Loan Modification - Adding GAP

New Loan Application Required – No Credit Pull

Submit a New Loan Application in Meridian Link with comments that member is Requesting to add GAP to their current loan
- Funding Page:
  - Approved Amount: 3 Day Payoff Balance
  - Include DP if included on current loan
  - Loan Fee: $0.00
  - Due Date: Enter due date on current loan
  - GAP: Quote and Issue GAP & Retrieve Documents
Discuss new loan payment with member
If member wants to move forward, send Application to Processing Queue with the following comments for Loan Ops:
- Sub Action Docs to add GAP:
  - Signing Method –
  - New Payment Amount –

Send Subsequent Action Form & GAP Contract in Meridian Link showing new payment and notate what the modification is for
Once forms are signed, perform maintenance in Keystone:
- Open Relationship Tree and click on the loan to open the Update tab
- Click Project
- Under Main Options:
  - Change the Method to Maturity Date
  - Change the Balance to the Approved Amount in Meridian Link + GAP Price
  - Change the Payment Amount to Payment in Meridian Link
- Click Project New
- Click Modify Loan – make sure the only thing changing is the payment by comparing the “Loan Before Modification” and “Loan After Modification”
- Click Post Modification

Insert the Loan Collateral Record in the Relationship Tree
- Right Click the Loan Collateral > Insert > Insert Loan Collateral Insurance > Insert New

Advance funds from the loan to cover the amount of the GAP
- Credit GL – 809500.0000.0000 – Gap Supplemental Auto Insurance
  - Comment: Member # and Branch #

Instructions on how to add GAP to an Existing Loan