Be there with the right loan offer when your members need it. DIT is intended for the credit unions seeking a guided approach for increasing their loan portfolio.
What CU*Answers Does
- Once your order has been placed, Lender*VP will schedule the first meeting. Facilitated via Zoom, the time will be utilized to review the details of launching your program, select your loan products where offers will be accessible, review the parameters of your target member group and schedule your live date.
*Note – Based on the experiences of similar programs default query parameters are utilized. For credit unions desiring custom configuration additional charges may apply.
- $0.00- Default query – Up to 1 hour
- $75 per Hour for Custom Configuration performed by Asterisk Intelligence
- The CU*Answers Imaging Solutions programs your provided form and communicates with Lender*VP to QC and coordinate your testing.
- Verification of Loan Form Verbiage and Branding
- Now that the testing on your loan forms is complete, Lender*VP schedules your launch date. Our teams walks alongside of your implementation manager every step of the way:
- Due Diligence to verify qualified members against your chosen parameters
- Configuration of sales text explaining the account and terms to the member as part of making the offer (including links to a web page, PDF terms & conditions document, etc.
- Populate your lending queue and It’s Me 247
- Provides one-on-one training for loan queue management & the member experience
- Answers Questions about the program, associated best practices and milestone tracking. This is a time to pick your next One-Click Offering and discuss your strategy.
What the Credit Union Does
- Assigns a project manager responsible for assuring the appropriate team members are engaged after the order is placed.
- Coordinates and attends all meetings scheduled by CU*Answers
- Provides Lender*VP the parameters for member group selection
- Schedules Forms Testing and Implementation Dates
- Track your milestones
- Pick your next One-Click Offering and discuss your strategy.
- For credit cards, credit union staff member will order physical card.
Reference Materials
1Click Offers – My Loans/My Way
Are you interested in fully managed marketing for your 1Click offers? Contact Xtend.
Note for Consideration – Military Lending Act
MLA grants a number of protections for active-duty service people and imposes specific requirements on the credit union in granting credit. At the heart of the matter is the calculation of the Military Annual Rate (MAPR) and the disclosures required prior to or at the time of extension of credit. The act requires that a unique APR be calculated incorporating things such as fees and credit life or disability. The MAPR may not exceed 36%. CU*Answers published a document in November of 2016 outlining the nuances of this calculation along with a flow chart for lenders to use when granting credit to active duty personnel. Also, for credit cards there are additional statement disclosures including the calculation of MAPR in the event credit life and disability would increase the rate above 36%. CU*Answers does not support this disclosure and in 2016 recommended credit unions not include the sale of credit insurance products to active-duty military personnel. 1Click credit cards does not allow the member to elect credit insurance products and it is not recommended that any type of application fee be assessed that may drive the MAPR above 36%.
The act also requires certain disclosures including the following. “Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent.” This rate must include, as applicable to the credit transaction or account: The costs associated with credit including fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account). Oral disclosures are also required which can be done in person or by providing a toll-free number where the disclosure is recorded. Such disclosures can be included either in the configuration of the sales messages or providing the member with a link where the disclosure and 1-800 number can be found. The member may not complete the offer without agreeing that such disclosures have been read.
In the event the credit union feels it may violate any of the above it is recommended that 1Click credit cards be offered only to those not in active duty. The active-duty data element can be pulled with the consumers soft pull credit report and can be used to create the population of members you wish to make the offer too while excluding any individuals with a positive active military status on their credit report.
