CU*Answers is currently engaging in conversations about the potential for changing Contract Variable Rate notices to be customizable per credit union. If this change were to be implemented, notices would be removed from the current print feature tool (Tool #638) and printed out like standard member notices in Tool #653. This customization would allow the notice to work equally well for HELOCs and closed-end loans alike. In addition, we would remove the section on the form that mentions the remaining term of the loan.
Here you can view a sample notice, which includes two red boxes and a star. The first red box indicates an area that would become customizable to match the frequency of rate changes on your contracts. There are other fields that will also be customizable, but this is one of the areas that we have identified as a significant need.
Where the red star is located, we would insert the following text: This is an estimated payment based on your scheduled monthly payment amount being paid on the due date. The second red box is the term section that we would remove entirely.
Before making any changes to the notices, we would like to gather any feedback or concerns that you may have. Please send your feedback to lendervp@cuanswers.com by 12/28/2022. Thank you!
