Lender*VP
Summary
In this course, we will review options for servicing mortgage loans through the credit union’s traditional service delivery points. 360-day loans require repayment rules and special handling not related to the typical credit union member loan. Understanding and explaining these differences to your members will be the difference between using the core system and purchasing an outside servicing package. This course is key to getting the maximum return on the cores mortgage loans.
Audience
This class is designed for loan product designers, lending managers and supervisors, and member service supervisors.
Objectives
By the completion of this course, participants will be able to:
- Explain the loan servicing rules for 360-day configured loans
- Identify automated features
- Explain the difference between amortization, simple interest, and scheduled interest
- Explain payment application and system accrual processes
Topics
- This course covers the following topics:
- Servicing 360-day interest loans
- Configuring mortgage lending products
- Preparing loans for final payoff
- Mortgage payment matrix
