MIMICS Debt Collections System Overview
MIMICS Debt Collections System can be used by companies to track and follow up on unpaid debts. The Debt Collections System will receive information on unpaid debts via interfaces with systems such as the MIMICS Loan Management System. The Debt Collections System will track the original due date and amount of the debt. It tracks conversations and includes alerts either from the loan servicing department or to the department.
Debtor Information
Full information on the debtor and related collateral and assets are saved. This information can be interfaced from the originating system, but can be expanded upon within the Debt Collections System. An unlimited amount of contact info can be saved. User-defined fields of multiple types can be created for company-specific fields to save. Scanned documents and signatures can be saved along with the debtor account. Any existing documents can be associated with the debtor account (including PDF, Word, and Excel) and can be launched directly from the Debt Collections system.
Communications Tracking
The system will track a full diary of communications with the debtor, including calls, faxes and emails both sent and received, in-person visits, and all attempted communications. Full information on the communication or attempted communication is saved, along with the results of the attempt. A full audit is saved of the user and timestamp of each communication. The communications are fully searchable and reportable.
Notifications
Notifications (or alerts) can be sent by other systems, such as the MIMICS Loan Servicing System, and notifications can be sent to other systems. These could be notifications such as a customer’s loan becoming delinquent according to a delinquency category in the Loan Servicing System. Notifications can also automatically be sent to the appropriate personnel in the Loan Servicing department informing them of an upcoming payment.
Contact Scheduling
The system can automatically schedule call-backs to customers according to a specific schedule or according to an ad hoc date set at the time of a call. The system records these scheduled calls and maintains statistics regarding the results of the calls.
Automated Communications
The system can produce automatic emails directly from the system. Interfaces with automatic phone-dialing software and interfaces with faxing software are optional. The system tracks emails that were sent and whether they were either not received or not read. These emails are logged into the communication log for the customer and the emails and phone calls can be reviewed in chronological order. The system, through its Process Flow can send reminders and messages to other applications.
Statistics
The system retains statistics regarding the results of the calls, the number of calls it takes for a positive resolution, and other results. These statistics can be displayed in graphic format.
Automated Document Processing
The system has the capability to print documents for mailing to customers or can automatically send encrypted pdf documents to customers. The documents can be user-designed using the embedded report writer.
Work Flow Processing
The MIMICS Debt Collections System has a built-in Workflow Processing sub-module. The Debt Collections System can initiate different user-defined processes that are triggered by different events, such as upon a specified number of days past due, upon a specified number of failed communication attempts, and upon user-specified dates, such as birthdays. The processes that are created can be directed to specific user or user groups. The processes can have any number of steps involved. Automatic emails or system notifications can be generated to inform the appropriate users of items in their process queue. Processes can also automatically create printouts, emails or can initiate interfaces with other systems. The interfaces with other systems can be for exporting to or importing data from these other applications. The printouts and emails do not have to be between users of the the system or systems. They can be to customers as well. This includes reminder notices that are scheduled at different times or time intervals as defined in the parameters for the specific process.
For example, there could be different processes defined for the various loan types with a revolving credit loan having a different reminder schedule than a real estate loan.
These processes can be spawned by other MIMICS Systems. For example, if a loan falls into a user-specified delinquency category, a process can be spawned. Another feature of the system is that a process can spawn one or more other processes. This would normally be done for customer responses outside of the normal process.
Negotiated settlements
The system can manage negotiated settlements of debts, and track all parts of the negotiations process.
Reporting
Full reporting capability is available, including analysis on aging, successful reclamation ratios, and individual debt collections histories. The system interfaces with the MIMICS Report Writer module for user-defined reports.
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