Calculate Refinance Opportunity

Screen ID:

Screen Title:

Panel Number:

WINREFI-01

6914

Access this screen by selecting the lookup next to the Est Rate column on the Loan Application Debts (or Household Debts) screens.

Learn more: Configuring Tools for Your Loan Team booklet

About this Feature

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 Loan Application 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. Once activated, use the lookup next to the Est Rate column on the Loan Application Debts screen to access this screen where you can calculate and make a counter "Refi Offer."

Making an Offer

Refer to the Configuring Tools for Your Loan Team booklet for step by step directions and pictures of the process.

This screen is used to calculate a counter offer for a member on an existing loan they have at another financial institution. If you are on this screen you have already selected the lookup next to the Est rate column on either the Loan Application Debts (or Household Debts) screens. This lookup is selected when the rate is highlighted in either a green or yellow highlight, indicating that your default product can beat the member's existing rate. (See note above.)

On the left side of the Calculate Refinance Opportunity screen you can see the estimated original balance, original term in months, and current payment based on the member's current credit report. On the right, you are given the current balance and calculated payment, and interest rate based on the selected product (matched to that trade line).

The tradeline association and default product used on the right side of this screen is configured on the Configure Products for Refi Triggers screen. This product is used as a starting point, and is generally selected with a long term and low rate (base rate or due to risk-based pricing). Your member may or may not qualify for this rate.

While talking to the member, you can adjust the open fields on the right to calculate a new offer for the member. You can even select a different and more appropriate product code by using the lookup next to the Product code field. (This will display a list of your loan product codes.

When you have an offer to make, click the Refi Offer Made button. The button will change to read Clear. When you return to the previous screen, it will have a check next to the trade line, indicating that an offer has been made.

Tracking Offers Made

Once you make an offer, the loan product used in the offer will be recorded to a file. (If you accessed this screen from the Loan Application Debts, the offer will be recorded in the LAPHAD file. This Calculate Refinance Opportunity screen can also be accessed from the Household Debts screen. In this case, the offer is written to the HAD file.)

If a checkmark appears next to the Est Rate column on the Loan Application Debts screen, an offer has already been made. You can use this system 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.

Making an New Offer

If you wish to make another offer, click the checkmark on the Loan Application Debts (or Household Debts screen) and use Clear (F15) on this screen. Then set up and make a new offer as explained above.