Earlier this month, CU*Answers rolled out new tools for managing written off and charged off loans. The entire process of reclassifying these underperforming loans is streamlined. Not only are manual time-consuming tasks eliminated, tracking these loans is now much easier. A credit union in eastern Michigan commented last week, “I just used the updated write off/charge off screen for the first today. I want to let you know that it is the best!! Please tell your team, good job.”

With the enhanced tools, a snapshot of loan details is taken at the time of write-off to be used for future trending and analysis. This information, including balance at write-off, reason for the write-off, and status of the collateral can be made available to board members, examiners, or others who monitor these loans. In addition, the loan balances tracked with the tools are helpful when gathering the year-to-date charge off and recovery information for the 5300 Call Report.