Credit Unions are one of the largest indirect lenders and servicing these loans creates many operational challenges. While your goal is to cross sell other products and services to these members, many maintain only the loan relationship. Processing loan payments manually is time consuming and increases your costs as your loan portfolio increases.
DadeSystems offers an integrated solution to provide a better experience for your members and increases your loan servicing efficiency. DadePay for Credit Unions is an automated solution for processing payments for your loan administration department. Members can self-manage loan notifications and make payments through a Credit Union branded ePayment Portal. Members can review their loan information and make payments, which are posted to your loan servicing platform. Payments received at your credit union are scanned and automatically posted to the members’ loan records.
DadePay loan remittance servicing is a cloud solution to automate loan processing for indirect loans. Loan payments and checks are scanned and matched against your indirect loan portfolio. For any payment exceptions, (examples include payment amount mismatch, incorrect loan number, etc.), payments are reviewed and corrected with simple point and click technology. The user is presented with all the payment and loan information, including all document images. Once the process is completed, the checks are deposited electronically with an image cash letter file. A posting file is automatically sent to your core or loan servicing system updating the payments received.
The DadePay ePayment Member Portal allows your members to self-service their loans. Once enrolled, the member can receive loan payment notifications to their email or through text messages to their phone. The member can make loan payments one time or scheduled monthly using ACH. All payments processed on the ePayment portal are 100% matched to their loan record and updated to your loan servicing platform. Credit card integration is also available with no PCI compliance requirements. The convenience to allow your member to update and change their ACH information eliminates your staff from manually updating this in the loan servicing platform and offers the flexibility to change the payment processing dates based on their cash flow to minimize ACH returns.