Application Process
This is required to be given within 30 days of accepting an application for credit.
What is a loan decision?
Developed by Fair Isaac Corporation, this credit scoring system provides an indication of how the consumer handles money and credit.
What is FICO?
This document must be given within 10 days of a denial decision on an application.
What is the Adverse Action Notice?
On a Transfer File, choices include weekly, bi-weekly, semi-monthly, and monthly.
What is Frequency?
This regulation implements the Equal Credit Opportunity Act and protects applicants against discrimination based on age, gender, ethnicity, nationality, or marital status.
What is Regulation B (Reg B)?
This party to a loan gets no benefit of the loan, cannot qualify for any credit insurance products, and is used to provide additional security or income to the loan.
What is a False Credit Score?
A signature on this document gives the authority for the credit union to pull credit for a loan request.
What is the Application?
This product is available for up to 84mos, on collateral up to 125% of MSRP/NADA Retail, and offers a 90% refundable pro-rata refund option after 60 days.
What is GAP?
This is the minimum loan amount for the current purchase and/or refinance promotion (PCU014P and PCU014R).
What is $7,500?
This is determined by dividing the loan amount by the Trade Value of the auto/collateral.
What is the Loan to Value ratio (LTV)?
What are items that can be excluded from the Debt Ratio?
This document includes the borrower's credit score and a ranking of how this score compares to other US Consumers' scores.
What is the Credit Score Exception Form?
Coverages include key or remote replacement, paintless dent repair, and tire and wheel road hazard replacement.
What is Auto Essentials (VPP)?
What is Regulation Z (Reg Z)?
Want your GAP/MBP documents to be available to image with your other docs? You just need to sell your products on this page in the application.
What is the Collateral Screen?
Student loans that have no payment shown will have this amount manually entered on the debt pad.
What is 1% of the loan balance?
To get the appropriate check marks on the health questions for Credit Insurance Protection, what screen is completed in Loancierge?
What is the Closed End Disclosure screen?
Included with GAP purchase, this provides reimbursement for the deductible for loss an any vehicles owned and insured by the borrower.
What is Auto Deductible Reimbursement (ADR)?
What is the Insurance Declaration Page?
When one borrower applies for a HELOC but the deed shows two signers, the second person must sign what documents?
What is the Right of Rescission and the Mortgage?
Covered borrowers are designated with a "Y" or "N" to comply with this on the credit report.
What is the Military Lending Act?
Displayed on the Loan Note as a percentage, this is the annual cost of the loan plus fees.
What is the Annual Percentage Rate (APR)?
To qualify, a borrower must work at least 25 hours per week.
What is Credit Disability Protection?
Per this Act, borrowers must be at least 21 years old or have a) a qualified co-borrower that can fully support the loan or b) the ability to show they are financially independent
What is the Card Act of 2009?