Online Loan Collection (OLC) module automates the process of collecting delinquent loan payments by standardizing collection procedures, developing a daily agenda for each collector and documenting collection activity. OLC helps organize the collection effort to reduce the number and amount of delinquent notes.

Collection methods that have proven effective can be set up as standards to guide the efforts of all collectors. These procedures can control events such as the timing of the first telephone call to the borrower, the exact text and timing of follow-up letters and how long to wait before following up on a failed commitment. These standards help ensure that proper steps are consistently take in the correct time frame.

Delinquent notes are automatically assigned to collectors. Complete note information is available for online review, and collectors can record their efforts in real-time. The information displayed can include comments from telephone conversations, letter and payment history, as well as all note information available through Premier Core.

Features

Online Reporting of Past-Due Notes
Even before past-due notes are assigned to collectors, loan officers can review their notes online and record any efforts, such as telephone calls and special mailings, taken to collect delinquent payments. After a period controlled by specifications, past due notes are automatically assigned to collectors, who have online access to all the prior efforts taken by loan officers. At any time, loan officers can review the status of all their past due notes online, even those assigned to a collectors.

Management Reports and Statistics
Summary information by note type and collection status, such as average days in collection, dollar amounts collected, average number of collections per collector and daily collector activity is reported for monitoring the performance of collection staff.

For more on the Online Loan Collection module, contact
Information Technology, Inc. at 402.421.4207.