NBT Bank, a subsidiary of New York-based NBT Bancorp, has selected Custom Credit Systems' (CCS) collateral management module, part of its CustomLender product suite, to support bank's supervision of loans throughout their entire cycle.
According to the CCS, NBT Bank will be integrating its collateral management module that features an intelligent engine which identifies collateral management needs based on loan specifics. It can then determine the follow-up activities and dates that will be required ensuring that no tasks get overlooked.
All forms of collateral will be included, such as legal documentation, UCCs, insurance and flood determinations. Custom elements can also easily be added using the administration module.
CCS has said that NBT Bank will be able to monitor and direct workflow for loans in all stages: exceptions, document management and tracking in the beginning of a loan, as well as renewals and expirations in their maturity.
The bank will also take advantage of automatically generated reminders based on predefined business rules, further promoting consistency and minimizing the risk of oversight.
Leo Hurst, vice president and manager of loan documentation and collateral control at NBT Bank, said: “CCS’ collateral management module will help streamline our loan processes.”
Brian Shaw, president and CEO of CCS, said: “’Each module of our CustomLender product suite individually and collectively has the power and flexibility to manage any loan from the simplest small business loans to the largest loans to the largest commercial loans.”
CCS is a provider of integrated, end-to-end, straight through credit processing and credit maintenance systems.