Create Loan Account

These steps explain how to create a loan account for both members and non-members once a loan request has already been created.

  • After you follow the steps below, the system will create the loan account and navigate to the options you select while completing the steps below, ending with any loan forms you selected to print. (Loan forms can also be printed after the loan has been created using Tool #52 Print Loan Forms.)

To access the loan request in order to create the loan account, use one of the following access points:

  • Launch Tool #2 Work/View Loan Application Status.

  • Launch Tool #53 Process Member Applications.

  • Click Cancel from either the Summary or Print screen while you're completing the loan application.

  1. From the Loan Request Recap screen, accessed in one of the three ways described above, click Create Loan Account.

    • This will assign a suffix and attach the credit report if available.

    • For non-members, you will then be taken through the steps to open a new membership (begin at step 6).

    • Once finished with these steps, return to this topic and continue to the next step.

  2. On the Loan Creation screen in the Printer field, enter the ID of the printer to which you'd like loan forms to print.

  3. In the Approval ID field, enter the employee ID of the loan officer who approved the loan.

  4. In the Collector ID field, enter the employee ID of the person responsible for handling collections on the loan.

  5. In the Additional Information section, check the boxes corresponding to any additional maintenance that will need to be performed on the loan.  

    • Be sure to check the Disburse funds box in order to disburse the loan funds after the loan has been created.

  6. Click the orange Select button and select any loan forms that need to be printed.

  7. Click the forward arrow.

  8. From the Loan Disbursement screen, disburse funds using one or more of the following methods.

    • Cash: Enter the amount in the Cash field and click the forward arrow.

    • CU check: Enter the amount in the CU check field.

      1. Remember to update the Pay to the order of name and address as well the Remitter field.

      2. Click the forward arrow to print the check at your configured printer.

      3. Depending on your credit union configuration, you may see the OFAC Name Breakdown screen after pressing Enter to print the check. Click Continue to run the OFAC scan. If the scan results in "no hits found," click Continue.

    • Member transfer: Enter the amount and the base account number and suffix beside the Member Transfer field and click the forward arrow to transfer the funds to the selected member account.

    • G/L transfer: Fees and other miscellaneous items can be paid to a G/L account. Enter the amount in the G/L transfer field, select a configured code by using the lookup (or enter a specific G/L account), and click the forward arrow to transfer the funds to the selected G/L account.

    • Each time you click the forward arrow after disbursing funds, the Session Totals to the right will record the transaction, and the Net available field will be updated.

  9. Click the forward arrow.

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