Share Secured Loan Parameters

Screen ID: 

Screen Title: 

Panel Number:

USDIV-09

Share Secured Loans Parameters

7377


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Access this screen by checking "Allow share secured via OLB" on the previous screen and using Enter.

Related Resources

 

Share secured loans allows you to offer low-risk loans using the balance of the member's savings account to secure loans opened. Members open the loan online in a self-service manner. A pledged share is opened at the time the member opens the loan for the loan amount.

This screen is used to configure the CD Secured loans product for this certificate type. Use Online Sales Info to access the screen where you write the advertisement the member sees when considering whether to accept this offer.

Field Definitions

Field Name

Description

Loan product to offer

Use the lookup to select a code or enter a loan product code in the field provided. Only Installment closed-end loans can be selected when configuring Share Secured Loans.  Mortgages and open-end loans cannot be selected.

  • NOTE: The lookup will only present loan products that are closed-end loans, since the feature only supports loan categories that are MEMBER5 loans.

  • NOTE: Many conditions of the Share Secured loan, such as purpose code and security code come from the loan product selected.

Processing fee

Optionally enter a dollar amount for the processing fee charged to the member when they complete opening a Share Secured loan.

  • NOTE:  This fee is not charged if the member fails to complete the process and a loan application is created.

Fee CU account

(Required when a dollar amount is entered in the Processing fee field.)  

Enter the fee G/L.

Fee transaction description

(Required when a dollar amount is entered in the Processing fee field.)  

Enter the transaction description for the fee that is used for the member’s statement.

% to add to determine loan rate

Enter the percentage to add to the savings rate to determine the loan rate.

  • NOTE: There is no check on your general rate tolerance settings when configuring a Share Secured loan product.  

  • If the savings rate is tiered, then the member will be offered a different rate on their loan depending on the rate of their savings account.

Payment plans allowed

Select how members will pay back the amount they take out in their loan.  Monthly is the only available option.

  • NOTE: No confirmation is made against the system that members can pay down the loan monthly, should they select that option.

Default underwriting code for requests in progress

Entry required. Use the lookup to find a valid underwriting code. Must be a Memo Type.

Online self service form for eSigning

Optional. Enter a form to be presented for signing when the loan is booked. If this is entered, it is required to book the loan. Otherwise, it will be presented as an application in the pending queue. Must be an OL type (online) form