7 “Outside the Box” Use Cases for the AccuAccount Audit Export Feature
The audit export feature in AccuAccount was built to simplify audit and exam preparation for financial institutions. Instead of scrambling to gather paper loan files for auditors and examiners, generating a loan file with AccuAccount takes just minutes—and also opens the door to virtual audits.
Our audit export feature can also streamline other document sharing scenarios. This article explores seven “outside the box” use cases for the AccuAccount audit export feature.
Go Beyond Audit & Exam Prep with AccuAccount
Here are just a few of the situations where the AccuAccount audit export feature might come in handy:
Managing loan participations:
Providing downstream partners with updated documentation can involve considerable administrative effort. Implementing a workflow solution that’s built specifically for loan participations is one option, but not every bank or credit union has enough volume to warrant the investment. Alternatively, financial institutions on AccuAccount can use the audit export feature to quickly select relevant loan documents and export them for sharing (usually via secure FTP).
Collaborating with holding companies:
Some financial institutions are owned by holding companies, which can pose information sharing roadblocks—especially when different tech stacks are involved. A bank using AccuAccount could use the audit export feature to select certain information (such as loans over $500,000) and then provide access to the parent company without requiring additional software licenses.
Selling loans:
Buying and selling loans is common among financial institutions in the United States, especially when it comes to mortgages. As with any transaction, buyers need to perform their own due diligence and ensure prudent decision-making. With AccuAccount audit export, a financial institution can easily select the loans being considered for sale, export relevant information and documents, and prepare it for sharing with potential buyers.
Selling branches:
Branches get sold, too. A bank looking to sell its Florida branches, for example, could use AccuAccount to rapidly export thousands of digitized loan, collateral, deposit, and account holder records. Imagine trying to do that with paper documents!
Working with lawyers on attorney-prepared loans:
Wasting time can be costly, especially when attorneys’ hourly rates are involved. Packaging relevant information into an easy-to-use experience with AccuAccount can expedite loan closings and avoid unnecessary attorneys’ fees.
Delegating to third-party insurance service companies:
Partnering with a third-party service provider to manage insurance documentation can bolster efficiency. To ensure success, however, financial institutions need a quick and easy way to delegate to their partners. Sharing an export file generated with AccuAccount can keep service providers focused on resolving insurance-related exceptions.
Sharing loan foreclosure information:
Using AccuAccount to export information about loans in foreclosure can simplify interactions with collection companies and attorneys.
Streamline Audits & Much More with AccuAccount
Our audit export feature is included at no extra charge with plus, pro, and enterprise AccuAccount plans. Interested in learning more? Continue reading about loan audit prep or request a software demo.
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