Loans

Overview

The Enterprise System supports a variety of loan instruments.

Loan types include:

• Mortgage
• Visa/Mastercard
• Balloon payment
• Variable rate
• Variable payment
• Student
• Installment
• Revolving credit
• Line of credit

Loan officers can instantly obtain information on any member showing loan status, including personal liabilities as co-maker, guarantor and endorser. The total system makes loan processing and report generation easy to use.

The loan processing package features:

• Virtually any type of repayment schedule.
• Reports using familiar terminology instead of codes.
• Simple, easy to implement, and highly accurate interest accrual.
• Holds to secure deposit accounts used as collateral for loans.

The loan system maintains control of all accounts, both active and delinquent.  It computes late charges and produces payment reminder notices.  It also generates reports and statistical information for management.

Variable Rate Loans

The loan system supports variable rates for all simple interest loan instruments.   Up to 99 prime rates can be stored in the system and changed automatically by entering a new effective date.  Variable rates are tied through a code to individual loans instead of account suffixes, which eliminate the need to establish a separate suffix for each variable rate.  This approach makes for an easy to maintain and flexible variable rate structure.

 

Loan Paper Preparation & Loan Calculator

The advanced features in Enterprise's loan paper preparation and loan calculator program streamline the entire loan origination process.  Loan documents are compiled and printed automatically by the system.  An integrated loan calculator calculates payments based on term or desired payment amount, and automatically recalculates if closing dates are changed.  Scheduled closing dates and times cataloged on-line, providing a valuable time management and informational tool.

On-Line Loan Application & Tracking

Enterprise's on-line loan application package provides the ability to store and forward loan applications electronically on the system, allowing for faster processing of loan applications and easy retrieval of historical information.  The system makes it easy for credit unions to update loan applications and issue additional loans.

On-line loan tracking, also available with the Enterprise System, enables the credit union to maintain and view the status of all pending loans right on the system.

Loan closing appointments are scheduled on-line allowing each loan officer to complete more loans in less time.

Statistical reports by loan officer are prepared for management review. ECOA notices are printed on rejected loans.

On-Line Collections

Enterprise's on-line collection package lets the collector display the account information and collection activity on the terminal, as well as electronically maintain follow up dates and conversations.

 

Mortgage Loans

All types of loans are easily controlled and processed by the system.  Entries for interest, late charges, and principal are automatically posted. Extensive loan reporting capabilities include delinquency by loan officer, maturing loans, late charges, trial balances, and amortization schedules.