The new Loan to Value Analysis Report shows loan-to-value ratios on loan accounts a little differently than some are used to seeing the LTV being used on individual collateral records. With this report, the user can choose to calculate LTV according to either the current loan balance or the original loan balance. Additionally, this report will also look at all collateral records attached to the loan and calculate LTV using values from multiple collateral items.

According to the CUSO, this report will be very handy for reviewing mortgage loans that are nearing 80% LTV, and therefore requiring PMI termination, as well as to check for exceptions to credit union policy on LTV ratios. The report allows the user to choose a specific loan category to report, and can sort by account number or LTV ratio. The calculation can be based on current or original loan balance, and has the option to specify a cut-off ratio to display on the report.

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Through the partnership between CU*Answers and Prime Alliance, the CUSO is able to provide a streamlined mortgage application tool with full electronic integration to CU*BASE. The CUSO is reporting impressive increases for the number of applications and received and loans closed for the months of May and June, 2009. The number of apps has increased over May and June, 2008 by 346%, and 325%, while the number of closed loans increased by 534%, and 268%.

CU*Answers credits the impressive statistics to the ease of use of the web-based platform, and the strong daily support provided by the CUSOs lending division, Lender*VP.

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According to the CUSO, recently converted Boston-based Massachusetts State Employees Credit Union and Heartland Credit Union out of Madison, Wisconsin are using the CU*BASE software to service their Fannie Mae portfolios.

Significant upgrades have been to the CU*BASE system to ensure mortgage loans with 360-day interest calc type remain compliant for the secondary market, while making servicing easier for staff and members. Some of the changes include the ability to post a regular payment and a separate principal-only payment at the same time, with independent transactions and member-friendly descriptions. A new style of interactive messages has been developed to help both members and staff navigate the complex techniques required to post payments correctly on these type of loans. Additionally, new secondary transaction descriptions will clearly document a members decision, such as MBR-ELECTED PAYMENT FOR 3/1/09 or MBR-ELECTED PRINCIPAL-ONLY PMT and so on.

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Though Prime Alliance is not a product of CU*Answers, the team of experts utilizing this product daily submit future need requests resulting from clients’ direct experience. This continued drive to enhance and improve member experience, is a primary reason for the CUSO being selected for this beta.

Some of the key functionalities in this release include:

• Interim Construction loans – The ability to support simple interest only construction loans for periods of 6, 9, 12, or 18 months.
• Credit Score in the Loan Consultant – The new enhancement will provide the ability to add a new question on the first page of the loan consultant where the borrower could either enter their credit score, or pick from a dropdown their opinion of their credit history (Excellent, Good, Average, Poor).
• Pricing Adjustment in Loan Officer Workbench – A new page has been created that is accessed from the Loan Summary tab called ‘Pricing Adjustments’. It can be added to the appropriate security groups using the Security Groups editor. The Pricing Adjustment page will display all of the pricing adjustments that apply to a loan. This will allow the person viewing the loan see how the final rate was determined.

According to Rob Meijer, Account Executive for CU*Answers’ division Lender*VP, and the CUSO’s primary support for this tool: “We are always working on improving how our clients do business. This release of the Prime Alliance is very exciting to us, especially being able to offer the Interim Construction Loans, since it truly meets the needs of our credit unions.”

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CU*Answers said credit unions must embrace the values of a credit union system and recognize the benefits of the shifting markets. They are then positioned to prove that credit unions are the best solution for financial services for members and prospective members. CU*Answers went on to say Lender*VP offers a unique combination of lending tools for credit unions who are already using CU*BASE software as its core-process system. Features of Lender*VP are numerous, some of the noteworthy include:

• 247 Lender: Round-the-clock loan factory. This tool provides 24/7 access to loan information, requests, applications, and approvals. 247 Lender never sleeps.
• Credit Card Options
• Real Estate Solutions: A web based mortgage application that functions as part of CU*BASE
• Retailer Direct: Credit Unions forge relationships with trusted retail business partners. Loan applications are electronically delivered from any partner location.
• Pay Day Lending: Members get the benefit of Pay Day Advance loans without the negative lending practices common to predatory lenders.

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Filer Credit Union of Manistee, Michigan, recently had the need for management level support and direction for their lending department and found they had to look no further than their core processor for the answer. CU*Answers’ Lender*VP is tailored to support existing loan managers, or even entirely manage a credit union’s lending efforts. Lender*VP delivers a team of experienced lending professionals that will compliment the success of any credit union’s loan department. In Filer’s case, Lender*VP even stepped in to become their credit union’s Lending Vice President!

The Lender*VP team combines decades of proven, on-the-street lending experience, with an intimate knowledge of CU*BASE lending tools. This team ensures that a credit union analyzes what products they may need, helps configure these desired products, gets them quickly off the ground, and drives them to success.

Dave Ohman, CEO of Filer Credit Union says “Lender*VP has been a perfect fit for our Credit Union. They were literally able to immediately transition in with our staff to provide a level of leadership and expertise that we were lacking as a result of staffing changes. A Lender*VP expert literally visits with my team one day weekly and works directly with them for designing new loan product offerings, policies, procedures and marketing strategies. Best of all, as we are utilizing the CU*BASE processing system, they can monitor our on-going efforts right from their corporate location and make recommendations at a moment’s notice. I can’t say enough for the effort and value that Lender*VP has provided to our Credit Union.”

For many credit unions, Lender*VP has reworked the traditional lending landscape with a battery of solutions. Several of these include:

• Propose and configure a variety of powerful lending products to support a credit union’s loan efforts.
• Implement, optimize and train a credit union’s staff on new products.
• Develop policies and procedures for the credit union.
• Deliver monthly loan reports to the CEO’s desk, addressing the overall success of the lending factory
• Back a credit union’s outbound loan marketing efforts with call center support.

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