Rate Reset | RateReset-FAQ
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Credit Unions

What Is Rate Reset™?

Rate Reset enables a member to reset their loan without the cost and hassle of refinancing. For the credit union, Rate Reset automates loan retention so your credit union can focus on new business.

Which Loans Typically Include Rate Reset?

Rate Reset is offered on 10/1, 7/1, 5/1 and 5/5 fixed period ARMs, 15-year and 30-year fixed rate mortgage, auto loans and personal loans.

How Does Rate Reset Work for a Credit Union?

A credit union first must join and be a member of Rate Reset. Once a member, Rate Reset will implement the Rate Reset software solution. Once live, Rate Reset will provide the credit union with an administrative dashboard to set rates, screen loans for Reset and all the Docusign/e-signature proper documents for a member to execute. Rate Reset also provides a turnkey solution to help member credit unions train employees and market Rate Reset to their members.

What Are the Benefits of Rate Reset to a Credit Union?

Rate Reset automates retention so a credit union can focus on new business. For example, offering Rate Reset as a feature of a credit union’s loans can generate 293 bps per loan.

How Does Rate Reset Work for a Member?

A credit union first must join and be a member of Rate Reset. Once a member, the credit union will notify it’s members when they have the ability to Rate Reset. When their window to Rate Reset is available, they have the choice to Rate Reset on the first available date or wait until rates change. Once they choose to Rate Reset, they simply review the offer and attached documents and then using proven e-signature technology, simply click, e-sign and are done.

What Are the Benefits of Rate Reset to a Member?

Rate Reset enables a member to reset their loan without the cost and hassle of refinancing, including no credit check, no appraisal, no closing cost….no kidding. The reason a credit union can offer Rate Reset is because Rate Reset eliminates back office cost and hassle associated with refinancing. The savings are passed on to the member.

When Can My Members Rate Reset?

For Mortgages, a member must first qualify for Rate Reset. For auto and personal loans, your credit union determines the parameter used to select the customers that receive the offer. Qualifications include, for example, paying their loan on time for the last 12 months. Upon qualifying, you will notify your qualifying member that they have qualified and then contact them with your Rate Reset offer. Once Rate Reset has been offered, your member can choose to click and save immediately or watch rates to see if they can save more in a future date. Rate Reset is typically offered during regular cycles, for example, every 4, 6, or 12 months (contact your credit union for more details).

How Often Can My Member Rate Reset?

For Mortgages, a member must first qualify for Rate Reset. For auto and personal loans, your credit union determines the parameter used to select the customers that receive the offer. Qualifications include, for example, paying their loan on time for the last 12 months. Upon qualifying, you will notify your qualifying members that they have qualified and then contact them with your Rate Reset offer. Once Rate Reset has been offered, your member can choose to click and save immediately or watch rates to see if they can save more in a future date. Rate Reset is typically offered during regular cycles, for example, every 4, 6, or 12 months (contact your credit union for more details).

What Is LoanGEN™?

LoanGEN enables a member to lower their monthly loan payment by moving their existing loan from their current credit union to your credit union. For the credit union, LoanGEN is a loan acquisition tool that allows your credit union to grow your loan portfolio and increase yields.

Members

What Is Rate Reset™?

Rate Reset is software that enables you to reset your auto or mortgage loan without the cost and hassle of refinancing.

How Does Rate Reset Work?

A credit union first must join and be a member of Rate Reset. Once a member, your credit union will notify you when you have the ability to Rate Reset. When your window to Rate Reset is available, you have the choice to Rate Reset on the first available date or wait until rates change. Once you choose to Rate Reset, you simply review the offer and attached documents and then using proven e-signature technology, simply click, e-sign and are done.

How Much Does It Cost to Rate Reset?

Nothing! When rates go down, up or stay the same and you want to refinance your loan with Rate Reset, there are No Closing Costs: No Appraisal, No Credit Check, No Paperwork….No Kidding! The reason your credit union can offer you this great service is because Rate Reset eliminates the same time, cost and hassle for them as it does for you. Your credit union gladly passes these savings on to you so you become a happier member.

When Can I Rate Reset?

To Rate Reset, you must first qualify to be able to do so. Qualifications include, for example, paying your loan on time for the last 12 months. Upon qualifying, your credit union will notify you that you have qualified and contact you with your Rate Reset offer. Once Rate Reset has been offered, you can choose to click and save immediately or watch rates to see if you can save more in a future date. Rate Reset is typically offered during regular cycles, for example, every 4, 6, or 12 months (contact your credit union for more details).

How Often Can I Rate Reset?

To Rate Reset, you must first qualify to be able to do so. Qualifications include, for example, paying your loan on time for the last 12 months. Upon qualifying, your credit union will notify you that you have qualified and contact you with your Rate Reset offer. Once Rate Reset has been offered, you can choose to click and save immediately or watch rates to see if you can save more in a future date. Rate Reset is typically offered during regular cycles, for example, every 4, 6, or 12 months (contact your credit union for more details).

How Do I Know if My Loan Has Rate Reset Protection?

If you are unsure if your Auto loan or Mortgage includes Rate Reset Protection, reach out to your loan officer today!

Why Would My Credit Union Offer Me This Great Service?

Rate Reset saves the same time, hassle and cost for you as it does for your credit union. Rate Reset automates refinancing, saving your credit union time and money, which they gladly pass on to you so you become a happier member.

What Is LoanGEN™?

LoanGEN is software that enables you to create your customized auto or mortgage loan to fit your particular needs. You select the monthly payment and term.

More Questions?

If you have a question that you don’t see here, please contact Joe Brancucci at 206.290.3891