CDIC Fast Insurance Determination (FID) Module

Posted by Bill Rudzitis in Company News | News

Delta 360’s CDIC FID module is designed for lenders who are a Member Institution (MI) of Canadian Deposit Insurance Corporation (CDIC) that insures eligible deposit and investment accounts provided to clients. In LMS360, Mortgage Tax accounts and Insurance Claims are considered deposits under CDIC rules. The LMS360 CDIC FID module allows lenders be compliant with the CDIC Data and System Requirements in order to support facilitate CDIC’s fast insurance determination (“FID”). The system functionality provides for the following:

• CDIC Extract File Generation (MI Extract) in format detailed in CDIC specifications
• Channel Holds
• Hold Instructions
• Hold File Processing
• Specified Hold Amounts
• Removal of CDIC Holds
• CDIC Full Hold
• Online System controls for holds / roles
• Support for both Mortgage Tax Accounts and Insurance Claims

Further information about CDIC requirements can be found on their website at:

CDIC Data Requirements

 

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