Role based access to the Lender Portal allows borrower and loan workflows to be distributed to relevant staff. Loan officers can be working on advances and assignments can be processed by one person, while payment posting can be done by another. Distributed workflow results in work being completed faster with fewer staff.
The Borrower Portal is available to all borrowers. Reporting can be undertaken by the borrower directly from the portal allowing them to gain access to their data from anywhere at any time.
Loan document management allows for a connection between borrower and lender that is easy, role-based, and has searchable storage retrieval. The approach reduces the time spent by the lender in searching for emails, eliminates contact with the borrower looking for information and centrally stores documents for the entire processing team. The lender can optionally provide documents to the borrower as required via the Borrower Portal.
The Online Borrowing Base captures all previous activity and calculates the availability based on the most recent data. The borrowing base is no longer a paper form reviewed by and managed by one person. The sales and collections are processed by the processors. The ineligibles are maintained and updated by the loan officer and advances are requested by the borrower and approved by the loan officer online.
Sales assignments are acknowledged electronically by authorized users of the system - no more chasing down unsigned assignments.
Xpediar provides a large number of reports right out of the box. These reports can be customized upon demand to suit your exact operational needs.
With the trend view, a loan officer can quickly see any key deterioration in the borrower's activity, e.g., negative changes in loan and AR turns.
The trend view is always updated with the most recent activity and can be viewed in the borrower tab without running and printing a report.
Acknowledgment of "Assignment of Sales" is completed and stored with Xpediar. The borrower no longer has to print, sign, and upload a sales assignment document. For the lender, the "Assignment of Sales" is role-based, so the lender can accept the assignment knowing they were properly assigned.
The aging comparison detects and provides reports on fraud items often found in aging, including refreshing invoice dates, credit memos not reported, collection variances with lender, pre-billed invoices submitted during the last days of month, change of invoice amount, etc.
Xpediar provides for financial spreading into a customizable template. The financial statement data then is used in various reports such as Financial Comparisons, Borrower Dashboard, and the Trend View.
When uploading an aging in XpediAR, a comparison is made at the invoice level. When completed, there are reports providing you with key reconciliation items. Provided reports show new invoices added in the current aging (sales). Invoices no longer included in aging (collections) can be found in an Excel spreadsheet. These are sorted by date so that you will know exactly what was reported to the lender after the borrower closed the aging.
The Advance Calculator is available for both the borrower and lender. It is used to include changes not previously reported to the lender to support an advance based on that information. The Advance Calculator can also be used for what if scenarios, for example, if you wanted to make an advance of 90%, what amount that would be.
Advances are received online and an Advance Report is initiated. Approval can be obtained online resulting in a reduction of lost time in chasing done signatures.