Loan Application Assistance

Overview of Loan Apps

Overview: Create a Loan Application and post the loan.

There are three (3) different choices when you use Loan Applications. Listed below are the three choices with the screens available for each type.

1. Full Application Processing
   
   This choice includes the following screens:
   
   
   • Applicant Information (Name, address, marital status, and co-applicant type)
     
   • Amortization Information #1 (Actual loan information and data to print loan documents)
     
   • Amortization Information #1 (Open End Loan Information)
     
   • Amortization Information #2 (Amount to Others and Credit Bureau Information)
     
   • Amortization Information #3 (Good/Property code, Vehicle Info, and Security Info)
     
   • Primary Applicant's Employer Information
     
   • Applicant Income Information
     
   • Applicant Asset Information
     
   • Debt Information #1
     
   • Debt Information #2
     
   • Applicant's Reference Information
     
   • Shared Secured Information
     
   • Co-Maker/Co-signer Information
     
   • Loan Application User Defined Fields (Used for Loan Document printing)
   
   
   
2. Partial Access - Loan Storage and Retrieval
   
   This choice includes the following screens:
   
   
   • Applicant Information (Name, address, marital status, and co-applicant type)
     
   • Amortization Information #1 (Actual loan information and data to print loan documents)
     
   • Amortization Information #1 (Open End Loan Information)
     
   • Amortization Information #2 (Amount to Others and Credit Bureau Information)
     
   • Amortization Information #3 (Good/Property code, Vehicle Info, and Security Info)
     
   • Shared Secured Information
     
   • Co-Maker/Co-signer Information
     
   • Loan Application User Defined Fields (Used for Loan Document printing)
   
   
   
3. Partial Access - Personal Information Only
   
   This choice includes the following screens:
   
   
   • Applicant Information (Name, address, marital status, and co-applicant type)
     
   • Primary Applicant's Employer Information
     
   • Applicant Income Information
     
   • Applicant Asset Information
     
   • Debt Information #1
     
   • Debt Information #2
     
   • Applicant's Reference Information
     

In our next section, we'll show you how to select the type of loan application you want.

Settings for Loan App

To activate the Loan Application or change the Loan Application Access Code, follow these directions.

1. From the Master Menu, select 5 - Utilities Menu, 9 - Systems Menu, 4 - O-T-C/Document Processing Parameter Menu, and 9 - Loan Application Status Description.
   
   
   
   
2. Click the down arrow on the Application Access Code.
   
   
   
   
3. Select between one of the following:
   
   
   • 0 - Application Processing Not Enabled
   • 1 - Full Application Processing
   • 2 - Partial Access - Loan Storage and Retrieval
   • 3 - Partial Access - Personal Information Only

   Note: Selecting 0 - Application Processing Not Enabled will disable Loan Applications.
   
   

4. Click Save Changes.
   
   

Selecting Member

Follow these directions to create a new Loan Application.

1. From the Master Menu, click the OTC icon on the toolbar.
   
   
   
   
2. Click Down arrow on the right side of the Additional Routines icon.
   
   
   
   
3. Click Loan Apps.
   
   
4. On the Loan Application Processing - Main Input Screen, enter the member's control and account number. If you are not sure of the account number, you can also find the member by entering his/her last name or Social Security Number.
   
   
   
   
5. When you entered the member you want, click Select Account.
   
   
   
   
6. Click Add New.
   
   
   
   
7. If you have multiple insurance codes set up, you will get the following select box.
   
   
   
   Select the correct Insurance Type for Calculation for the loan type you are entering. Click OK.
   
   Note: If you were a 4.0 user, you may remember that Home Equity loans had their own loan application program. In 5.0, all loan applications are done within this program.
   
   
8. You are now in the Loan Application itself. We are going to go through this screen-by-screen. The Loan Application has several screens that are contained within the main screen. First, let's deal with the different menu options available on this form.
   
   
   
   Print Screen
   Gives you the ability to print the current screen to your printer.
   
   
   
   View
   Give you the ability to go directly to the following screens:
   1. Application Reference Information
   2. Shared Secured Information
   3. Comaker/Cosigner Information
   4. Loan Application User Defined Fields
   5. Application Information
   
   
   

   Note: Screens listed under View will only appear after you viewed the particular screen.
   
   Window
   Change the window style.
   
   You can select between:
   Tile
   Cascade
   Maximize All
   Minimize All
   
   
   
   Calculate Debt Ratio
   Displays Debit Ratio on the screen.
   
   
   
   Display Loan CheckList
   Select status of Loan Application. Statuses are defined in the Loan Application Checklist Definition File program.
   
   
   
   
   
   Amortize Loan
   Once you have entered all the loan data and the system is set up to calculate for payment, term or amount, click Amortize Loan. The system will calculate the Loan Payment and the Scheduled Payment.
   
