Loan Quoter Payment Selection
Check out the video related to this topic: Loan Quoter Basics (More videos below!)
Learn how to quote a loan payment and complete other tasks related to member inquiries.
This screen is a quick way for you to quote simple loan payments. You can even quote payments with and without insurance premiums, but for more complex calculations always use the loan application process. The Loan Quoter cannot be used to quote debt protection. Instead complete a loan application using the loan application features in CU*BASE.
Start by entering the loan amount. (In order to quote insurance, you must also enter either an account number or a birth date for one or both of the borrowers-if quoting for a non-member, use the Name field to enter a name so that it can appear on any printed materials for this quote.
NOTE: To calculate a quote with insurance (debt protects cannot be used with Loan Quoter), use Edit (F2) and enter the appropriate codes.
Use Enter to calculate the quote and display all of the appropriate payment options at the bottom of the screen.
See below for hints related to quoting insurance.
To try a different term or rate, use the input fields at the top of the columns to enter a different amount, pressing Enter to recalculate. (NOTE: There are only three rates you can change; the rates on the left and right side of those three rates are calculated using a defined variance amount. To change the variance, use Edit (F2).)
To display only the “base” (middle) rate for each of the terms, use Base Rate Only (F11). This removes all but the center column for each term and can make the screen appear a little less cluttered. Use this button again to return to the full list of payments.
To make the screen easier to read, click the highlight button in front of any line to apply shading to that line, like this:
To change any of the settings (including adding insurance) that are being used to calculate these payments, use F2-Edit to display the amortization settings screen where various parameters such as rates and insurance codes can be changed.
To select one of the payments and proceed to the Loan Quoter Recap screen, click the icon to the right of the payment amount, like this:
When reviewing this screen with your member, there is a handy tool that will calculate the difference between two of the quoted payment amounts, and will even break down the difference per day. Use this procedure:
The following window will appear showing the difference between the two payments selected:
Click Continue (or press Enter) to return to the original screen. Repeat the steps again for a different set of payments as needed.
If insurance premiums (or debt protection fees) are not being quoted automatically, check the following:
Are codes entered in the configuration for this Loan Product Code? If not, use Edit (F2) to edit the amortization settings for this quote and specify insurance codes for this quote. (Also make sure that the codes are actually set up to offer that type of insurance!)
Has a co-borrower birthdate been specified?
Do the loan amount, term, and other settings fall within the eligibility requirements for this type of insurance?
Is the borrower (or co-borrower) eligible for insurance based on his/her age?
NOTE: Insurance premium costs do not reflect changing premiums over time as the loan is paid down; they represent the premium/cost for the first payment.
Check out these additional video resources!
Loan Quoter Extras
View more lending videos.
Visit the CU*BASE video library.