Submitting Claims to the FDIC
Complying with the terms of the Commercial Shared-Loss Agreement requires a thorough understanding of the documents terms and conditions, as well as efficient processing capabilities.
Our Focus in this area includes
Reconciling Data and Creating the FDIC Certificate
We work with the bank's internal staff to design and implement processes for the data reconciliation and Certificate creation. The Certificates summarize the charge-off activity and reconciles covered loans for the life of the agreement.
- The data required to generate the Certificate and its supporting schedules is typically housed in multiple bank systems
- Additional data not currently captured by the bank may also be required
- Accurately reconciling the data and identifying and correcting out of balance entries is critical
An effective process for managing the creation of Certificates is critical to successfully complying with the Agreement and to efficiently manage future Audit requirements.
Creating the Certificate's Supporting Schedules
Both the commercial and Residential Shared-Loss Agreements require file submissions that provide additional portfolio and charge-off detail. The source of data may originate from multiple systems (or be manually tracked) and must be reconciled to the Certificate. File creation requires detailed data mapping.