Update on CU*BASE Escrow Statements Enhancements

It’s escrow analysis season! We know that many of you will be running your escrow analysis statements in the next month or two. Since the rollout of enhancements in the 21.10 release, we’ve had to make a few adjustments, so here’s the latest news:

ENHANCEMENTS TO THE FORMAT

The new format for the CU*BASE Escrow Analysis Disclosure Statement was intended to make the statement easier to understand and more member-friendly. We added new details as required by RESPA, expanded the CU-defined comments area that prints at the bottom, began storing the projected amount to be disbursed so we could display both projected and actual paid amounts, broke out anticipated annual disbursements by collateral definition type, added a coupon page for payment of a shortage, and changed the layout so the address will fit into a standard window envelope for easier mailing. These enhancements have been very well received so far.

Unfortunately, after the changes were implemented there was a brief period where some elements of the new format prevented escrow statements from being archived. (Read the alert.) This was corrected by simplifying the printed output to no longer use special font formatting such as boxes and lines. So while the format still includes all of the improvements already described, the overall look will be simpler and less graphical than we originally intended. We will continue to work toward restoring these features once we can reconcile them to how our archival process works.

WHAT WE’RE WORKING ON NOW

One issue that is still occurring for some CUs is that when printing multiple escrow statements, occasionally a third, empty page with only a header and page number is being produced.  We are working on that now and hope to make an adjustment to prevent this by the end of January.

WHAT’S NEXT?

Other things we’ll be addressing in future projects:

  • Adjustments to how the PMI figure appears in the history section (to show a monthly premium instead of an annual figure).
  • Adding totals to the amount columns.
  • Minor tweaks to the coupon section, including addressing a formatting error when there is a PO box in the address, and removing the date from the shortage payment verbiage.
  • Adding an automated tool so you can pay escrow surplus funds to your members via check.

We appreciate all of the feedback we received from clients who have been printing statements since the release went in. Keep it coming!

Here comes the next Collections Roundtable!

Here comes the next Collections Roundtable!

Pull Up a Chair, the Roundtable is Waiting! Join us for the FREE Collections Roundtable, an open forum discussion on collections laws, internal procedures, and CU*BASE processes.  Join us for the second session of the 2022 Collections Roundtable Series – for whichever session you’d like, or both! We are once again hosting an in-person version… Read more »

May 19, 2022

CU Info Offers a Convenient Way to Update Your Credit Union’s Information!

CU Info Offers a Convenient Way to Update Your Credit Union’s Information! Wouldn’t it be great to update hours instantly?  No more waiting or emailing thanks to CU Info, powered by CU*Publisher.  With CU Info, it’s your product on your schedule! What Info Can I Manage? In addition to managing the members of your CU*Publisher… Read more »

May 19, 2022

Join the BizLink Focus Group and Learn About Our Top 5 Projects!

Join the BizLink Focus Group and Learn About Our Top 5 Projects!

Have you heard about the BizLink Focus Group? A new initiative for 2022, the BizLink Focus Group invites your credit union’s business member service executives to join us in discussing the efforts of the BizLink Advisory Board, updates on BizLink Advisory Board Projects, and any additional ongoing efforts related to BizLink.  The BizLink Focus Group… Read more »

May 17, 2022

Meet AdvantageCIO: Cooperative Resources for Strengthening Your Cyber Resilience

Meet AdvantageCIO: Cooperative Resources for Strengthening Your Cyber Resilience

Cybersecurity is a leading concern for CEOs and technology teams responsible for safeguarding sensitive member data.  The landscape of the financial services industry is constantly changing, and new threats are emerging that can lead to the potential disruption of business operations, harm to your credit union’s reputation, and financial risk.  Join AdvantageCIO’s senior consultants as… Read more »

May 17, 2022

Analyze Courtesy Pay Fees and Make Informed Decisions for Your Organization

Analyze Courtesy Pay Fees and Make Informed Decisions for Your Organization

Courtesy Pay fee programs have been a topic of national attention in 2022, with several national banks deciding to adjust their fee schedules, prompting many more financial institutions to start scrutinizing their own practices. How many of your members are currently using these services?  What types of transactions are causing these fees?  What would happen… Read more »

May 17, 2022

Let Your Members Know About Inclement Weather Closings with Mobile Alerts, Powered by CU*Publisher

Let Your Members Know About Inclement Weather Closings with Mobile Alerts, Powered by CU*Publisher

Wouldn’t it be convenient to have the option to inform your members that specific branch locations will be closed due to inclement weather or power outages?  Look no further than Mobile Alerts!  Powered by CU*Publisher, this tool allows you to configure routine or one-time alerts for different platforms on both Android and iOS. If you… Read more »

May 17, 2022

Tracking Interest for Written-Off Loans is Now Easier than Ever!

Tracking Interest for Written-Off Loans is Now Easier than Ever!

If you’ve been manually tracking interest on your written off loans on spreadsheets, now CU*BASE will do the work for you!  Effective with the 22.05 release, daily interest is automatically being calculated for written off loans and stored in the loan write-off history.  No more spreadsheets! If you’ve been tracking interest accrued since write-off manually,… Read more »

May 17, 2022

There’s Still Time to Register for the 2022 CU*Answers Leadership Conference!

There’s Still Time to Register for the 2022 CU*Answers Leadership Conference!

Don’t miss out: register for the 2022 CU*Answers Leadership Conference!  Join us for a discussion on the CUSO’s performance over the past year, as well as where we are looking to take ourselves on our next adventure.  We look forward to seeing you at this unique event – connect with your peers for an energizing… Read more »

May 17, 2022