A task exception occurs when a predefined action (the “task”) fails to be completed as expected. As with other types of exceptions, financial institutions should implement processes and systems for efficiently monitoring, reporting on, and resolving task exceptions.
A tickler file is a paper or digital reminder system. It organizes a list of current or future tasks that need completed or tracked—either once or on a recurring basis.
A tickler report provides bank employees with a list of expiring documents that require action. Bankers can also generate lists of items that have already passed the expiration or due date.
In lending, trailing documents are items needed for the loan file that lag behind the consummation date. Banks should proactively identify the documents that are needed for a particular account, take steps to secure them, and track that they have been received.
TRID is an acronym that stands for TILA-RESPA Integrated Disclosures. TRID was developed with the intent to allow potential homebuyers to easily shop for the best deal on a mortgage by requiring lenders to provide standardized and transparent details about loans.
Financial institutions involved in trust administration must efficiently collect, organize, and store a variety of trust-related documents.
Trust exceptions occur when a trust agreement, beneficiary information, asset listing, correspondence, or other trust-related documentation is missing from the file.
Trust imaging is the process of using software and a scanner to digitize and organize the variety of documents that are associated with a trust.