Frequently asked questions
Have questions or need assistance? Find answers by searching our resources or reach out to our team for support.
Yes, we provide sample policies and procedures for financial institutions starting a commercial loan program. Our staff is available to assist in every facet of a program. If you need more intensive on-site consulting, we can recommend excellent resources that have assisted many credit unions in building and executing a business plan.
Our award-winning Digital Business Lending Platform can originate loans in your market 24/7. Members or staff can use the platform to assist with the origination of loans. We also have a loan participation program that regularly places client-originated loans within our network. Lucro has a Business Development Officer on staff to help our partners source commercial loans as well as a loan participation program that regularly places client-originated loans within our network.
We are happy to provide sample policies (Commercial Business Lending, Participations, Appraisals, Classified Loans and Workouts). The sample policies are updated as regulations change and provided at no extra charge. If you would like to use a different policy we will review it and provide suggestions.
Lucro has over 25 underwriters analyzing loans for our partners. Experience ranges from 5-30 years with varied backgrounds from commercial bank management to bank examiner. We will assign the right skill set to your loan request based on dollar exposure and credit risk. Very few CUSO’s can match the breadth and depth of our staff. Learn more about our underwriting services here.
Our documentation area has seven specialists that prepare commercial loan documents compliant in all 50 states using Wolters Kluwer's Compliance One software. As licensed users, our clients have a $1,000,000 compliance guarantee from Wolters Kluwer. Learn more about our documentation services here.
Part of our real estate process is the bidding, ordering and review of commercial appraisals. All you need to do is give us your approved appraiser list (if you don’t have one we can help) and we take it from there. Our independence in the process ensures regulatory compliance. We also do the same for environmental reports; we will bid, order and review those as well.
Many of our clients have had the same concerns. Most find their existing systems can manage the process. If for any reason you need help, we can service your loans on our commercial loan platform.
A few of our clients have come to us with this problem. They had deficiencies in their underwriting, documentation or servicing that caused issues with a state or federal exam. We will put a plan in place to review and re-document some or all of your loans that should provide immediate relief with your regulators. Once the problems are resolved, our ongoing service should minimize issues with future exams.
Certainly, the potential exists for a large dollar problem loan if you venture into commercial lending. We are the only CUSO that publishes our delinquency statistics on our website. All loans aren't perfect but we can point to a very solid track record of Lucro partner credit unions with delinquency and charge-off numbers well below the industry average.
Yes! The DBLC is a great place to start your commercial lending journey. The platform comes backed with the support of the Lucro underwriting and documentation staff to help you through the process.
No. The DBLC is cloud based and can be accessed from a browser 24/7.
Absolutely! You can choose the products that you want to offer your borrowers, credit parameters to match your policy and automated document collection prompted from the borrower for the specific documents you want from them.
The DBLC is very flexible. You can make same day changes to all products and service offerings.
Yes! With our Branch Empowerment path, your branch staff can walk a business borrower through the entire application, without any business lending knowledge.
Implementation is quick. We can have to taking live applications in as little as one day with very little lift from the credit union.
Yes. With the built in analytics tool, you always have a birds eye view on the things that matter most. Sort reports by industry, zip code, credit score and more.
Yes! LoanSplit removes the need for outside back and forth communication. Buyers and sellers can use the built-in message channels to communicate throughout their process.
Yes! LoanSplit has tools available to share opportunities via email link or PDF document.
LoanSplit is an invite only platform, so it is as easy as using the “invite others” tool to welcome other credit unions into the network.
LoanSplit has built in participation agreement templates that you can use OR if you would prefer to use your own, that’s ok too. Once the docs are complete, eSign capabilities allow for ease in closing the transaction.
LoanSplit is a secure file repository. Every credit union can choose who sees their documents and when based on the network they build within the portal.
No! Although Lucro does provide top notch loan servicing, it is not a prerequisite of using the platform. You can keep your loans in house for servicing, if you choose.
Easy! The funding information is provided within the LoanSplit platform by the seller to include date, time and wiring instructions.
Yes! Evie comes with a built in CRM…in a better way. We offer a simple way to manage your products, campaigns and contacts seamlessly.
Yes! Evie allows you to schedule, document, track and manage your periodic review process. This includes tools to reach out to your borrowers/guarantors to collect and update financial information via our secure platform. When you are ready, you can perform the review yourself or send it to Lucro for underwriting – all with just a few clicks!
Yes! Evie comes with audit capability allow either you or us to setup restricted access for third parties so they see only what you need them to without you have to spend hours assembling files!
Many of our clients have had the same concerns. Most find their existing systems can manage the process. If for any reason you need help, we can service your loans on our commercial loan platform. Learn more about our loan servicing here.
If it is a commercial loan, we can service it for you! Trust us, we’ve seen them all. Lucro servicing can free you from the constraints of a traditional core with fixed product settings. Our core supports all commercial loan products and is flexible enough to allow for variance in loan terms on a loan-by-loan basis.
Our documentation area has seven specialists that prepare commercial loan documents compliant in all 50 states using Wolters Kluwer's Compliance One software. Our clients enjoy a $1,000,000 compliance guarantee from Wolters Kluwer. Learn more about our documentation services here.
Part of our real estate process is the bidding, ordering and review of commercial appraisals. All you need to do is give us your approved appraiser list (if you don’t have one - we can help) and we take it from there. Our independence in the process ensures regulatory compliance. We also do the same for environmental reports; we will bid, order and review those as well.
We’re happy to coordinate flood certificates, desktop environmental reports and site visits. Not only
that, we assist with the process of Phase I/II environmental reports through our independent bidding
process.
Lucro has over 25 underwriters analyzing loans for our partners. Experience ranges from 5-30 years with varied backgrounds from commercial bank management to examiner. We will assign the right skill set to your loan request based on dollar exposure and credit risk. Very few CUSO’s can match the breadth and depth of our staff. Learn more about our underwriting services here.
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If your question isn't covered in our FAQ, feel free to reach out to our team.
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