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CUAnswers enhances 360-day mortgage payments
GRAND RAPIDS, Mich. (5/29/09)--CU*Answers announced that CU*BASE has changed the way it handles member payments on mortgage loans with a 360-day interest calculation type. The changes are a part of the CU*BASE Gold 9.0 release, available now for online credit unions and June 3-4 for self-processors. CU*BASE can handle simultaneous posting of a regular payment and a separate principal-only payment, with two independent transactions and member-friendly descriptions, without using special teller procedure codes. Other enhancements include:
* New interactive user messages for handling any payment amount; * New secondary transaction descriptions, which document a member’s decisions to make a regular payment or principal-only payment; * The ability to configure mortgages to allow members to pay ahead; and * The ability to choose a monthly interest calculation date other than the 20th to match the day of the month used by loan participation partners.
CU*Answers is a credit union service organization in Grand Rapids, Mich.


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