My Friend, The Lenders
Currently, this is the Standard APR that sales reps have been asked to quote.
What is 9.99% APR?
Leadership is caught, not taught! Redlines are required to be submitted by this time.
What is 8:00 AM? (your time)
The Opportunity must be in this substatus before Finance can move it forward to "Net" status.
What is Paperwork in Progress?
This color indicates that the loan was approved today!
What is Dark Green?
POI
Submitted in what format?
What is Proof of Income?
PDF format!
This lenders loan docs can ONY be signed hard copy (aka wet signed).
Who is Synchrony?
"Stated Income – Mortgage – New Payment = ______
Fill in the missing wording on this mathematical equation ... hint: we require at least $2,000 of it!
What is Disposable Income?
The document that Finance uploads to the Opportunity when moving a financed sale forward to Net status?
What is a Bank Completion?
You will see this color on the pending report when we have a problem! Such as: missing the contract / missing the finance packet / customer(s) has less than $2000 disposable income / invalid or expired ID / Finance received a cancellation email from customer service before processing / Finance received faxed in NOC before processing
What is Orange?
DTI
How is it calculated?
What is Debt to Income?
Monthly Debt / Monthly Income
The only lender in our portfolio that does NOT allow you to buydown the APR.
Who is Service Finance?
Per the Patriot Act, this is required on every financed sale to confirm the identity of the person applying for the loan.
What is a valid and current US Government Issued ID?
The report in Salesforce that everyone reviews everyday once they have finished NET.
What is the Finance Loan Audit report?
Note: The prompt does not say "should" review
This color indicates that the loan was approved yesterday!
What is Yellow?
COB
How can you calculate what day this will land on?
What is Close of Books?
What is the 5th business day after the last day of the month?
The only lender that will accept an application for a customer with an ITIN. Meaning that their Social Security Number starts with the number "9"
Who is GoodLeap?
Before completing a Finance Request Packet or a contract. This document should be completed by the sales rep for any customer that is financing their home improvement project.
Hint: It will protect your markets Retention if treated as a tool, not a task
What is the Customer Checklist?
Situation - We secured an approval through Aqua and have moved the sale forward to NET status. Roughly 7 days later, we receive an email from the lender stating they spoke to the the customer and the customer does not agree to the terms of the loan. How do you update the work order is Salesforce?
What is roll the Work Order to "ON HOLD" status and drop a note as to why?
This color indicates that the loan docs were sent out 48+ hours ago! Potentially, we still need the loan docs to be signed OR maybe they have been signed and needing to clear a stipulation.
What is Red?
EOM
How can you determine what day this will land on?
What is End of Month?
What is the last day of the month? If it falls on a weekend it will most likely be the Friday before EOM.
We have this many lenders in our portfolio?
List all of them!
We have 8 lenders!
Aqua, First Security, GoodLeap, PowerPay, Pure, Salal, Service Finance Synchrony
When Finance receives credit applications with these two "employer" names, we will NEVER process those applications through secured lenders.
What is "UNEMPLOYED" and "SELF EMPLOYED"?
In Salesforce, you need to check this when determining if a the Opportunity can be reactivated vs needing a new Opportunity created.
In case we forgot about the "Right to Cancel Calculator" in Aqua's portal, you can instead reference this color on your pending report to check the rescission days for your markets.
What is Purple?
APR
What is Annual Percentage Rate?