OFSLL’s Collections Module offers a full-featured Lending/Leasing suite of capabilities that is the perfect fit for any financial institution interested in reducing delinquency, increasing collections on charged-off loans and streamlining processes, such as default management, bankruptcy, foreclosure, repossession and fraud tracking.

In summary, the Collections module provides the following key functionalities:

  • View a complete history of an account’s related financial information (this includes all financial transactions, payments, delinquency ratings, and credit bureau information)
  • Assign accounts for collection activity based on any or multiple attributes (the system allows the financial institution to define its own work process rather than forcing it into a specific approach)
  • Electronically route delinquent accounts to other users for action or review, such as forwarding for management approval
  • Use checklists, account statuses, and follow-up dates to manage productivity
  • Determine monthly delinquency ratings for accounts & download appropriate data to credit bureaus
  • Enter multiple promise-to-pay dates; the system places the account back into the collector’s queue if any of the promises are broken
  • Define call action and result codes, with corresponding follow-up dates
  • Identify the time zone and best time to call
  • Enter, categorize and search unlimited comments and remarks; these fields are also time/date and user stamped, automatically
  • Automatically update delinquency information after backdated transactions are posted
  • Update and maintain “referred-party” information
  • Assign and view current and past vendor assignments to ensure timely follow-up
  • Interface with predictive dialers
  • Enter and maintain customers’ bankruptcy information
  • Create bankruptcy sub-statuses (disposition codes) from which to track the process and build work queues
  • Enter and maintain foreclosure and repossession data
  • Perform estimated and actual loss analysis on the repossession /sale of the asset
  • Enter and maintain charge-off data in the deficiency module
  • Generate reports on collections, bankruptcy, foreclosure, and repossession activity for variance information, repossession assignments by vendor
  • Conduct the follow-up activity one time only if the customer has multiple accounts in various delinquency buckets.