FLP
What does "FLP" stand for?
Financial Life Planning.
If a member comes in asking about a Mortgage for purchasing a house what do we do?
We would ask them if they would like us to put in a referral to the mortgage center for someone to be in contact with them.
What does Loan Protection cover?
Benefits include:
What is GAP?
GAP may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan, if your vehicle is deemed a total loss.
What does Financial wellbeing mean?
A person feels financially well when they feel that are secure in their finances and they are able to spend extra money to enjoy themselves as well.
College planning, IRA's, 401K's, retirement planning, investment planning, ETC.
Who is allowed to speak to a member about Home equity/Mortgage Refi rates or answer general questions they may have?
Only those with NMLS certifications may discuss these things with members.
Direct Consumer, and Credit Card.
What is the company that we use to pull our quotes for GAP through?
CUNA Mutual.
Yes, you would just submit a normal FLP referral and put "GreenPath" in the notes.
Where do we put a referral in for our members?
In DNA, Under "referral by tax ID"
How long does the Home equity application typically take?
45-60 Days.
Is there a maximum age that a member can be to have LP/LP+?
No, However the Value goes down significantly after 75 years of age.
What types of loans qualify for GAP?
Auto's, boats, motorcycles and powersports.
What are the four main types of referrals we would use?
FLP, Insurance, Mortgage, and Commercial.
Who is our current FLP advisor?
Justin Blair.
For a fixed Home equity what are the available terms?
10,15 or 20 years.
What are the monetary benefits of LP?
$100,000 up to 75 and $25,000 75+
How much does GAP cost for an AUTO Loan?
$495
What does Dylan say when members want to specifically work with him?
"well my associate over here.."
Are Financial Life Planner's required to be licensed? If so, what licensing is required?
After the first year on the job Lake Trust does require their FLP's to be licensed. They are required to be licensed by the FINRA.
What is needed in order to close an Home Equity Line of Credit?
Request to Close LOC form or Written Authorization to Close must be signed by member(s) to close a HELOC account. A recorded phone call is not sufficient for HELOC closures.
How much does it cost to add LP and LP+ to the loan?
LP- $2.00 per $1,000
LP+ - $4.25 per $1,000
Can a member add GAP to their Loan at any time?
Yes, however if they add it after they have already closed they will have to pay out of pocket.
What is the website that we use to track our metrics for referrals, memberships, loans, and deposits?
Power BI