Flex Loans allows members in It’s Me 247 to request a change in the term of their loan which results in a payment change. This is permitted on configured products with monthly payment frequencies. The loan modification request can be immediate if the member is qualified and your credit union activates auto approvals. Otherwise, the member’s request is sent to the LOS loan queue (Tool #2) to be approved or denied by your loan officer.
First, it is important to remember that people only qualify for Flex Loans if their loan's loan category is configured for them. (You may decide to create a loan category just for Flex Loan products.) However, once Flex Loans are activated for a category, all loans under that category qualify for the Flex Loan offer.
Also remember that you can adjust your configuration until you are comfortable with moving to auto approvals for members that qualify. And even if you have auto approvals activated, you can stop members from qualifying for Flex Loan modifications by using the configured exclusions. For example, you can exclude members if their loan is delinquent or frozen. Members that fail your exclusions are always sent to the loan queue and can be denied by the loan officer.
The loan queue assists your loan officers by clearly indicating if the member’s request passed or failed the exclusions. Additionally, the detail of the loan modification request indicates exactly which exclusions were failed, giving your loan officer additional information while processing a failed request.
The following exclusions are available for Flex Loans:
- Loan delinquent 1 day or more (always active)
- Loan delinquent x times or more for the life of the loan
- Account open x days or less
- Accounts currently overlimit
- Balance currently x % or more of available credit
- Freeze code present
- Selected Membership Designations can be excluded
- Credit score x or below
- Loan balance is less than or equal to x dollars
Note: The "Selected Membership Designations" and "Credit score x or below" are membership-related exclusions. All other exclusions are account exclusions. Account exclusions are only run against the loan that qualifies for the Flex Loan offer. Other accounts, including other saving, checking and loans are not considered against the account exclusions.