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1.
What is Debt Protection coverage?
This new loan coverage is NOT an insurance product, therefore not governed by normal Insurance regulations/audits. It is designed to cover situations not normally covered by Disability/Life Insurance. For example: divorce, loss of a job, drop in income. It uses a Level Rate calculation and cannot have the words insurance or premium used on the posting of the debit to the loan. Although it may currently be used as a self-insured offering, insurance companies warrant the loan disclosure fo More...
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2.
On our loan credit insurance and/or debt protection posting reports, we see exception descriptions that are abbreviated. What are their meanings and did the premiums/fees post or were they rejected?
These message indicators appear on the CU*BASE loan insurance premium posting report (TCUNAS2 / TCUNAS3) and the Debt Protection Fee posting/exception reports (TCUNAD2 / TCUNAD3). By looking at the reports, you can tell if a premium / DP fee posted or not based on the exception. LOAN INSURANCE MESSAGES ADD SIGN There is joint coverage on this loan. There is either no 'additional signer' record, or the birth date for the additional signer is missing or invalid. JT TO SG There is joint cov More...
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3.
What is the member's transaction description that is used for debt protection fees?
There are four types of debt protection plan types. 1= Single, 2=Joint, 3=Co-Borrower, 4= Blended. The transaction descriptions are: 1. SIngle Debt Pro Fee, 2. Joint Debt Pro Fee, 3. Co-borrower Debt Pro and 4. Blended Debt Pro Fee.
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4.
Is it possible to provide single coverage only on the co-borrower of a loan?
CU*BASE supports Co-Borrower Only coverage for Debt Protection plans. Currently Loan Insurance does not.
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5.
I am setting up a loan in the CU*BASE LOS, and I am adding an insurance or debt protection product to my loan application. I am seeing different terms presented. What might be causing this to occur?
When you use '% to use for calculating payment' field in the loan category configuration, payment amount is a percent of the balance, and does not follow the rules set by the loan product configuration. With this configuration, the system will still be required to run the loan through the normal amortization steps in order to establish the payment and related data points to populate the loan record. If the loan has insurance/debt protection, different terms will be required to match the More...
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6.
How do I get my CUNA Mutual loan insurance reports after monthly premiums post?
All vendor (CUNA or any other insurance vendor) Loan Insurance and Debt Protection Reports can be found in CU*SPY. They can also be directed to print or archive using menu Tool #573 OUTQ Report Control . The Report Names in this option are: Loan Insurance = TCUNAS/QPRINT2, TCUNAS QPRINT3, Debt Protection = TCUNAD/QPRINT2, TCUNAD/QPRINT3. One report is the actual posting of the premiums, the second report extracts and of the 'exceptions' in one list, making it easier for a team member More...
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7.
What is the difference between Single Premium, Level Rate and Monthly Renewable credit insurance?
All three of these terms describe the manner in which a credit disability premium is calculated for a specific loan. Single Premium - Calculates the premium through a set of rates that correspond to the Original Term of the loan. The premium amount assumes insurance coverage for the full term. This premium is added up front to the loan balance when the loan is created, hence Single Premium . If the loan is paid in full early, the borrower is entitled to a refund for the time between the pay More...
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8.
What is a modified APR?
The Modified APR calculation simply subtracts the amount in the Loan fees to include in modified APR field (from the Loan Request screen) from the loan amount to reduce the total amount financed, then re-amortizes the loan to determine the APR. This calculation does not include insurance premiums or debt protection fees. Modified APR
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9.
I'm trying to add insurance (payment protection) on an existing loan, and it's not saving. Why does this occur?
You can add insurance (life/disability) or debt protection to an existing loan via Tool #20: Update Account Information. Follow the Show Me the Steps directions below. Important note: You must use the back arrow (the left arrow) when you exit the final screen. If you use the up arrow, your selections will not save.
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10.
Why am I seeing all 9’s in fields on this screen? What are the affected tables?
Over the past year or so we worked on a project based on a request from Experian, related to how credit data pulled from Experian is stored on CU*BASE. In a nutshell, Experian requires that for credit unions who pull credit* from them, personally identifiable information about members must be encrypted while “at rest” in the database, and revealed only to authorized users – meaning CU employees, not data center support staff. What that means is that with this release we added i More...
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11.
How do I configure loan insurance? How do I set up credit insurance configurations?
Use Tool #465: Loan Insurance/Debt Protection Config. Refer to the CU*BASE online help topic below for assistance in setting up loan insurance.
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12.
Why does my credit report show a code number and leave the client identification field blank?
The omission of data may be due to a new regulatory requirement listed in the Summary of FCRA Amendments and Protection of Medical Information act. The Limitation states: A consumer reporting agency may not furnish a consumer report for employment, credit, or insurance purposes that contains medical information unless the consumer affirmatively consents (for insurance purposes), the information is relevant to the employment or credit transaction and the consumer provides written consent descri More...
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13.
I am setting up a new credit card or line of credit loan product and am using the '% to use for calculating payment' field. What should I consider when using this field to calculate payments?
For credit card loan products, you must enter the percentage in this field in order for CU*BASE to calculate a maximum payment amount when working a credit card loan application in CU*BASE. You will want this amount to match the ‘Pay ##.### % of the balance’ field in the loan category configuration. For line of credit (LOC) loan products, it is optional to use this field to calculate the LOC loan payment using the percentage you entered when working an application in CU*BASE. Otherwi More...
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