Loan Product Configuration (Online Banking)

Description

Enter a variant (+ or - and an amount) to determine the Onlinebanking offered rate. This will be calculated off the Product code base rate at the top of the screen.

TheOnlinebanking offered rate will be used as the preliminary rate when new online loan applications are created. If you have risk-based pricing configured for this product, after a credit report is pulled for the member, then the appropriate rate from the risk-based pricing matrix will be used instead of this rate.

Use Recalculate (F10) to see the final rate that will be used on new online banking requests.

Use this field if you want this product to appear in your online banking Loan Rate Board. Enter a sequential number to indicate the order in which the product should appear in the Rate Board (maximum of 50).

Type 00 in this field if you do not want it to display in online banking.

Enter a descriptive name for the loan product. This name will appear in the first column of the Rate Board.

Enter a description, sales message, or other “teaser” to describe the loan and get the member interested. This will appear in the second column of the Rate Board.

Choose one of the following to indicate how this loan product should behave in online banking:

Application (A) - Use this if you want members to be able to submit an application for this specific loan from online banking. On the Rate Board, an “Apply” button will appear next to this loan product to allow a member to specify an amount and choose from a group of pre-defined loan parameters, as well as complete the application itself. Be sure to complete all of the fields in the bottom section of the screen.

Information Only (I) - Use this if you simply want this loan product and its rate to be displayed on the Loan Rate Board. Instead of an “Apply” link the member will see a “More Info” link which will display your sales information (configured on the next screen).

• You will also want to add Sales information that the member will view online when checking out your online rate board. They will see this text when clicking on the product to view more about the loan.  If the product is being made available to be opened in online banking, this would be a great place to tell members what will happen when the account is opened (forms you'll send, etc.).  If the product is not for sale on line (such as a mortgage loan), this is the ideal spot to describe how a member can open or apply for an account, even including your loan officer contact information.

Place a checkmark in at least one of the following:

Standard online banking – to show this product in the rate board for It’s Me 247 online banking

Business (multi-login) – to show this product in the rate board for BizLink 247 online banking

The Business (single-login) option is not currently used by any process.

NOTE: There is only one sales text message per product. So for generic products that work the same for businesses and individuals, you can create a single product for display in both platforms. But if you wish to customize your sales text based on the audience, we recommend building unique products for your business members.

NOTE: This setting will affect only rate boards displayed within online banking; external rate boards will require additional adjustments in order to be able to display products conditionally. Refer to the BizLink 247 Business Banking booklet for details.

Select which online banking platform in which to show this product. Standard online banking (It's Me 247), Business (multi-login) (BizLink 247), or Business (single user) (not currently used.). In this manner, you can have products that are specifically for business, consumer, or both rate boards.

• NOTE: Only one Sales Information text is available per product. If you wish to have separate business only products with different sales text, it is recommended you create separate business-only products.

Application Only

These fields must be completed if the Available online flag is set to “Application."

Use this to specify the payment frequency to be used for incoming loan applications. Members will see the description of this code on the Loan Quote Confirmation screen. Click the lookup button to see a list of valid codes.

Use this to specify the Security Code that will be assigned to incoming loan applications. Members will not see this code. Click the lookup button to see a list of your credit union's configured codes.

Use this to specify the Delinquency Fine Code to be assigned when the loan application is submitted. Members will not see this code. Click the lookup button to see a list of your credit union's configured codes.

Use this to specify the default Purpose Code that will be used when the loan application is submitted. The member will see a pull-down list with the description for this code as well as any others specified in the Other Optional Purpose Codes field. Click the lookup button to see a list of your credit union's configured codes.

Use these to specify additional options for a Purpose Code. The member will see these in a pull-down list with the description for each code. This would be useful for more generic loan products where more than one purpose might apply. Click the lookup button to see a list of your credit union's configured codes.

Use this to specify the default loan term that will be selected when the loan application is submitted. Use a term with the same frequency as indicated by the Frequency code setting (above). For example, if the Frequency code field is set to M for Monthly, this field should indicate a number of months.

• One term is recommended for credit card products offered online.

Use these to specify additional loan term choices from which the member can choose. The member will see a series of terms (with the Term Default selected automatically), and can select any of the terms listed.

For example, for a car loan product, you might offer a standard 4-year (48 month) loan, with other available terms of 36 months, 60 months and 72 months.

If you wish to require a member to specify a description, year, and value for a collateral item with this loan application, enter one of your credit union's configured collateral type codes. Leave the field blank if you do not wish to require collateral information for this loan product. Click the lookup button to see a list of your credit union's configured codes.

(Appears if Insurance was configured for this product.)

If you wish to allow a member to purchase insurance on the loan application, enter a code in any or all of the following fields (click the lookup button to see a list of your credit union's configured codes):

Single CL

Joint CL

Disability

IMPORTANT: If you are offering insurancethrough online banking, be sure to configure sales information that the member can view by clicking the “Learn More” button on the loan application screen in online banking. This is configured as part of the Member Sales Information screen.

(Appears if Insurance was configured for this product.)

Determines whether the payment protection is added to the balance or is included in the balloon amount.

(Appears if Debt Protection was configured for this product.)

If you wish to allow a member to purchase debt protection coverage on the loan application, enter a code in any or all of the following fields (click the lookup button to see a list of your credit union's configured codes):

Single/Borrower/CoBorrower

Joint

IMPORTANT: If you are offering insurance through online banking, be sure to configure sales information that the member can view by clicking the “Learn More” button on the loan application screen in online banking. This is configured as part of the Member Sales Information screen.

If the payment protection selected is single premium insurance, this flag should be checked, meaning that insurance premiums should be added to the balance of the loan.

If this is a balloon loan, and the payment protection you have selected is a single premium insurance type, this flag lets you choose whether the balloon amount should be included in the insurance coverage and therefore included in the premium calculation.

Your ability to offer this choice to your members will depend on your state regulations.

Description

Use this to recalculate all rates on this screen by adding or subtracting the variant amounts from the Product code base rate at the top of the screen.

Great for auditors, this screen shows a historical listing of all the rate changes on the selected loan product. View a listing of the new rate, the effective date, the old rate and the ID of the employee who made the rate change