Oak Tree Consumer Lending Documents for Credit Unions

Now and again your members will need to take out a loan to help pay for unexpected expenses. Death, medical bills, moving, or starting a business, can all result in a need for extra cash. Oak Tree has a great Consumer Loan Forms Package to help ease the lending process.

Our multipurpose Consumer Loan Package is for both open-end lines of credit and closed-end installment loans. Only one Consumer Form Package is necessary for originating both types of loans. This gives your staff the flexibility to offer the right product without chasing different forms. Take a look below at what we offer you with our Consumer Lending Package:

Credit Line Account and Personal Loan Application

This is a multi-purpose application for use with both open-end and closed-end consumer lending. The “Credit Line Account” aspect of the form refers to any open-end consumer credit products (credit cards, LOC) your credit union might have, while “Personal Loan” relates to any of your closed-end installment loan types. This application is complemented by and works in conjunction with the Credit Line Account Agreement & Disclosure for any of your open-end consumer loan products to form the contract between the borrower and the credit union. 

Credit Union Consumer Lending Documents from Oak Tree Business
Credit Union Consumer Lending Documents from Oak Tree Business

Credit Line Account Agreement and Disclosure

Commonly referred to as the master open-end credit agreement, this form is prepared to work with the Credit Line Account & Personal Loan Application to form the primary Federal Disclosure Statement and the underlying contract for your credit union’s open-end consumer loans. It works equally well when used for open-end secured or open-end unsecured lending. The use of this form is commonly followed by that of the Credit Line Account Advance Request or the Credit Line Account Advance Request and Security Agreement.

Credit Line Account Advance Request and Security Agreement

This form includes a security agreement and is used for documenting security interest. The Advance Request is delivered at the time of any open-end consumer credit advance given under an open-end Credit Line Account. For unsecured transactions, this form serves as a paper trail to document open-end Credit Line Account advances.

Closed-End Consumer Loan Note and Disclosure

When it comes to documenting closed-end consumer installment loans, this form has no equal. In fact, this form combines (among other things) five very important ingredients: a Federal Disclosure Statement, an Itemization of Amount Financed, a Credit Insurance Disclosure, a Security Agreement, and the underlying contract for closed-end consumer loan transactions.

Notice to Co-Signer

To comply with the Federal Trade Commission’s requirements when there’s a co-signer for a loan, the Notice to Co-Signer must be supplied as a separate form. For California credit unions, the text of the Notice is restated in Spanish to comply with California law.

Adverse Action Notice

For those few loans your credit union may not approve, you’ll need an Adverse Action Notice to send your applicants. The Adverse Action Notice is equally useful for open-end and closed-end loan transactions.

Subsequent Action Form

This form is for changes after the initial disclosures and credit agreements have been distributed. The Subsequent Action Form documents those changes which occur “after the fact.” This form may be used with your open-end Credit Line Account program as well as certain events related to closed-end transactions.

Limited Guarantee Agreement

Also used for credit involving a co-signer (or “guarantor”), the Limited Guarantee Agreement binds the co-signer to an open-end Credit Line Account. As such, for open-end consumer loan transactions, this form is intended to be used with the Credit Line Account Agreement and Disclosure.

Military Annual Percentage Rate (MAPR) and Payment Obligation Disclosure

This form must be furnished by lenders that provide covered credit to covered borrowers under the Military Lending Act (MLA).

Our Risk-Based Lending Package includes a Risk-Based Lending Origination Form, Risk-Based Lending Servicing Form, and Risk-Based Lending Exception Forms. According to the regulation, credit unions must either provide Risk-Based Lending general notice, as applicable, or they must provide the appropriate exception notice to all applicants.

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