Configure Products for Refi Triggers
Access this screen by selecting Tool 1996: "Refinance Trigger" Product Config.
Learn more on the Loan Application Debts screen, the Calculate Refinance Opportunity screen, and in the Configuring Tools for your Loan Team booklet.
There is no better time to cross-sell a loan than during the loan application interview stage. This feature makes it even easier to recognize opportunity and track offers made. All lending departments will want to take note!
Take advantage of the “Refi Triggers” feature integrated into the CU*BASE LOS (Loan Origination System). While looking on the Debts screen when working on a loan application, the“Est Rt” column alerts with a not-to-be-missed highlight if you offer a better rate with a comparable product your credit union. Green is used for consumer loans; yellow when you offer a better credit card interest rate. On the Debts screen click the lookup button to adjust the terms of the counter-offer on the Calculate Refinance Opportunity screen. Then using this system mark it as a reminder that you’ve already talked to the member about it and the system will write to a file that can be queried for further analysis to determine if you are making the most of this amazing cross-sales tool.
This screen allows to you match a specific product with each of the major loan groups (mortgage, second mortgage, auto, line of credit, installment and credit card or revolving credit). (Thereby making a tradeline association.) Based on this configuration, the estimated rate shown is based on either the "Product code base rate" of the loan product you select or, if you use risk-based pricing, the rate based on the member’s credit score.
Helpful hint: Select products with a lower rate and longer term. Upon investigation when working on a deal for a new loan, you may find your member's credit score or other factors mean that your member does not qualify for the best rate. With this setup, however, the Debts screen will highlight the most opportunities for investigation.