Managing Third Parties for Documentation Exceptions

by | Jun 26, 2020 | Our Blog

Ongoing tickler maintenance is always a massive and never-ending part of managing a loan portfolio. Every new loan requires a post-closing review and initial tickler setup, and many ticklers such as UCCs, financial statements, and insurance need ongoing monitoring for the life of the loan.

Not only are ticklers high in volume, but often necessitate contact with third parties. Title companies, insurance companies, or participating banks – to name a few – necessitate ongoing maintenance. Some of the considerations in managing third parties include:

  1. Centralized Contact Information: Maintaining the contact information in a central repository is critical. Storing contact information on a particular tickler makes maintenance very difficult if the company has a change in address, as an example.
  2. Process to Contact: In many instances, the third party may be the provider for many mutual customers. Are letters sent to the third party regarding each individual customer? Is contact made on behalf of all mutual customers? Can the requests be emailed?
  3. Follow-Up: If contact is made with the third party, what is the process to follow-up and document efforts to collect the requested information?

The Square 1 Credit Suite’s Third Party Management within Documentation Tracking was built with all of these things in mind. From centralized contact management, to linking agents to multiple companies, to streamlined letters and emails, to notifications for follow-ups, it eases some of the more challenging aspects of tickler management.