For finance teams: mark loans closed on charge-offs
For finance teams: mark loans closed on charge-offs
Finance teams miss charge-off payment events, causing mismatched loan statuses and reconciliation delays. Payment events tag loans CLOSED/CHARGE_OFF so finance can align records and start collections.
Overview
Missed charge-offs create reconciliation headaches and skew servicing reports. This flow ensures payment events drive CLOSED/CHARGE_OFF updates in your servicing system, eliminating mismatched records and letting collections begin promptly. Finance leaders get aligned reporting and fewer manual reconciliations.
Notable Features
- Mark loan accounts as CLOSED
- Set CHARGE_OFF substatus on payment
- Create audit trail for compliance