Refi Analyzer. Refi Analyzer. Frequently Asked Questions

Transcription

1 ARCU Episys Extract Procedures Professional Services Refi Analyzer Refi Analyzer Frequently Asked Questions September 2012

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3 General Questions Q: What if the mortgage loan on the credit report includes escrow amounts in the payment? R: Refi Analyzer has been modified (as of 9/6/2012) to now prompt users to ask members if their mortgage payments includes escrow amounts. If a user checks Yes, Refi Analyzer will prompt for the mortgage rate and back into a P&I payment based on the original loan amount, term, and rate entered. The P&I payment is what will be used to compare the credit union s offer to the credit report loan. Q: Where can my credit union obtain pricing information? R: From your Account Executive. Q: What if the primary on the account has more than one credit report on file or they have reports with the same date from multiple bureaus? R: Refi Analyzer uses the most recent credit report on file that falls within the number of days the credit union has indicated a credit report can be used (e.g. 14, 30, 45, or 60 days). If reports have been pulled from multiple bureaus, the Refi Analyzer configuration file designates which bureau is the credit union s primary bureau. Q: Does Refi Analyzer keep track of the User? R: The Refi Offer account level tracking record includes a field for Refi Offer User Status and it displays the User number who last updated the status. Q: Is the configuration in a letter file? R: Yes. Q: Does Refi Analyzer only scan and analyze credit reports for the primary or does it include joints? R: Just the primary on the account, not joints. Q: Can we customize the product to move credit cards to signature loans? R: Yes, in the configuration file, the credit union can designate that the default loan type for the credit bureau loan type of credit card is a signature loan. Q: Can Refi Analyzer use income, debt ratio, length of employment, length of residence, and other information from a previous loan application? R: No, Refi Analyzer does not duplicate the full blown loan application process. A previous application may include cosigner information or the residence, income, and debts may have changed significantly. Since the member is not requesting a refi offer, Refi Analyzer uses the credit union s approval and pricing criteria, and the information from the credit report and current account information, to prequalify the member. But the collateral value, income, debt ratio, and other information will need to be collected or calculated when the loan is processed. If there is a previous loan app on file, the income and residence information is transferred to the refi offer application. Updated September 2012 Page 3 of 7

4 Q: How much programming comes with the pricing? R: There are no programming hours per se is included. The install includes setting up the configuration and for credit unions who are purchasing Enhanced Member App and Enhanced Loan App along with Refi Analyzer, the new templates already have Refi Analyzer integrated. If the credit union wishes to customize Refi Analyzer or integrate Refi Analyzer with programs they already have installed that have been customized, they will need to obtain a quote from Professional Services. Q: Are the refi analyzer offers being screened through any kind of approval criteria or if the member accepts the offer does the loan still need to be submitted for approval (the offer may not end up getting approved)? R: Refi Analyzer uses the credit union s approval criteria set either set up just for Refi Analyzer or using their ELA criteria. Refi Analyzer makes some assumptions that the Loan-to-Value is sufficient, that the year of the collateral is the year the loan opened unless the user inputs the actual year in Scenarios Calculator, that they will meet any residence requirement, and that they will meet the minimum income and/or debt-toincome ratio. Because Refi Analyzer does not have all the information needed that is required for a full blown loan application process, it is possible that a member will accept a Refi Offer and then not be approved for the loan. Q: How does this tie into the auto approval underwriting criteria? R: As stated above, the credit union can set up separate criteria or use their ELA auto approval criteria. Q: Our Account Cross Sell version is about 10 years old so do we need a more recent version to have it work with refi analyzer? R: Your credit union needs to contact Professional Services to review your ACS and determine what would be involved to integrate Refi Analyzer. Q: When a teller or representative is in Account Manager is there anything that prompts them that there are offers in Refi Analyzer? R: Yes, an Account level warning code will display if there are any Refi Offers with a status of New Offer, Revised, or Ask Later. The warning code will also display the expiration date of the offer. Q: If a representative does not acknowledge a Refi Offer, will the next rep who views the account be prompted that an offer from refi analyzer exists? R: Yes, as stated above an Account level warning code will display. Q: Where does the warning appear, account level or only when you select the refianalyzer? R: Yes at the account level when a Refi Offer exists with a status of New Offer, Revised, or Ask Later. Q: How do you obtain the credit report to be able to make an offer? R: Refi Analyzer does not pull credit reports it scans and analyzes credit reports after they have been pulled. (Many credit unions pull a credit report for new members and most do when a member is applying for a new loan.) Updated September 2012 Page 4 of 7

