Scenarios
A customer calls into the Virtual Center regarding an overdraft that was returned because their account did not have compensating funds.
Overdraft protection
This line of credit is based on credit score only.
Overdraft Protection - ODP
This type of evaluation is typically used for a home valued under $500,000.
Automated Valuation Method - AVM
A Core Bank customer comes into one of our locations looking for a debt consolidation loan. They are currently home owners.
HELOC or Home Equity Loan
This product is an open line of credit secured by a primary home.
Home Equity Line of Credit (HELOC)
This type of evaluation is typically used for a home valued over $500,000.
Full Appraisal
Jessica owns a small digital marketing agency, "Creative Solutions". Her business experiences fluctuations in cash flow, with clients often paying invoices later than expected. This causes a challenge when it comes to meeting payroll on time. With employees’ paydays approaching, Jessica realizes that her current funds won't cover the payroll until the client payments come through. What should Jessica do?
Hint: We CURRENTLY do not have a product to help Jessica at Core Bank.
Refer to another bank for a business line of credit. And communicate Core Bank will have an option later this year for a business line of credit.
This loan is paid back over a 15 year period or 180 months and is secured by a primary home. What loan am I?
Home Equity Loan - HE Loan
What is the origination fee on a Home Equity Line of Credit (HELOC)?
$325
Sarah owns a small bakery that has been growing steadily over the past few years. Sarah has a solid business plan but needs extra funds to expand. Sarah wants to open a second location in a nearby city, purchase new baking equipment, and hire additional staff. However, she doesn't have enough capital saved up to cover the costs of the expansion.
Send an opportunity in Abrigo to Commercial Lending
A customer needs $500 ASAP.
Overdraft Line of Credit (ODP)
True or False
A co-signer on a loan is equally responsible for repaying the loan if the primary borrower defaults.
True.
A co-signer is equally responsible for repaying the loan if the primary borrower defaults. The co-signer agrees to take on the responsibility of repaying the loan if the borrower is unable to make payments, which is why co-signers are typically asked to have good credit and financial stability.
While processing a deposit you overhear your customer talking about some home repairs they need to complete in the next few months.
HELOC or Home Equity Loan
This loan uses the money in an eligible account as collateral.
CD/Savings Loan
A customer does not agree with the (AVM) evaluation. What else can the customer request?
Full Appraisal
Your customer is excited about their spouse finally starting to look for a new home.
Send an opportunity in Abrigo to Mortgage
This loans payment structure has the first 61 months as interest only payments and the remaining 59 months are principal + interest.
HELOC
True or False.
TRID is required for a Home Equity Line of Credit.
False
You are opening a CD for a new college student who is complaining about their credit score being low. They are trying to buy a car but he doesn't have enough credit yet.
CD/Savings loan
A customer that recently declared bankruptcy wants to apply for a loan. Which loan can they apply for?
A customer bought a new home within the last 12 months with Core Bank Mortgage and they are now looking to get a HELOC. Do they qualify for any discounts?
Yes. There is a flat closing cost fee of $275
What is our secondary goal with each loan application we take?
Hint: What is the banks focus this year?
Deposits! Deposits! Deposits!
Build a relationship to try and get the deposit relationship eventually.