New Loan Accounts Extract

The New Loan Accounts Extract application is a non-updating application that allows a financial institution to produce a simple extract that contains information required to send new account letters for loans originated within a selected reporting period; it includes additional fields not available within the standard new loan notices. This extract file can be processed by the client or sent to a third-party vendor to be printed.

Benefits

The New Loan Accounts Extract application provides the financial institution with several operational efficiencies, which include:

• Ability to extract information for loans originated over a variety of time periods.
• Reduction of processing costs through the production of notices with custom formatting, potentially saving paper and postage costs.
• Reduces customer/member confusion, as additional detail fields (including collateral information) are available within the extract.
• Allows the financial institution to create a comma-separated notice extract file which can be sent to a third-party vendor.