CU*Answers Adds Balloon Loan Filter to 5300 Automation Tool

West Michigan-based core data processor, CU*Answers, announced that CEOs and staff members responsible for completing the 5300 call report can now easily retrieve balloon loan information directly from its core platform, CU*BASE®.

The platform includes a 5300 Call Report automated tool that helps CEOs and staff members complete this task faster and easier by automatically pulling in over half of the data required for reporting. Now credit union staff can easily retrieve balloon loan data from the Loan Trial Report via a new filter. New selections to filter for “balloon loans” and “general loans” have been added in addition to the already existing “lease loan filters” on all three of the loan information reports.

The CUSO added that in the past, staff had to use more traditional methods of reporting to get the required information on balloon loans for the 5300 Call Report. This new feature saves time for the credit union so that more time can be spent on analysis. CU*Answers noted that not only do automation routines make the Call Report tool in CU*BASE a great standard feature, but trend analysis tools let the credit union compare its call report information over time, increasing its value.