Recommendations from Lender*VP – Document Retention for Denied Applications

What is your credit union’s current retention plan for documents relating to denied applications?  Lender*VP has recommendations for your credit union, as detailed below.

Lender*VP recommends that any/all relevant documentation and information that is used to deny loan applications should be saved by your credit union for a period of at least 25 months.  Relevant documents can include:

  • The application form
  • The loan officer worksheet
  • Any other documents that were used to make the decision

Remember that denied applications themselves are not saved in the system, and therefore cannot be used as part of the retention program.

Vehicle Valuation Price Increase Arriving in October

Vehicle Valuation Price Increase Arriving in October

Attention CU*Answers clients: effective October 1st, 2024, pricing for J.D. Power Vehicle Valuations will be increasing. The monthly cost will increase from $55.00 per month to $60.50 per month, while valuation costs will increase from $0.22 per valuation to $0.24 per valuation. These price increases will apply to all clients using the service, including current subscribers. If… Read more »

Jun 19, 2024

Arriving 6/18: Enhancement to Interest Accrual Calculator to Display Historical Interest Rates

Arriving 6/18: Enhancement to Interest Accrual Calculator to Display Historical Interest Rates

On Tuesday, June 18th, we will be deploying an enhancement to the Interest Accrual Calculator via Member Inquiry. This enhancement will support the display of historical interest rates, allowing users to search what the interest rate was during a specified period of time. This enhancement will offer your credit union greater insight into research relating… Read more »

Jun 14, 2024

Arriving 6/18: Update for Collateral Records & Impact to Third-Party LOS Users

Arriving 6/18: Update for Collateral Records & Impact to Third-Party LOS Users

On Tuesday, June 18th, we will be deploying a project for third-party loan origination systems that build collateral records to populate the title tracking field with the default assigned to the collateral type. For third-party LOS users only: The project affects all third-party LOS users for both current and future collateral records. This project will… Read more »

Jun 11, 2024

Recommendations from Lender*VP – Document Retention for Denied Applications

Recommendations from Lender*VP – Document Retention for Denied Applications

What is your credit union’s current retention plan for documents relating to denied applications?  Lender*VP has recommendations for your credit union, as detailed below. Lender*VP recommends that any/all relevant documentation and information that is used to deny loan applications should be saved by your credit union for a period of at least 25 months.  Relevant… Read more »

Jun 10, 2024