Credit Decisions tool gives you the ability to assemble the credit presentation package for decisioning, track the request through the loan approval chain, and provide a permanent record of all documents used in the decision.
Assembling the presentation
FINPACK+’s Credit Decisions tool assists with assembling the loan details and credit presentation packet to be submitted for decisioning. All loan requests and the related credit documents are easily accessible, ensuring credit managers and executive loan committee members have all the details they need to review and act on loan requests. At the same time, Credit Decisions creates a permanent record of all documents used at the time of credit decisioning.
Loan approval process
FINPACK+’s Credit Decisions tool provides quick and direct access to all the documentation related to any loan approval. Notifications are automatically generated to keep lenders informed of loan approval progress, as well as prompting higher authority levels of loan approval action when needed. To view a loan presentation package, Senior Lending staff simply navigate to the Credit Decisions section in FINPACK+, removing the need to dig into the credit analysis or other sections of the program and making the process faster and more efficient. For all finalized or pending credit decisions, users are presented with details of the loan application, access to the relevant workflow, and a list of all supporting documents and analyses, all easily accessible from one location. Approving — as presented or with conditions — denying, changing the approver, or requiring additonal approval are all available in the same location.
Permament Record
The Credit Decisions tool in FINPACK+ not only documents the loan approval chain, but also records any comments, conditions, or covenants provided by approvers along the way. Each time a user performs any action on any credit decision, FINPACK+ notes the user, the action, and the date and time, providing a permanent record of approvals, logging all information needed for audit and compliance needs. The workflow, approval process, supporting documents and analyses for all completed and archived credit decisions are available in the Credit Decisions section.
Use the Credit Decision tool in FINPACK+ to expedite the progress of loan requests through the approval chain, create a permanent record of the process, then easily grant auditors and examiners access to the customer loan data needed for their review.
See the FINPACK Knowledge Base for more helpful guides related to FINPACK+ tools, and as always, please reach out at Support@FINPACK.com with questions or comments. We’re ready to help.
Pauline Van Nurden joined the FINPACK Team as an Economist in 2017.
Prior to joining the FINPACK Team, she worked as a lender. This provides her valuable industry experience and knowledge in her work with FINPACK. Pauline holds a Master’s Degree in Agricultural Education and Bachelor’s Degree in Applied Economics, both from the University of Minnesota.
