Lending Software Solution Spotlight: Credit Memo Automation

Lending Software Solution Spotlight: Credit Memo Automation

Take the Cake with Credit Memo Automation

Imagine you are preparing to bake a cake. You’ve gone to the store, purchased the ingredients, preheated the oven, and now you have it all laid out in front of you. The 9x13 pan, the eggs, the oil, and the box of cake mix. Taking inventory, you know that this task will require some time and effort, but the result will be well worth it. 

Now imagine, that you have a secret button in your kitchen. A button that takes all the ingredients, mixes them together to the perfect consistency and yields a cake that Julia Child would applaud. Sounds nice, right? 

Unfortunately, that button does not (yet) exist. If it did, though, I would be the first person in line to get it for the simple reason that it would make that process so much easier.

Like baking a cake, loan origination also requires time and effort. And while there isn’t a secret button to complete loan originations for you, lending software solutions can help you streamline your lending processes like gathering borrower information, performing a financial analysis, securing collateral, structuring the terms, among many other things. Baker Hill NextGen® simplifies this process by allowing us to enter this information once and store it to facilitate the approval process – all in one lending software solution. Baker Hill NextGen® also has the ability to take what has been entered and populate it directly into a Credit Memorandum document – a key piece to the approval process. 

All of your “ingredients” are within one lending software solution in Baker Hill NextGen®, and through the click of a button we can generate a complete, automated version of this document that fits each institution’s needs (the cake).

The process begins with a document template. Within this document template are the instructions that Baker Hill NextGen® will use the pull in the appropriate data directly from the lending software solution database. It is possible to author this document template from scratch - choosing the specific data to be populated. Alternatively, Baker Hill’s loan origination system provides a repository of documents (including a Credit Memo) that can be published as is for users to generate. Each document within the lending software solution repository was created with the intention of ease in making changes. Meaning that, you can take the Credit Memo provided by Baker Hill, remove sections, add additional sections, edit the existing sections, and publish that for use, as well. Regardless of the creation of the document, once it has been published into the database users are able to render the document on demand.

The end result will always be a completed document that can immediately be walked down the hall for approval. The days of re-keying data and manually crafting your memo each time are gone! Through the automation of the Credit Memorandum, we can have our cake and eat it too.

Baker Hill has been providing innovative lending software solutions and expert guidance to banks and credit unions for over 35 years. Built by bankers for bankers, we know the importance of automating manual processes like the credit memorandum. If you’re interested in more ways to implement digital processes into your institution, you can download our whitepaper on how banks and credit unions are leveraging technology.

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