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Charge Off Essay

749 words - 3 pages


Charge Off is an unfortunate inevitability of lending. Our current process is dependent on manual file maintenance and reporting, and consumes an inordinate amount of our Repayment Manager’s time on a monthly basis. Excluding the analysis of accounts for charge off, the tasks associated with the current charge off process are clerical in nature and exhibit poor allocation of the Repayment Manager’s expertise.

As an organization we hold operational efficiency in the highest regard, and the charge off process is an excellent candidate for an efficiency overhaul via automation.


The Repayment Manager spends approximately 10 minutes per account performing the file maintenance required for charge off. We currently average 50 accounts that are charged off per month. This equates to approximately 8 hours per month exclusively spent on file maintenance. This does not include 3 additional hours spent manually preparing the charge off report submitted to the Board of Directors.

By applying an automation solution to the charge off process, the manual file maintenance and reporting can be substantially streamlined. In this way the Repayment Manager’s time and expertise are refocused on the analysis of accounts and other more appropriate tasks. Automating this process will also significantly reduce the risk of file maintenance errors.

Proposed Solutions

Symitar offers an automation solution: The Charge Off System. The Charge Off System automates all aspects of the process. It includes the preparation of the report submitted to the board of directors for accounts recommended for charge off. The Charge Off System is driven by a HTML-based user interface for the selection of accounts recommended for charge off. The user can also enter standardized or narrative reasons for charge off and credit reporting codes. It utilizes a tracking record and scripted file maintenance along with a batch file maintenance job to complete the final charge off of accounts. Portions of the Charge Off System such as the reasons for charge off can be customized internally through the use of help files, much like the Enhanced Loan Application system.

Data for the “Loans Recommended for Charge Off” report that is submitted to the Board of Directors would be transferred out of Symitar to Microsoft Excel. The report would be finalized and formatted the same as it...

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