Validation
Do you need to read the voice disclosure when a validated call is transferred to you from another LOB?
Yes
What is a mortgage?
A type of instalment loan secured by real estate. Mortgage can be used to buy a house or for those who already have a house to access the equity they've built up.
At which point can a client Early Renew? (days)
up to 150 days prior to maturity
What options do we have to obtain rates?
MRO and MRPI grids, Pending Renewal docs
What is the process if a client wants to cancel Mortgage insurance?
Client should call creditor Insurance
Can you reveal an access card number and expiry date on a validated call?
No
What is the difference between an open term and a closed term?
Open term is a mortgage where out can repay the principal, in part or in full at any time without a prepayment cost. Clients will choose this option if they're planning to sell/make changes in the near future
Closed term is a mortgage with a set, unchangeable term. You cannot pay off, renew or refinance the mortgage before the end of its term without a prepayment cost. Rates on these are usually lower than an open term.
When do we automatically mail out the renewal document to a client that's in pending status?
32days prior to MAT
How long are rates verbally quoted good for?
Rates are subject to change at anytime
If a mortgage has 4 people, can they all apply for insurance with us?
No minimum 2
For Inbound validation, if there is a red box on WDE how can you validate the client?
Check if OTVC verification is available and proceed thru OTVC. If not available, proceed with manual validation.
What's the difference between a fixed and a variable mortgage?
Bonus Question: can a fixed term be open and can variable term be closed?
Fixed term - a mortgage whose interest rate is specified at the onset of the term and does not change with market conditions during the term
Variable - a mortgage whose interest rate fluctuates according to the prime rate throughout the duration of the term
Bonus question: Yes
What term(s) can a client renew on for Early Renewal?
2 years or more
If a client disputes the rate and request a better rate what options do we have?
Use horizon to compare P&I difference, send BDM escalation, if unsuccessful send Level 2 escalation
What percentage cash back can a client get on a 5-year Variable term?
3%
What type of questions can you ask for manual validation on an inbound call? Give examples
Client must answer 2 questions. 1 from Primary list such as date of birth / PAD info / payment date / etc and 1 from secondary list for example contact number with the area code / amount of regular payment / frequency of payment etc.
Name our variable mortgages and our fixed type mortgages.
Bonus: when will you recommend either?
Variable types: 3 and 5 closed, 5yr open
Fixed types:6mts conv, 6mts open, 1yr open; 1,2,3,4,5,7,10year closed terms.
Bonus: Fixed for clients who wants stability and peace of mind with rates. Variable some risk takers, they're okay if rates fluctuate
If a client wants a conversion (VRM to Fixed) what term(s) can they convert to?
3 years or more Fixed term
How long are the rates early renewals and renewal documents good for?
Rates on the documents are good for 2-3business days. If the rates on the Renewal documents (30days) are not edited they're good until maturity.
What are the main prequalifying questions for Refinance?
For Outbound Validation you can ask 1 of 3 different questions. Name 3 different type of questions you can ask for Outbound validation?
Bonus: what AML info must you look for on all clients' profile
1. Full Address or
2. Business phone number or
3. Intersection of your branch
Bonus: Occupation and Date of birth (DOB). If it is missing after validation, you must ask for this and update and ask to have 2nd client call to review if missing
What is the difference between a high ratio mortgage and a conventional mortgage?
High Ratio: A mortgage that needs mortgage default insurance as the loan-to- value ratio (LTV) exceeds 80% of the lesser of either the appraised value or the purchase price. This is a Bank Act guideline (that is, not just specific to CIBC.)
Conventional: A mortgage that normally does not need mortgage default insurance as the LTV ratio is at or below 80% of the lesser of either the appraised value or the purchase price. All refinance mortgages must also be conventional.
If a client on a fixed term wants to do a Mid-Term renewal, what penalty will they pay?
Bonus question: what can a client do to avoid penalty if all conditions are met?
The greater of 3 months of interest or Interest Rate Differential (IRD)
Bonus question answer: They can capitalize or Blend (conditions need to be met)
What tool is used to generate the Early Renewal document? Where can we find the pending document? How are they sent to the client?
For ER it is generated through horizon and for Pending it's available thru eCif imaging.
Docs are sent securely to the client & specified instructions are included.
If during call you identify client has a high balance on their deposit account and/or client states they need options on investment, what can you do?
Refer them to the banking centre thru ECRM if tool supports or email their FA.