In this class we will review CU*BASE options for servicing mortgage loans through the credit union’s traditional service delivery points. 360-day loans require repayment rules and special handling that are not related to the typical credit union member loan. Understanding and explaining these differences to your members will be the difference between using the CU*BASE system and purchasing an outside servicing package. This class is key to getting the maximum return on CU*BASE loan features: mortgage loans.
This class is designed for loan product designers, lending managers and supervisors, and member service supervisors.
By the completion of this course, students will have:
- Explained the loan servicing rules for 360-day configured loans.
- Discussed extended mortgage servicing and CU*BASE’s automated features including payment matrix options and teller warning messages.
- Investigated ARM products and their effect on loan portfolios.
- Discussed the difference in amortization, simple interest, and scheduled interest
- Investigated the payment-application and system-accrual processes
- Servicing 360-Day Interest Loans
- Configuring Mortgage Lending Products
- Mortgage Payment Matrix
- Preparing loans for final payoff