   Update Application
   Select between Save Changes, Void Changes or Re-Edit App. You can update the status of the loan application here.
   
   
   
   The different statuses are set in the Loan Application Status Description File program.
   
   Quick Navigation
   Quick way to move between Loan Application screens.
   
   
   
   Credit Bureau
   Connects with the Credit Bureau Module to obtain debt information for the member.

Amortization

We are going to go over entering vital member information and amortization. Follow these directions to set up your loan type and amortization.

1. Enter Member information on the Applicant Information form. Information from members are taken from the Member file.
   
   
   
   
2. Select the Co-Applicant Type on the Applicant Information form. If you select any option that is No Co-Applicant, please do step 3. If not, skip to step 4. Press Page Down for the next page.
   
   
   
   
3. For Co-Applicants, fill out the Co-Applicant Information page. This page should be filled out for Co-Applicant types of spouse and guarantor as well.
   
   
   
   Press Page Down to go to the next page.
   
   
4. Set the type of Amortization if need be. On the status bar, you will find a panel that will read Manual, Payment, Amount, or Term. When you amortize your loan, this is the solve code the program look at to determine what specific value to return.
   
   The default is set in the O-T-C Custom Parameter File Maintenance program.
   
   
   
   
5. Complete the information on the Amortization Information #1 screen.
   
   
   
   

   Notes on Amortization Information #1 form Closed/Open Code You have four choices in the Closed/Open Code that include Closed End, Closed End with Open End Delinquency, Open End, and Open End with Closed End Delinquency. When you select one of the Open End options, the Open End Loan Information tab is enabled and you need to fill out information on this tab. There are field differences between the two different types of Closed/Open Code. Note the difference displayed in the following graphics: Closed End Open End Insurance Settings Insurance settings in 5.0 are new to the 5.8 version. You have three choices with Disability Code that include No Disability, Single Disability, and Joint Disability. You have three choices with Life Code that include No Life, Single Life, and Joint Life. In the Member Pay Insurance Maintenance program, you can set up rate tables with each insurance type. In the Loan Application program, you can select a specific rate table to use with the loan. You can manually enter the Rate Table in the text box next to the Rate Table or you can click the browse button (...) to view a list. If you click the browse button, the Active Insurance Tables form will appear. Select which rate table you would like and click OK.

   When you have enough information filled out to amortize the loan, the menu option of Amortize Loan will be enabled.
   
   
   
   

6. Press the Page Down to continue to the next screen.
   
   
7. Fill out the information on the Amortization Information # 2 screen.
   
   
   
   

   Notes on Amortization Information #2 form Amount to Others - Closed Loans Note: The total of the amount to others for all entries appears on the Amortization Information #1 screen in the Total Amount to Others field. The only way to change this total is by changing the amount to others on Amortization Information #2 screen. This does not apply to Open End Loans. Risk Tier Risk Tiers are optional. Risk Tiers are defined in the Loan Risk Tier Code File Maintenance program. If no Risk Tiers are defined, the selection box will have Risk Tiers Not Defined as its only option. You do not have to assign a Risk Tier to a loan.

8. Press the Page Down key to continue to the next screen.
   
   
9. Fill out information on the Amortization Information #3 screen.
   
   

   Notes on Amortization Information #3 form Good/Property Code You have four choices in the Good/Property Code. You can change codes by either entering in the number in the text field, clicking the Up/Down control, or by using the up and down arrow keys on your keyboard.

   
   
   
10. Press the Page Down key to continue to the next screen.

We have now completed the Amortization screens.

Employer - Income - Asset Information

Follow these directions on setting up information on Employer, Income, and Asset Information.

1. Fill out the Employer Information on the Primary Applicant Employer Information screen.
   
   
   
   Note: If you have a Co-Applicant, please fill out the Co-Applicant Employer Information screen by pressing the Page Down key.
   
   
2. Press the Page Down key to continue to the next screen.
   
   
3. Fill out the income information on the Applicant Income Information screen.
   
   
   
   Note: If you have a Co-Applicant, please fill out the Co-Applicant Income Information screen by pressing the Page Down key.
   
   Account information from your Credit Union will automatically populate in the Checking and Savings account information on the Income Information pages.
   
   
4. Press the Page Down key to continue to the next screen.
   
   
5. Fill out the asset information on the Applicant's Asset Information screen.
   
   
   
   Note: You can select which participant, Applicant or Co-Applicant, the asset is meant for.
   
   
   
   
6. Press the Page Down key to continue to the next screen.

You have now completed screens for Employer Information, Asset Information and Income Information.

Debt Information

Follow these directions to set up the Debt Information for the Loan Application.