5 Q: Does there have to be an active credit report on file or can Refi Analyzer pull a new credit report on demand? R: Again, Refi Analyzer does not pull credit reports it scans and analyzes credit reports after they have been pulled. Q: Once a user has selected all the Refi Offers to roll into one app ID, is there a way to upsell adding cash (e.g. for home improvements) in order to have an accurate estimate or would that have to be done from within ELA? R: Refi Analyzer only merges the current loan balances from the credit report loans. But, the amount can be increased once the loan application is processed. Q: Does Refi-Analyzer look for credit reports within a specific date range? Example: Would it look at a credit report over 30 or 60 days old? R: In the configuration file, the credit union designates how many days a credit report can be used to create refi offers. Q: Do you have any back testing of rate estimates to assess the accuracy of the estimated rates? R: Yes, we used multiple calculators (some from our client s websites) to verify the accuracy of our calculations. Q: Can we program multiple underwriting rules such as FICO, BK, DTI, unsecured ratio, etc.? R: Yes but you would need to contact Professional Services about the customization needed. Q: Is the SymForm customizable or does it incorporate compliant language for offers of credit? R: The bottom section of the SymForm /SymForm PDF is customizable. We include sample disclaimer language but we recommend credit unions modify it and run it by their compliance officer. Q: We receive quarterly credit scores from Experian with scores and attributes. If the data is stored in a tracking record, can Refi Analyzer use that information? R: Refi Analyzer needs loan details from a credit report to analyze and determine if the credit union can save the member on the payment or interest rate. It does not sound like that level of detail is being stored in the tracking record so no. Q: Is the code for this all repgen? R: Yes. Updated September 2012 Page 5 of 7

6 Integration with other products Q: Can Refi Analyzer be run against the entire membership and be exported to an MCIF system? R: Refi Analyzer includes a batch job that will scan and analyze credit reports that are dated within the range specified by the credit union (e.g. last 14, 30, 45, or 60 days). It will create tracking records for any qualifying offers. The offers can be extracted and uploaded to another system. It will be up to the credit union to upload to their MCIF. Q: Does Refi Analyzer include integration with KBB or NADA? R: No. The intent of Refi Analyzer is to quickly calculate an offer not duplicate the full blown loan process. Q: Can offers be integrated into online banking (NetTeller) for member self service? R: We would need to discuss this with NetTeller. Q: How does Refi Analyzer work with another LOS? If the credit report is in our LOS, how does it get into this program? Our loan information is in our LOS. Can the info get back uploaded to our LOS? R: Refi Analyzer scans and analyzes credit reports that are stored in Episys. If the credit reports are not in Episys, Refi Analyzer will not have the information it needs to create offers. Q: Is Refi Analyzer automatically triggered when a loan app is processed in another LOS? R: As stated above, Refi Analyzer is run from Episys against credit reports stored in Episys. Q: Our ELA is configured to read CU trades directly from live Symitar. Can we set Refi Analyzer to exclude these? R: The configuration file includes a setting for the credit union to exclude credit union loans. Q: We are currently using an auto loan recapture product from another vendor. Can this information be input and loaded so that staff will know to make offer? R: If you have another product that creates refinance offers, it doesn t sound like there would be any function for Refi Analyzer to perform. Your credit union might consider setting an account level warning code like we do with Refi Analyzer. Q: Does the product allow for integration with Synapsys to create follow-up call lists? R: We will check with the Synapsys team on this. Q: Could the info be uploaded to Synapsys Sales Marketing Manager as a campaign? Updated September 2012 Page 6 of 7

7 R: We will check with the Synapsys team on this. Q: What if a credit union has Opening Act? R: Opening Act includes a feature to calculate refinance offers. Beta Clients Q: Have the two credit unions who are doing the beta testing estimated what their increase in new loans dollars would be through using the Refi Analyzer? R: We are not aware of them estimating a loan increase but we will follow-up with them. Q: Are your beta clients willing to talk to other institutions about their experience with Refi Analyzer? If so, can we get their names? R: We will ask if they will be references for Refi Analyzer. Q: I would like info on statistics from other credit unions on their manual refinance efforts and results. R: Below is a link to a June 2012 article featuring three credit unions with refinance programs. Updated September 2012 Page 7 of 7