Packaging loans for sale is a CU*BASE feature used by credit unions that would like to participate or sell a portion of their loan portfolio. The initial screen from Tool #574 Package Loans to be Sold allows credit unions to specify the total investment, loan size, loan status, collateral position and type of loans to include in the package. Loans that meet the package criteria can then be marked to include in the package. Once the credit union has determined the loans to be packaged for sale to the investor, the package is created.

Phase 1 Enhancements

This project created a new process for “packaged” loans to automatically get created in the CU*BASE Participation Lending system. Although the existing Package Loans to be Sold tool does have a link to the participation loan system, each loan had to be created manually. The new automated process eliminated this tedious manual entry.

A new function “Prepare for Final Sale” was added to the main Potential Loans to be Sold screen that displays when working with a created package. Once the package details are finalized, this new function automatically creates the loans in the participation loan system and locks the package from further editing.

Status: Project #57751 was implemented in the 22.10 release.

Phase 2 Enhancements

This project creates a new Tool for accessing packages that have been finalized and prepared for final sale.  From the new “Loan Packages Sold” tool you will be able to view package details, comments or the package summary.  Packages can also be deleted via the new tool.

In addition we will be adding maximum debt-t0-income (DTI) ratio to the selection criteria for creating a new package.

Status as of September 2023: Project 61537 is in QC testing.   

Your chef for this recipe:  Karen Sorensen