Glossary
The vocabulary of loan boarding.
29 terms, defined the way this site and the Bookend platform use them.
- Loan boarding
- Entering an executed loan into the core banking system so it can be serviced: the terms, parties, collateral, fees and codes that make the signed documents the system of record.Read more →
- Loan onboarding
- Often used interchangeably with loan boarding. Sometimes used more broadly for everything between closing and first payment, including welcome letters and servicing setup. On this site, boarding means the core entry itself.
- Closing package
- The set of executed documents produced at closing. For a commercial loan: note, loan agreement, guaranties, security agreement or mortgage, disbursement request and authorization, notices, errors-and-omissions agreement, and the boarding data sheet. Consumer and mortgage packages add their own disclosures, such as the Truth in Lending disclosure or the Closing Disclosure.Read more →
- Account onboarding
- Opening a new deposit or treasury management account from a package of signed documents (application, signature card, resolution, beneficial ownership certification, W-9) and setting up the customer and account records on the core. Document validation checks that package the way loan boarding checks a closing.Read more →
- Signature card
- The account document that records who may sign on an account and how the account is owned. For a business account, every signer on the card should be authorized by the entity’s resolution or certificate of authority.Read more →
- Corporate resolution
- A document adopted by an entity’s board, members or partners that authorizes opening the account or taking the loan and names the people who may act for the entity. Often paired with a certificate of authority signed by the secretary or manager.Read more →
- Beneficial ownership certification
- The form a legal entity customer completes at account opening under FinCEN’s customer due diligence rule, naming each individual who owns 25 percent or more and one individual with significant control. Names and identifiers on it should agree with the rest of the package.Read more →
- Truth in Lending disclosure
- The Regulation Z disclosure on a closed-end consumer loan showing the APR, finance charge, amount financed, total of payments and payment schedule. Its figures should agree with the note and with what is boarded.Read more →
- Closing Disclosure
- The disclosure given on most closed-end consumer mortgages, showing loan terms, projected payments, escrow and closing costs. The rate, payment, escrow and loan amount boarded to the core should match it and the note.Read more →
- Indirect lending
- Consumer lending, usually auto, where a dealer originates the loan on a retail installment contract and assigns it to the bank. Boarding works from the contract, the dealer funding package and the title or lien application.Read more →
- Boarding data sheet
- The document (or screen) that summarizes the terms to be keyed into the core. A person prepares it from the other documents, which is why it can disagree with them.
- Credit approval (LAR)
- The loan approval record produced by the LOS or credit committee: the terms the bank agreed to lend on. Boarding should agree with the approval, or the deviation should be a recorded, approved exception.
- Variable terms
- The few percent of a closing package that changes from loan to loan (principal, rate, index and margin, dates, term, payment schedule, parties, collateral, fees, disbursements), as opposed to boilerplate.
- Reconciliation
- Comparing each variable term across every document that states it and against the credit approval, with a documented tolerance, and recording agreement or an exception for each term.
- Execution verification
- Checking that each document carries the signatures, initials, dates and notary blocks it requires, by document type, against the bank’s execution templates.
- Finding / exception
- The recorded result of a rule: a term agrees, or it does not. An exception cites every source it compared and must be accepted, overridden with a reason code, or escalated before approval.
- Provenance
- The link from an extracted value back to the document, page and position it came from, so any figure on screen can be checked against the executed paper in one click.
- Maker-checker
- A segregation-of-duties control. The person who stages (makes) a boarding record or a wire request cannot be the person who approves (checks) it. The software enforces this; it is not left to procedure.
- Staging
- Building the core boarding record from the executed documents, mapped to the core’s fields, and showing it with provenance before anyone approves it.
- Commit
- The single, resumable post of the approved boarding record to the core. A duplicate is resolved by inquiry rather than posted twice, and the core’s answer is stored verbatim.
- Field map
- The versioned mapping from canonical loan terms to a specific core’s fields, product codes and GL codes. It can be previewed against a real loan before it goes live.
- jXchange
- Jack Henry’s integration layer for SilverLake, CIF 20/20 and Core Director. Third parties reach it through the Vendor Integration Program (VIP).Read more →
- Boarding file
- A deterministic JSON, XML or CSV export of the staged boarding record, for cores that take a file or as the interim path while a direct integration is being enabled.
- Evidence packet
- The append-only, hash-chained record of everything that happened to a loan (extractions, comparisons, overrides, approvals, boarding, funding, sealing), exportable as PDF and JSON for auditors and examiners.
- Post-closing review
- The quality-control pass a bank performs on closed loans, traditionally on a sample after boarding. Validation before boarding moves that check ahead of the core and covers every loan.
- Sealed loan
- A loan whose boarding and funding are complete and whose evidence chain has been closed. It is read-only from then on and counts toward per-closed-loan metering.
- On-premises (on-prem)
- Software that runs on the bank’s own infrastructure (here, containers on the bank’s VMware or Hyper-V environment) rather than in a vendor’s cloud. The default deployment for loan documents on this site.Read more →
- SR 11-7
- The Federal Reserve and OCC supervisory guidance on model risk management. A document-extraction engine is an item in the bank’s model inventory even when it uses no machine learning, and the vendor supplies the validation pack, sized for the bank.
- Air-gapped
- A deployment with no outbound network connection. Supported: heartbeats are off and a signed quarterly usage report replaces them.
Start with a Closing Workflow Review
Forty-five minutes with your head of loan operations. We map the path from approval to documents to execution to boarding to funding, count the touches, and pull three recent boarding exceptions. You keep a one-page Closing Error and Capacity Map, whether or not you go further.