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Lending Top 10 for 2012

CU*Answers Announces Addition of Indirect Lending Participants

West Michigan-based cooperative CUSO, CU*Answers, announced the addition of seven clients joining the indirect platform in 2013. “Our indirect platform allows a credit union’s loan team to expand their end points via dealers and other third party lending sources and delivers those requests into our credit unions lending factory. Pairing this delivery channel with automated

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CU*Answers Announces Collections Roundtable

West Michigan based data processor, CU*Answers, announced it will be holding the next Collections Roundtable for its clients on May 9th at its Headquarters in Grand Rapids, Michigan. The one-day event is an opportunity for credit union staff to discuss collection-related topics among their peers.  CU*Answers will hold two sessions in the morning and the

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Lender*VP Assists Clients Recoup Recovery Accounts

January 2012 proved to be a great start for Lender*VP collections group at CU*Answers. Ripco Credit Union, based out of Rhinelander, Wisconsin, selected the 100% credit union-owned CUSO to handle their recovery accounts for them. This brings the total number of clients to 13. CU*Answers, parent company of Lender*VP, found that many of their clients

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Lender*VP Priorities for 2012

Adjustment for FEP/ING While we focus more of our development resources on the 2013-2014 file expansion project, we will continue working on these Top 10 projects, just at a slower pace. We’ll single-thread with available resources, meaning that we can generally tackle only one project at a time. In QC next: Collections Notices by loan

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1. Associated Applications

This project is in response to Wisconsin Marital Property rules which dictate that spouses of applicants must be included in the loan application process.  An “associated application” will be available that is linked it to the original loan request.  Ratios can then be calculated based on all relevant applicants.  When the application is approved, the

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2. Mortgage Payoff Estimator/Payoff Letter

The first phase of this project was a new tool to prepare a 360 loan for payoff (in production as of fall 2010).  This is the second phase which will quote a payoff for a future date via Phone Operator and produce a payoff statement.  Mortgage loans will allow for fee adjustments to be included

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3. Loan Application Workflow Controls

Add new “App Workflow Styles” that control the automatic forward momentum through the Loan Application screens, bypassing pages that are not required by the particular loan product (such as skipping over the employment, income, and assets screens for a CD-secured loan).

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4. Loan Product Controls

Expand what can be controlled via the Loan Product configuration, including: More default values to flow into new Loan Requests Controls to hide or display data fields on the loan request pages Controls to lock fields to prevent accidental changes to default values “Warn if empty” controls on key fields that might be forgotten

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5. Reporting Credit Scores to Members via online banking

Follow up to the CU*BASE Credit Scores History project (in production with year-end 2011 release), this project would allow CUs to displaying credit score information to the member via It’s Me 247 online banking.

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6. Improving Credit Report Archival Process

Provide links to a specific credit report used for underwriting decision (primary or secondary borrower) and allow links to more than one report.  Review the retention period for credit report data stored online.

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7. App Check

New process that warns user if specific data has not yet been completed on the CU*BASE loan application.

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8. Expanding the Loan Application

Allow for unlimited employers/employment history and income sources on the loan application.

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About Lender*VP

Lender*VP delivers to your credit union a team of experienced lending professionals that will take over the task of driving the success of your loan department. The Lender*VP team has years of on-the-street credit union lending experience, combined with an intimate knowledge of CU*BASE tools. Services provided range from PayDay Lending, Consulting, and a variety of Loan Delivery Channels to ensure credit unions can remain competitive in the fast-paced lending environment. We can make sure you know what products you need, get them off the ground quickly, and drive them to success.

lendervp.com | Phone: 616.285.5711 | Toll Free: 800.327.3478 x167 | Fax: 616.285.5735
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