CUNA Mutual Group is reporting the new, Internet-based tool it is now offering will make it easier and faster for credit unions to add lending protection options to member consumer loans.
Introduced during the CUES Marketing, Operations & Technology Conference here, CUNA Mutual's Integrated Web Calculator is the "newest way for credit unions to ease the complexity and transaction time during the lending process when the member is presented with insurance protection options," the company said.
Coverage options with complete pricing are available at the click of a mouse. Two views-loan officer and member-offer coverage options and instant premium quotes.
The loan-officer view allows for a quick calculation of insurance quotes for open- and closed-end loans on coverages such as MEMBERS CHOICE credit life, credit disability, mechanical repair, and guaranteed asset protection.
The member view, accessible through the credit union's website, provides quotes calculated instantly that show how the cost of the protection options fit into loan payment amounts and terms.
CUNA Mutual said the Integrated Web Calculator can also be integrated into loanliner.com applications. Member information for enrolling in any coverage option is incorporated into the loan application. CUNA Mutual's loanliner.com is a set of tools to enable credit unions to take loan applications online, provide instant decisions, deliver LOANLINER documents electronically, and download the data to their loan origination system.
"The Integrated Web Calculator will result in increased protection for members by making it easier for loan officers to present the various coverage options, explain their features and immediately calculate payment amounts and terms," said Chuck Stephens, VP-Credit Union Consumer Products. "The option discussion rolls right into the loan transaction to make a seamless, consultative approach that strengthens credit union and member relationships with appropriate protections."
For info: www.cunamutual.com.