Integrating credit card processing with your credit union

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first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr To date, credit unions have been faced with the choice of providing credit card processing in-house or outsourcing. Historically, only big credit unions ran in-house credit card processing. Smaller CUs shied away from credit card processing due to a variety of factors: It was expensive to do so in-house, and outsourcing was often difficult to integrate with the core. Furthermore, the rewards programs were not up to par with those of banks and larger FIs, which made them less desirable to members. Now, with increases in integration capabilities and decreases in cost, credit unions of all sizes are incorporating integrated processing capabilities. Here’s why credit unions big and small have opted for integrated credit card processing.Now that more credit card processors are on the market, and core technology has evolved, the integrations between the two continue to improve. With better connections to the core, a higher volume of member data is now accessible on member spending habits. Understanding how members shop and use their cards, credit unions can structure rewards programs around their members’ habits and interests. As a result, members are more engaged with CU credit cards than ever before.For credit unions that are wary of taking on the burden of in-house processing, there are vendors who can not only manage the process, but customize solutions to the needs of the CU. When choosing a vendor, it’s important to consider the goals in offering integrated processing. Whether it be better rewards programs to attract new members, more features, or improved reporting capabilities – these aspects will help guide the selection process when considering vendors. continue reading »last_img read more


Tag: 上海夜网ZQ

first_img Appraisal Appraisal Institute Board of Governors of the Federal Reserve System FDIC Jim Amorin Lenders National Credit Union Administration Office of the Comptroller of the Currency opinion Richard C. Sorenson Update 2017-10-17 Dean Terrell Share October 17, 2017 634 Views The full opinion from the Institute can be found here. in Daily Dose, Featured, journal, Servicing Are Appraisers Meeting Lending Standards? According to an opinion from the Appraisal Institute, president and acting CEO Jim Amorin claims not all appraisers are as knowledgeable as others. “The best way for consumers to combat potential problems with appraisals is to ensure the appraiser hired by their lender is highly qualified and competent” Amorin said.Amorin noted that most lenders have appraisal appeal procedures known as “Reconsiderations of Value” that can be provided to the lender. These procedures allow buyers and sellers to provide recent and comparable sale information not otherwise considered by the appraiser. Amorin also referenced the book titled “Appraising the Appraisal: The Art of Appraisal Review,” authored by Richard C. Sorenson, which covers common errors that can occur during procedure. This includes “misuse of adjustments to comparables, disregarding special financing and concessions, and miscalculation of gross living area” according to the Appraisal Institute.Buyers and sellers are also entitled to a copy of the appraisal report, so lenders should be prepared to provide a copy to them when requested. Based on federal regulations, lenders are required to provide copies free of charge to consumers no later than three days before their loan closes. Homebuyers can also ask lenders if their appraiser is directly engaged by the bank or if they use an appraisal management company to send them to properties for review.It’s worth noting that just because the appraisal doesn’t match the contract price doesn’t necessarily mean the appraisal is flawed, according to Amorin. “The agreed-upon contract price may be above market value, for example. In those situations, the buyer and seller often renegotiate the contract at more favorable or balanced terms” he explained.last_img read more