Switch Line of Credit

$100.00

CU*BASE now offers the ability to automatically move a LOC from principal only to principal and interest payments without the need for manual intervention.

Category:

Overview

CU*BASE now has the ability to programmatically move a line of credit – LOC payment from an interest only to a principal and interest payment after a specified number of months from account opening. This payment calculation and payment amount change is now possible without the need for manual intervention nor the need to monitor accounts.

Schedule of Tasks

After the request is made a member of the Lender*VP team will contact the CU within 3 business days to gather additional information such as number of categories required and number of months needed prior to switch.

How it Works

Lender*VP will build out all aspects of the category and assist in association of products if necessary.

Technical Details

Once all required data is provided to Lender*VP, the team will create the respective categories within 3 business days.

Requirements/Prerequisites

Allocation of proper GLs by credit union accounting team

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