Page 91 - MCCU

MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.

There was an increase in dollar value in loans disbursed secured by Internal Hypothecated Funds, Bill of
Sale on Motor Vehicles and Registered Titles. This increase was welcomed as it helped to balance the
Unsecured Loans portfolio.

Loan Growth Initiatives

The MoniBooster Unsecured Loan limit was increased from $1,500,000.00 to $2,000,000.00 to meet the
needs of our members. Special interest rates as low as 7.99% was offered on Cash Secured, Property
and Motor Vehicle Loans. Adjustments were also made on share requirements for Motor Vehicle and
Property loans.

Loan Administration

The loan administration process was redesigned in order to ensure that that we continued to provide
efficient service in an effective manner. The manpower in the department was increased at both locations
to improve the overall member service experience.

Waivers

The following waivers were granted for three (3) loans during 2017:

Reason for waiver Number of loans Dollar Value

• Use 95% of Market Value of
Property instead of 90% 1 $4,775,000.00

• Use 84% of Market Value of
Property instead of 80% (2nd Mortgage) 1 $6,221,500.00

• Use 95% of Market Value of
Property instead of 90% 1 $4,100,000.00

• Allow for DSR to be 95% instead of 90%

CREDIT & SUB-CREDIT COMMITTEE MEMBERS

(L-R): Raymond Harper,
Christopher Tyme, Churton Douglas,
Clive Dunkley
Missing from Photo:
Vivinne Grant, Paul Grant,
Everald Harriott, Helen Campbell-Wint

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“Where Service Exceeds Expectation”