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.

Prepaid interest on a mortgage consists of monies taken in at loan closing and is generally calculated for the odd number of days to the end of the month. Review links below for more information for information on applying prepaid interest properly on a morgage loan. This interest is applied on a date decided by the credit union. A recommended date would be the last day of the month, unless it is a Freddie Mac loan, in which case it has to be the 15th.

When researching payments made on a 360-day interest calculation loan, there are two easy ways to know the status of a payment: 1. If you prefer to do your research through conventional CU*BASE tools, try Member Inquiry (Tool #6 or F1 from the CU*BASE home page). After accessing the membership, double-click on the loan account to bring up the account information, then press Enter to proceed to the history of transactions for that loan. Once there, you can highlight the particular transaction y  More...

No, you can start with the most recent month you consider your books to be closed and no longer need to be able to post entries to that month. (You don't need to run it multiple times for multiple months to catch up. )

There are two methods used to track delinquent loans for reporting purposes in CU*BASE: Method One (for Collections tracking) We have always tracked delinquency in two separate fields for “Months” and ‘Days” in the member files. When a loan is 30 days delinquent, it shows as “0 Months, 30 Days” delinquent. When a loan is 31 days delinquent, it is “1 Month, 0 Days” delinquent. A month is always considered 30 days regardless of the actual number o  More...

Refer to the resources below for assistance with these topics. These topics are covered in the virtual or on-site Mortgage training offered by Lender@VP.

The two reports are using different criteria to determine loan delinquency: Loan Delinquency Analysis With the 13.0 release in the spring of 2013, the Loan Delinquency Analysis Report (Tool #461) was changed to report loan delinquency in days instead of months per updated NCUA requirements (see below*). The current processing date is compared to the next payment date to determine the actual number of days delinquent. This is most commonly used report for obtaining delinquency information for  More...

CNS offers our clients a variety of solutions to maintain software hygiene on their networks. Most of these solutions are automated, and with user cooperation to complete reboots, it's relatively easy to keep your systems up to date with current software versions. However, there are some important limitations to the automated processes that are important to understand. This article presents those considerations. For Complete Care Clients that do NOT Elect Third Party Patching Services:   More...

Tool #360 End of Month Processing should be used by your credit union whenever you have finished posting entries to your books for a particular month and want to prevent additional entries from being posted accidentally. Refer to the Closing Your Books link below for details about what happens when you use this feature. NOTE: This is not to be confused with the month-end processing that is done by CU*Answers Operators every month for online CUs (or by self processors) on the last day and fi  More...

The transaction description is pulling in from the account suffix description and then uses the origin code and origin type to determine if it was a payment (i.e. ACH or AFT). Those are combined to create the transaction description that appears in the member's history. For example, if your loan product is 360 MORTGAGE and a payment is made, the transaction description might be 360 MORTG PAYMENT. You can use Tool #105 Account Suffix Configuration, choose a suffix and update the trans  More...

Three reports can be used to monitor your AFTs. The Member Automatic Account Transaction Record (TAT1) report includes a detailed listing of automatic transfers that posted. The Member Automatic Account Transfer Notification Report (TAT2) show automatic transfers that did not post. The Member Automatic Account Notification Register (TAT3) lists transfers to 360 accounts that were “out of the ordinary” such as members who are making principal-only payments or additional payments. L  More...

Yes. You will want to ensure that no other users are performing any general ledger processing when these steps are taken! The first step is to use Tool #202 Chart of Accounts/Budget Groups Maint and update the Current process month and year to 12/YY (December of the closing year). In addition you will want to flag the line item Current Processing year/month is equal to period 13 Y/E. Then create and post your entry using Tool #61 Create/Post GL Journal Entries. Remember to also post the ne  More...

Because of the complexity of messages that would be needed to handle mortgage payments via a voice response system, payments cannot be applied to 360 loans via CU*Talk audio response. Members will hear the following message if they attempt to transfer money to a 360 mortgage loan in CU*Talk audio response: A payment is not allowed at this time. Please contact the Credit Union for more information .

In order to set the Current processing month/year is equal to period 13 Y/E field to checked in order to complete the G/L year-end process, the Fiscal ending month and Current process month and year fields must be the same. However, the system will not let you update the Current process month and year to match the Fiscal ending month while also checking this flag. The two fields must be set to the same period, saved, and then the Y/E flag can be checked. CU*Answers best practice is to close   More...

With CU*BASE 360-day interest calc type mortgages, you cannot do partial payments to the mortgage. The member must make the full payment amount, which will initiate the escrow transfer, then apply to the principal and interest. Once the single full payment is made, then the loan due date will advance.

This calculation uses the standard calculation for daily interest on a loan, using a 365-day simple daily calc type with the current balance (CURBAL) and the rate on the loan account (MEMBERx) record. For example, imagine a written off loan with a current principal balance of $25,000 and a rate of 14.50%: 14.50% 36500 0.000003973 daily interest factor 0.000003973 $25,000.00 $0.10 daily interest amount Keep in mind: This process always uses the 365-day interest (simple daily) calculation, even  More...

To answer this question, first an understanding is needed of why mortgage products - specifically 360-interest calculation mortgage products - can allow this feature. These types of loan products must follow a set of rules with very strict guidelines, such as payment frequency, partial pay restrictions, payment matrix settings, expectations for delinquency and fines, and so on. Because of these strict guidelines, special member-facing messages could be created to deal with situations such as wh  More...

There are instances when a member might pay a loan via an A2A and the payment is applied as a principal only payment. First, determine if the loan is a 360 interest calculation loan. In this case, the payment needs to be the exact amount for the payment to apply as a regular (non-principal-only) payment. If for any reason a partial payment is applied to a 360 interest calculation loan payment, such as in instances when a delinquent fine is deducted, then the system would correctly apply this pay  More...

The following are minimum and recommended system requirements for the ProDoc software: Software Requirements: Workstations must be running Adobe Acrobat or Reader 8.0 or higher. In the Internet Explorer Internet Options, the security option for Do not save encrypted pages to disk must be unchecked under the Advanced tab. Minimum Hardware Requirements: Microsoft Windows operating system 2000/XP Pro SVGA monitor capable of 800x600 screen resolution or higher Standard keyboard and mouse Processor  More...

The maximum allowed annual contribution is indexed each year by the government and is normally announced in the 2nd quarter of the current year for the next year. The limits for 2009 were posted on May 13, 2008 and are quoted below. 2007 Annual Contribution Levels for HSAs: Single (self-only) coverage $2,850 and Family coverage $5,650 Catch-up contribution for accountholders is $800 in 2007. Catch-up Contributions are allowed for an accountholder who is at least 55 years   More...

Loan payments for loans with a 360-day interest calculation cannot be made through audio response due to the complexity of accepting these payments. Your member can make his payment online through It's Me 247 if allowed by your credit union. Otherwise, the payment can be made through the CU*BASE Teller or Transfer software. Alternatively, your member may agree to let you set up an Automatic Funds Transfer (AFT) to make the payment automatically.