KBID 1414 Date Created: 11/5/2004 Date Modified: 6/12/2014
Option 1: Create a Misc. Member Account Form with the appropriate text, and add a procedure for your loan processors to print this form whenever a loan like this is created. Since the CU*BASE online credit bureau system has no way to know if a credit score is used in the underwriting decision, nor whether the credit report was used for a mortgage or home equity loan, this will be manual process.
HINT: This step could be added to the Electronic Checklist feature for your mortgage and home equity loan products, not only as a reminder of the task, but also to allow your staff to record that the notice was sent and when.
Option 2: If you wish to purchase the new LOANLINER FACT Act Notice from CUNA, CU*Answers can add this form to your credit union's custom loan form list. CU*Answers has already done the necessary programming to allow CUs to generate this form in CU*BASE. All you need to do is contact CUNA to purchase the form. Ask them to notify us, and once we receive confirmation of payment from CUNA we can then activate the form for you to print the same as your other custom loan forms.