Americans have skipped payments on more than 100 million student loans, auto loans and other forms of debt since the coronavirus hit the U.S., the latest sign of the toll the pandemic is taking on people’s finances. The surge in missed payments suggests that the flood of layoffs related to the coronavirus has left many Americans without the means to keep up with their debts. Many are expecting delinquencies to soar later this year as the recession drags on.
Topics like delinquency and collections are particularly tough to talk about now but are a necessary reality of the banking industry. We understand and want to share about some of our products that could help your staff have difficult conversations and assist your members navigate financial insecurity.
As the pandemic drags on, more members may be interested in pursuing loans to tide them over. Sharetec’s Online Member Services application allows members and non-members to apply for loans through your credit union website. Current members can simply sign into their home banking site and apply for a variety of products, including loans. Non-members can apply for their credit union membership at the same time they apply for their loan, saving time and work for potential members and Credit Union staff.
Sharetec’s Charge Offs electronic tracking can help better serve your members if they are looking to pay on delinquent accounts. Sharetec maintains all charge off information related to a particular member, including the loan number, balance, doubtful percent, doubtful amount, officer, loan type, reason and any notes. If a recovery payment is received, it can be applied to the loan using the transaction screen, just like any other loan payment. In the event a member chooses to make amends and wishes to make payments with interest, Sharetec accumulates that interest automatically on the loan record, so providing a payoff quote becomes a straightforward process.
Sharetec’s Collection System is optimized for member-level collections. Delinquent loans, delinquent credit cards and negative share accounts are listed so a collector is able to view all collection activity in a collection queue. Members are displayed in date order based on their delinquency or previous commitments, and all collection notes are stored in one place, sorted by date, and ready when they’re needed.
Sharetec is here to provide support and tools to help you serve your members during this uncertain time.