A midsize regional banking client was implementing a new COTS commercial loan servicing platform to replace a custom mainframe application.
Trailing loan document tracking was handled by a separate mainframe app, and not handled in the new system.
Requirements included:
- New loans require various documents depending on loan type, collateral, jurisdiction, etc
- Loan Officers verify that new loans have required documentation complete and submitted within the allocated time limit (varies by document type)
- Loan Operations Team reviews and stores submitted documentation, and sends reminders for any recurring documents (e.g. annual insurance certificates)
We did a 3-week envisioning project with Apex Designer to design a new web application with a simplified and modernized user experience, and develop a roadmap for the implementation.
A 3-month development project followed, and the application was built and launched, allowing sundown of the mainframe
Key features of the new Loan Document Tracking System:
- Data feed of new loans from the loan origination system
- Configurable rules table for generating the appropriate document reminders for each loan
- User interfaces for opening, closing, review, and rejecting reminders
- Various administrative capabilities for adding, overriding, and deleting document reminders
- Used daily by over 1000 bank employees
- Meets all regulatory requirements (e.g. SOX) for decision and exception logging
Apex has completed several follow-on projects:
- Incorporation of consumer loans into the system
- Changes to support new users and processes after a merger with another bank