1. Fill out the information needed for the Debt Information #1 screen. The member's loan information is automatically brought in from the master loan file.
   
   
   
   Debt Holder Options:
   The user has four options when categorizing the debt listed on this form.
   
   The options are:
   • 0 - Applicant - Include in Debt Ratio.
   • 1 - Co-Applicant - Include in Debt Ratio.
   • 2 - Applicant - Omit from Debt Ratio.
   • 3 - Co-Applicant - Omit from Debt Ratio.
   
   
   

   Note: There are two screens of Debt Information using the same format for each debt. Please press the Page Down key to fill in the second form.

Reference Information

Follow these directions with the Reference Information screen.

1. Press the Page Down key to continue to the next form if you have not done so already from the Debt Information screens.
   
   
2. Fill out the information on the Applicant's Reference Information screen. If you have a co-Applicant, please fill out information for the co-applicant as well.
   
   
   
   
3. Press the Page Down key to continue to the next screen.

You have now completed the Debt and Reference Information screens.

Shared Secured

Follow these directions on filling in the Shared Secured information for the Loan Application.

1. To enter Shared Secured information, click on the Browse button (...) on the left of each entry.
   
   
   
   
   
   
2. Enter the Member's Control and Account Number and click Select Account.
   
   
   
   
3. Select the Account you want to add to the Shared Secured screen and click OK.
   
   
   
   
4. Fill in the information for the Percent Secured, Fixed Secured, Pay Down Flag, Amount Secured and the Beginning Paydown.
   
   
   
   Note: The Percent Secured will take a percentage of the account listed in the Shared Secured account. Fixed Secured is a specific amount from that account. The Pay Down Flag is only available for Fixed Secured. The Pay Down Flag must be checked for the Beginning Paydown field to be available.
   
   
5. For each account you want to add to the Shared Secured screen, repeat steps 1 to 4.
   
   
6. Press the Page Down key to continue to the next screen.

Comaker/Cosigner Information

Follow these directions to enter Comaker/Cosigner information.

1. To enter a Comaker or Cosigner, click the Browse button (...) to the left of each entry line.
   
   
   
   
   
   
2. Enter the Member's Control and Account Number and click Select Account.
   
   
   
   
3. Select Comaker or Cosigner for the account.
   
   
   
   
4. Repeat step 1 to 3 for each Comaker/Cosigner.
   
   Note: If you would like to remove a member from the list, click the Browse button (...) on the left of the entry. On the Comaker/Cosigner Information screen, click Remove Account.
   
   
   
   
5. Press the Page Down key to continue to the next screen.

You have now completed the Shared Secured and Comaker/Cosigner screens.

User Defined Fields

User Defined Fields are specifically for loan document printing. You can set these fields up in the Loan Processing Field Definition File program. They appear based on the Close/Open code and whether the loan is classified as a Home Equity.



Follow these directions with the User Defined Fields.

1. Fill out all the items you wish to on the Loan Application User Defined Fields screen.
   
   
   
   Note: If the User Defined fields are not defined, a message reading, No User Defined Fields are Defined for this Loan Type, will appear on top of this screen. You will need to create the fields in the Loan Processing Field Definition File program before continuing if you need User Defined Fields.
   
   Remember - these fields are defined by you. You don't necessarily need them unless you have special information to enter on a loan document.
   
   
2. Press the Page Down key to continue to the next screen.

You have now completed the Loan Application. You can save the application by clicking the Update Application menu. The Update Loan Application screen will appear. Select the status you want the application to be considered at. Click Save Changes. Your application is now saved to your data directory.



Reediting a Loan Application

When you have saved a Loan Application, you may want to edit the Application later. Follow these directions on reediting a Loan Application.

1. From the Master Menu, click the OTC icon on the toolbar.
   
   
   
   
2. Click Down arrow on the right side of the Additional Routines icon.
   
   
   
   
3. Click Loan Apps.
   
   
4. On the Loan Application Processing - Main Input Screen, enter the member's control and account number. If you are not sure of the account number, you can also find the member by entering his/her last name or Social Security Number.
   
   
   
   
5. If this is the correct member, click Select Account.
   
   
   
   
6. In the list box, the loan applications that have been saved for this member will appear. Click the Loan Application you would like to edit and click Edit.
   
   
7. You may be prompted to select an Insurance Type. Select the Insurance Type and click OK.
   
   

You can now edit the Loan Application the way you would like to. Refer to the previous sections for any questions on how to update a specific screen. You can save the Loan Application by clicking the Update Application menu and following the directions above.

You cannot post a loan from within the Loan Application program itself. The connecting tutoral, Loan Posting Assistance, will show you how to post a loan using a Loan Application.

You have completed the Loan Application Assistance Tutorial.