Q) How do I update my rates and disclosures? How often can I update them?
A) You will have secure username/password access to the Loan Saver Admin System 24/7. Inside, you'll be able to control all your rates, disclosures, examples, and alert email addresses in real-time, day and night. You can update them as often as you like, and it only takes a few seconds to do!
Q) Will there be any security problems, warnings, or errors?
A) No, Loan Saver is fully SSL compatible and will not cause any error messages or warnings even inside a secure website.
Q) Will my I.T. Team have to install any software on my servers?
A) No, all the technical stuff resides on our secure systems. Integration into your site is literally a one-line cut and paste. I.T. probably won't be involved at all.
Q) What if we use risk-based lending? Some members won't qualify for our best rates…
A) Probably most of your marketing materials – banner ads, posters, direct mail, and the like are using an "as low as" approach with rates. That is what we recommend with Loan Saver as well. Remember this is a lead generation tool, not a loan application. Once you get the member in a conversation with your lending officer you can discuss credit ratings, get to know the member's financial situation, and offer the most appropriate financial solutions. Most of our credit unions are taking this approach and it is working very well.
Q) We MUST have risk-based approach, are there any options?
A) Yes, if the "as low as" approach is a problem, we do have a great solution for you. In the introduction tab, the member is given the option to evaluate their credit rating into general tiers. (Excellent, Good, Fair, Poor for example) As soon as they have made that selection, the entire Loan Saver interface is instantly updated to reflect the appropriate rates for that credit level. In addition, all example values and all calculations are re-done, even for loans that the member has already entered and calculated.
Q) I'm concerned that my lending team doesn't have the resources or time to follow up on all those leads. How much volume should I expect?
A) This is not going to be a problem. Loan Saver will generate a steady stream of loan leads for a long time to come, but it is entirely dependent on how much marketing support you supply. If you are getting too many leads to handle, simply reduce your marketing exposure for Loan Saver for a while. The other thing to consider is that it doesn't take many Loan Saver loan leads to generate a lot of revenue for the credit union. Taking Congressional FCU for example, with strong marketing support they were able to generate over 180 leads in 8 weeks, but those 180 leads turned into over one million dollars in new loan approvals.
Have a question that hasn't been answered here? Contact us today! We'll answer any questions you have, schedule a webinar for your lending and marketing teams, and add your questions to this FAQ.