Share/CD Secured Loan Job Aid 

Share/CD Secured Loan Job Aid 

The term/payment on a secured share/cd loan can be set up to the member’s preference if the term does not exceed 144 months

Application Page

• Loan Information
  • Personal Loan Type – Select Secured Shares or Secured CD

• • Amount Requested – This amount must be available in the account being used as collateral
  • Requested Loan Term – Cannot exceed 144 months
  • Asset Value – Enter the Total Balance in the account being used as collateral
  • Asset Rate – Enter the Highest Rate (Dividend Rate NOT APY) that the account being used as collateral can earn (Example: First Forward – 0.100%)

• Primary Applicant
  • After pulling in your member’s information, click on “View Accounts” above the box where you type in their member number

• • This will generate a list of all the accounts the member has with us and will import all the account information to your assets section of the application

• • Select the box beside the desired share, then click “import selected shares as assets”

• • Fill out the remainder of the application page as usual, then scroll to your Assets Section at the bottom

• Assets
  • You should see your share information from where you imported it to the application – click “edit” in the upper right hand corner

Your Edit Assets Page should always be filled out as follows:

• • Asset Type – Share
  • Asset Value – Balance in share being used as collateral
  • Existing Loan Amount – If there is another loan against this collateral that will NOT be paid off with the new loan, enter that loan balance here
  • ALWAYS check the box beside collateral
  • Pledge Type – Reducing
  • Rate – Enter the highest rate the share being used as collateral can earn (Dividend Rate NOT APY)
  • Pledge Format - % of Loan
  • Value – 100%
  • Asset Owner – Owner (Unless using another member’s share as collateral – see separate cheat sheet)
  • Financial Institution Name – Leaders Credit Union
  • Account Number – Member Number – Share ID (Ex. 12345000-0001)

• If there are any additional assets listed, delete them
• Click “Select Qualifying Products”
  • If everything is filled out correctly, you will get an instant approval
  • If you do not get an instant approval, go back to the beginning of the job aid and check your work
  • Once you have your instant approval, proceed with the application as usual
  • REMINDER: Instant Approvals still require loan comments

Using a Different Member’s Share as Collateral

Application Page

• In the upper right-hand corner of the application page, click on “View Contacts”

• Contact Type – Asset Owner – Click “Add Contact”
  • Add the following information for the owner of the share being used as collateral
    • First & Last Name
    • Email
    • Phone Number
    • SSN
    • Address
• Fill in the remainder of the Application Page as usual, then scroll to the Assets Section at the bottom
• Click “Edit Asset”
  • Asset Type – Share
  • Asset Value – Enter the Amount the applicant will be borrowing
  • Existing Loan Amount - $0
  • ALWAYS Check the box beside collateral
  • Pledge Type – Reducing
  • Rate – Enter the highest rate the share being used as collateral can earn (Dividend Rate NOT APY)
  • Pledge Format - % of Loan
  • Value – 100%
  • Asset Ownership – Not an Owner
  • Other Owner 1 – Select the Contact you Created
  • Financial Institution Name – Leaders Credit Union
  • Account Number – Member Number – Share ID (Account being used as Collateral)

• If there are any additional assets listed, delete them
• Click “Select Qualifying Products”
  • If everything is filled out correctly, you will get an instant approval
  • If you do not get an instant approval, go back to the beginning of the job aid and check your work
  • Once you have your instant approval, proceed with the application as usual
  • REMINDER: Instant Approvals still require loan comments