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Our vision is to revolutionize and automate the loan servicing workflow of the global financial community.
Tip of the Week: Learn More About Account Rewrite
We are very excited about our upcoming conference and all the content we are planning to share with you. We want to give you a glimpse into some of the topics we have planned. We will share a tip every week leading up to the conference to give you a sneak peek at what you will learn at the conference. Stay tuned for more tips.
What is an Account Rewrite?
Spectrum offers a revolutionary way to handle loan modifications. Loan modifications include changes to payment amounts, number of payments, a reduction in balance, and/or a change in term. This need can surface for many different reasons in loan servicing. Some examples include when a customer returns financed items and the contract needs to be adjusted, when a customer files for bankruptcy and a new payment plan is established by the court, or when loans were accidentally boarded with incorrect terms during originations. Most software products historically required financial institutions to close the loan and board a new loan when difficult loan rewrite scenarios presented themselves, especially in pre-compute loan scenarios. This is even true with Shaw’s older Classic Retail platform.
The reason to bring this up is that many of our Spectrum customers are not fully aware of the value of this feature as it relates to compliance, servicing automation and efficiency. Additionally, this is just another reason our Classic customers should continue to take a hard look at moving to Spectrum.
One of the details we will be covering at our conference in May is how this feature automates loan modifications. We will be covering scenarios where loan rewrites need to be effective dated in the past including all the way back to the contract date if necessary. We will cover how transactions are reversed back to the effective date, appropriate account modifications are automated, and then all transactions are reapplied and appropriately allocated to the account based on the modified loan terms whatever they may be including changed principal and interest splits, special transactions like deferments, and more – all automated and handled. We will also cover the one-click/one-transaction reversal process where if an account rewrite needs to be undone, it is completely automated where the loan is immediately back to its original state. A perfect example is when a bankruptcy cramdown has to be unwound when a bankruptcy is dismissed.
Help your organization save time and money all while being more compliant by learning more about this feature and talking to other customers already using this feature at our Conference in May.
Don’t miss out on your chance to attend Shaw’s upcoming conference at the Hyatt Regency Coconut Point Resort in Bonita Springs, Florida May 16-19, 2023. You’ll learn more about this topic and many others.
Register today to save your spot!