AXCESS provides comprehensive loans management functionality. AXCESS manages your loans from origination through to settlement and rollover or discharge.
AXCESS manages a wide range of loan products including residential UCCC compliant, residential non compliant, commercial, leasing and personal loans. A wide range of calculation types can be easily configured and include interest only, principal and interest or combinations of both, either in advance or arrears. Product options cater for construction, redraw, line of credit and purchase. Interest charging can be daily through to annually, in advance or in arrears.
AXCESS has a workflow management system that enables complete control of the processing of all financial products. This allows mapping of all of the steps for example that a loan application passes through when it arrives within your business e.g. application received, valuation ordered, valuation received, LMI submitted, LMI approved, approved, ready for settlement, current, withdrawn, discharged etc. These steps are created using your own terminology. You can report at any time on loans that are in a particular status or those that have been in a particular status during a specified date period.
Strict controls can be applied such that access to the loans at various workflow positions (statuses) can be controlled to ensure only authorised staff are working on the account.
In addition different workflows can be defined for to different products and at each point in the workflow you can control quality of data entry, trigger document production, create a task, etc as well as build in “yes” and “no” paths or decisioning reflecting your business rules and policies.
Interest Rate Categories
AXCESS uses “interest rate categories” linked to each product. For example, each loan is linked to an interest rate category. As AXCESS works off effective dates, you set the date at a category level that the new rate is to be implemented. When that date is reached all loans linked to that category will automatically be updated, This process can also be linked to processes that will automatically generate correspondence to borrowers advising of impending rate changes etc, thus making the process of changing interest rates a very efficient and an easy task. Each interest rate category retains a history of rate movements.
Create your own products as required. All of the generic rules for each product are part of a “product’s” properties. When creating a new loan account the user must choose a product from the list of those available. Once chosen the product populates the entire associated loan screens with default information. If the user has the appropriate authority these “defaults” can be overridden at a loan account level to tailor a particular loan product.
Use of the product defaults cuts down on user error and prevents unauthorised use of inappropriate conditions.
AXCESS is distributed with a comprehensive range of financial transactions which can all be modified and renamed if required. AXCESS also provides the functionality that allows a user organisation to create new transactions.