closed end lending vs. open end lending (including reg z changes)
TRANSCRIPT
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Closed End LendingVs.
Open End Lending
(Including Reg Z Changes)
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Closed End vs. Open End LendingVyStar Credit Union
Who is VyStar?• Established April 1952• Total Assets over $4.8 Billion• Over 427,000 Members• 37 Branches*
– 30 Full Service Branches* - will be opening another Full Service Branch later this year– 2 Drive Thru Branches– 5 High School Branches
• Over 1100 Employees
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Closed End vs. Open End LendingVyStar Credit Union
Who am I?• That’s a good question….• Lending Operations Analyst for 10 years
– Previous experience in the Call Center and Branches– SME with the MISER conversion– Strength in our Loan Origination System, APPRO (aka CRIF Solutions)
• Been with VyStar for over 20 years• Primarily responsible for understanding the business operations and how to work
with IT staff to accomplish system changes for efficiency and required changes.
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Closed End vs. Open End LendingVyStar Credit Union
Originating, Underwriting & Disbursing Snapshot• Origination accomplished in all front office areas & Internet Banking• Centralized Underwriting since Feb. 2005
– 19 Underwriters• 17 Branch/Call Center• 2 Indirect
• Centralized Disbursing since May 2005– 15 Disbursers
• 14 Branch/Call Center• 1 Indirect
• 5 Quality Assurance Lending Analysts
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Closed End vs. Open End LendingVyStar Credit Union
What’s happening today AND why…• Regulation Z changes in 2010 prompted some changes
– Separated New Requests from Advance Requests
• August 2012 – our national regulators, NCUA, provided an update concerning underwriting & the regulation
• Now…Converting from Open End Lending to Closed End Lending– July 1, 2013 Implementation Date – it’s not a target date, it’s a MUST!– Will have some OE products
• SV/CD Secured Loans• Line of Credit Products• Credit Cards
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Closed End vs. Open End LendingVyStar Credit Union
What’s involved with the effort?• Documentation changes• Product Set up• Member Interview & Interactions• The “TIL” – totally new to our direct lending staff• Servicing – not so much; few changes• Florida Doc Stamps
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Closed End vs. Open End LendingVyStar Credit Union
Still being offered to the member• Ancillary Products
– GAP– Extended Warranty– CUNA Payment Protection– Collateral Protection Insurance (when they don’t show proof)
No longer available• Add-ons to existing loans
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Closed End vs. Open End LendingVyStar Credit Union
Best Practices…
You tell me… because it’s not July 1st Yet!“Serenity Now!”
I.D.K.
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Closed End vs. Open End LendingVyStar Credit Union
Contact Information
Lisa Fulghum904.908.2820
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Closed End vs. Open End LendingVyStar Credit Union
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THANK YOU
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