LIVE OAK, Texas–Randolph-Brooks FCU here has become the first credit union in Texas to select CURateReset, a provider of financial product reset solutions designed for asset retention and acquisition.
The $7.7-billion RBFCU will now be able to leverage a simple, easy and attractive digital solution to retain existing loans and generate more loans, according to the company.
CURateReset provides the following products to credit unions in their network:
Reset - Auto, Mortgage, Certificate of Deposit (CD), Credit Card and Personal Loans. Of the solution, the company said:
- CURateReset enables a member to reset the term on their existing loans, CDs and credit cards with their credit union without the cost and hassle of refinancing.
- The credit union selects members for program inclusion based on internal requirements and CURateReset automates member outreach, reset and the closing documentation.
- As an added advantage, CURateReset automates asset retention so credit union staff can focus on new business.
Digital Preapproval - Auto, Mortgage, Credit Card, Personal Loans and Home Equity Line of Credit (HELOC). Of the solution, the company said:
- Recapture of member auto loans, mortgages, credit cards, personal loans and HELOCs at other financial institutions, as well as showcase products to attract new members.
- Members can design their custom auto payment and move their existing loans over to their credit union.
- Credit union selects members to receive offer and submits data to CURateReset. A unique URL is then created, and inserted into an email, regular mail or text.
- Members can select the options offered, execute the required documents and authorize the transfer to their new credit union account.
"A significant challenge facing our industry today is loan portfolio growth," said Joe Brancucci, president of CURateReset, in a statement. "RBFCU, one of the top 15 largest credit unions in the country, recognizes this challenge and understands that part of the solution is to retain the loans currently in the portfolio. The Reset Auto product is designed for exactly that. We are delighted that such an influencial institution is the first Texas credit union to join our family and credit union network."