Credit Bureau Reporting – one or all three major bureaus in a single output file
Credit Bureau Reporting
FedComp's Credit Bureau Reporting option allows credit unions to report credit information on their members to the three national credit bureaus (Equifax, Trans Union, or TRW/Experian), or their affiliates. Credit unions seeking to increase membership and remain competitive must be able to provide credit information on their members; this option makes it a simple process.
The Credit Bureau Reporting option produces the information as a file on diskette automatically. The credit union submits the disk to its credit bureau on a monthly basis.
FedComp supports the standard Metro 272 format used by the major clearinghouses. Upon receipt of the software, you will work with your local credit bureau to determine the appropriate codes for reporting the credit circumstances of your members. These codes are then entered in your FedComp system, completing the setup. The option can either calculate the rating on an individual's loan(s) or let you edit each situation as needed.
Once the credit report is created, a report can be printed from the diskette. This allows the credit union to review what is being sent, and if necessary, make corrections and re-run the report.
FedComps Credit Bureau Reporting installs seamlessly with the FedComp Software System, and is easy to operate. Its codes are easily customized to work with whichever credit bureau you report to. This option is the ideal solution for those credit unions that are trying to increase their member benefits.
CUNA Insurance calculator for member paid insurance – level rate, monthly renewable and single premium
CUNA Insurance Calculator-
The CUNA insurance calculator option will accurately calculate the premiums for member paid Credit life and credit disability insurance. Your credit union will determine which type of insurance will be available to your members- single premium, monthly renewable or level rate.
Debt Collection – record member contacts, automatic updates with teller transaction postings; assign follow up dates; record promise to pay; track collection process, print collection record and customized collection letters
An optional feature for Loan Officers and Loan Collectors for recording member contacts.
The Debt Collections Option enables documentation of collection activities. Accounts can be manually added to the collection reports or automatically assigned to the module within parameters established by the CU. Negative Share account actual and available balances as well as late Loan accounts can be monitored through this option. Each time an account is accessed in TNG a warning box informs the user of a collection status for the member permitting easy communication between department personnel.
Set follow up dates, assign to a specific collector, record promises to pay and broken promises. Payments to member accounts automatically update the collection record. Standard collection notices or customized letters can be printed immediately or later batch printing. The Collection record can be viewed from the inquiry or teller screens by any user with the appropriate rights assigned.
All the histories of accounts in collections remain after the account is brought current or charged off. Details of each conversation, contact, or letter sent can be documented in the collection record. A Collection Record Card can be generated and printed for committee reviews, examination reviews, or legal collection documentation.
Delinquency Notices – personalized overdue notices that include members name, address and loan detail
The Delinquency Notice Option works in conjunction with FedComp's Delinquent Report screen. You may choose specific types of loans for which to print these overdue notices.
The option is delivered with three default notices established, but they can be easily edited both in the content and timing of the notice. Each delinquency notice is personalized with the member's name and address and includes the details of the loan in question. The messages are printed in a convenient format that will fit standard window envelopes.
Loan coupons – printable to plain paper
Loan Payment Coupons
Available to all FedComp users is the Loan Payment Coupon Printing option. As an enhancement to the loan approval and creation or refinance process, this option enables the user to print loan payment coupons on compatible laser printers. Default formatting provides for coupons to be printed three to an 8.5" x 11" page, each with its own stub to the left of each printed coupon. Both text content and number of coupons per page are customizable by the user, should they desire to customize default formatting and language.
FedComp, through FedComp Supply, can provide laser paper that is the correct weight and is perforated for individual coupon separation as well as for the coupon stub. Additionally, FedComp Supply can provide custom printed front and back covers for assembly of coupon books. Assembly and mailing methods are at the discretion of the user (Coupons can be assembled into books by any manner of fastening, left together in sheets, etc.).
Loan forms – Fillable PDF or pre-printed CUNA loan forms
The Loan Form option enables you to print CUNA LOANLINER® documents from the FedComp system. These documents that are available from CUNA, in a fillable PDF format or pre-printed form.
CuePay for irregular repayment contracts
Loan payment notices to remind your members that their loan payment date is coming and what amount to pay before or on the due date.
Mortgage Lending – includes Escrow accounts and annual escrow analysis and statements
An optional feature available to FedComp TNG users offering mortgage loans with the benefit or requirement of escrow accounts is now efficiently integrated in TNG.
As an enhancement to the mortgage loan creation and servicing process, this option enables the user to link an Escrow share subaccount directly to a Mortgage Loan during creation or the refinance process. The entire Escrow account details are recorded with disbursement amounts, frequency/dates, and payees. The system calculates the required periodic (normally monthly) escrow deposit necessary to meet the disbursements annually. The escrow deposit is added to the monthly principal and interest to reflect the minimum monthly payment amount that appears on the member ledger screen.
Payment processing automatically separates principal and interest components from the required escrow deposit during payment posting. The payment process readily manages additional principal and/or escrow payments.
Escrow details can be printed for each loan and edited easily for updates and changes to disbursements. The option creates the required Annual Escrow Analysis statements for mailing to the member borrower and once verified, posted to update the monthly payment required for the mortgage loan.