The theme of our Lunch & Learn this week was Documentation Tracking configuration. When we first install a new customer, an implementation specialist works with the organization to define the Documentation Tracking (ticklers). However, there is ongoing configuration that may need to be done. Maybe the initial configuration needs some tweaks. Maybe an exam revealed that the organization needs to better monitor a particular document. Maybe Suntell has provided new functionality that resulted in some additional configuration. What we find is that many times the configuration is a big mystery to our customers and few review their configuration on a regular basis to ensure it meets their needs. Our Documentation Tracking configuration is very powerful and flexible. Organizations should take the time periodically (maybe once a year) to see if changes are needed to any of the following areas:
- Default configuration at the customer, collateral, note and guaranty levels. The required ticklers will vary depending on the type of transaction. A loan secured by a vehicle will not have the same requirements as a loans secured by residential real estate. A loan to a Sole Proprietorship will not have the same ticklers as a loan to a C Corporation. Does your default configuration reflect your loan policy? What items are required? What items are critical to track? Should items be added or removed, and if so, should those changes be applied retroactively, or just for new loans going forward?
- Recurrence and Grace Period. Items can be set to a default recurrence; for example, annually. Do your items have the proper recurrence? Also, control when that item becomes an exception with grace period. Do you need to be notified about the item before its actual due date, as in the case of filing a U.C.C. continuation?
- Letter Notifications. Do you need to be able to generate a letter to your customer or to a third party regarding the exception?
- Template Verbiage. Have you set up all of the letter templates you might need?
- Security. Who has access to Documentation Tracking? Should anyone have view-only access? Should users be able to add or delete items?
If you need assistance with Documentation Tracking configuration, please contact our customer support at 888.848.7349, or firstname.lastname@example.org.
Lunch & Learn training sessions are free to Suntell customers and occur on the first and third Wednesday of every month. Visit our Lunch & Learn page to watch recordings from previous sessions, or sign up for upcoming sessions.