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car calculator

Indirect Lending is a Sharetec add-on that allows credit unions to manage loan referrals from local auto dealers (or other third parties) and pay commissions on these referrals.

When loans are referred from the dealership, they are added to the dealer during the application process. Commissions and charge backs are calculated for all loans during monthly reporting.

When the credit union is ready to pay commissions – typically at the end of the month – multiple reports are available to help calculate the amounts due. For example, the Monthly Commission Update and Monthly Dealer Statements reports accurately determine the commission and chargeback amounts due. Credit unions can also provide detailed dealer statements by running the Request Dealer Statements report.

The bullet points below illustrate this process:

  • Sharetec staff verifies the initial setup for the Indirect Lending

  • Dealer Information and Commission rate are added to the Admin Workspace – typically by the credit union

  • Once setup is complete, credit union staff can begin processing third-party loan applications

  • When loan applications are entered into Sharetec, the Dealer # is added to each application in order to identify which dealer receives credit

  • Credit union runs Daily Dealer report – manually or automatically – to update the dealer records

  • At month end, the credit union runs the Monthly Commission Update report to update all dealer records - This report calculates total commission and chargeback amounts for each dealership

  • To complete the monthly process, the credit union generates dealer commission checks and updates appropriate GL’s by running the Request Dealer Statements report

  • Finally, the credit union must amortize pre-paids to expense out any commissions paid that month

 

session

One of the sessions during this year’s conference will be Sharetec Dashboards.  Rich Cook, Quality Manager, will be presenting this overview of the Dashboards product. This half hour session will be presented at 3:00 p.m. on Monday, September 26th and is a must see. Don't miss out!

2015 PIVOT Logo
One of our many speakers at this year’s Users Conference, Jim Soenksen, CEO of PIVOT Group LLC, will be sharing a variety of topics that will keep you informed and prepared for new and revised regulations. This 60 minute session will provide you the most current compliance initiatives and guidance on how to update your programs, be in compliance, and examination ready.

• Cybersecurity Hot Items included in your Examination’s Scope

• How to meet the examination requirements for the FFIEC Cybersecurity Framework

• Review of FFIEC Cybersecurity Risk Assessment Framework and Tool

• Discuss Implementation Guidance and Steps

NCUA and the State Department Banking and Finance want you to be more focused on Safeguarding Member Information and Risk Assessments than ever before. As NCUA’s #1 supervisory issue for 2016, Jim will be discussing how compliance landscape and examination requirements are rapidly changing.

To read more on Jim Soenksen and PivotGroup, click here.

sharetec phone leaves

Fall is in the air and so is the convenience and ease of Sharetec’s Mobile Deposit! In the midst of chillier temperatures and hectic fall schedules, your members will certainly appreciate the ability to securely make their deposits from the warmth of their homes or while running their fall errands.

Sharetec offers this convenient feature as a member-based Remote Deposit Capture (RDC) solution, enabling users to simply:

  • Log into mobile banking

  • Select “deposit check”

  • Enter the deposit amount

  • Take an image of the front and back of the check using a smartphone or tablet camera

  • Submit it to the financial institution

Making a deposit has never been easier! Mobile Deposit formats the images, auto-corrects any distortions, and confirms that it meets Check 21 and mobile image quality standards.

Robust and multi-layered security and fraud prevention tools allow the exact device, time, and location to be identified to ensure that all transactions are safe and secure. With such ease, convenience and security, Credit unions and members alike are sure to “fall” for Sharetec’s Mobile Deposit!

 

5minutes

Are you tired of collecting the information necessary for your 5300 Call Report? Have you grown weary of the long, drawn-out process that steals time away from your members? Do you fear the real possibility of being slapped with a heavy fine if your report is submitted late? With a simplified process in place, your Credit Union’s 5300 Call Report process can be dramatically improved!

Imagine gathering the data you need in minutes as opposed to hours! Sharetec’s 5300 Call Report Assistant can do just that, saving your Credit Union as much as 80 percent of the time usually required to prepare the 5300 Call Report! Standard to the Sharetec Core Data Processing System, the Call Report Assistant allows your data to be auto-uploaded each and every quarter from many different sources, such as loans, shares, and general ledger.

With Sharetec’s 5300 Call Report Assistant, streamlining your quarterly 5300 Call Report process can translate into quick and compliant report submission—making those minutes efficient and productive time well spent!