Queues
Which queue do you place an approved Joint credit card?
MCC processing
True or false:
If a member states they have a mortage, we don't need to ask the amount because it will show on the credit report.
False, we should notate the amount in the housing payment and if the amount matches the credit report it will automatically upate in the liabilities.
A member calls in stating they are applying for a loan to help with bills this month. What 2 follow up questions do we need to ask and notate in the app?
What bills will you be paying & what is the hardship?
True or false:
If a member is applying for and MRC/GAP add on, their loan is now subject to current rates.
False, we would honor the original rate for the application
When does MLA need to be updated?
when the credit pull date and the application date are more than 30 days apart.
What queue do individual purchases get placed in?
MLP
True or False:
The address we have on membership does not need to match the address on the application as long as the member confirms it.
False, both addresses should match. In this case, if the member can verify existing address we can update their account. If they choose, they are also able to update their address through the mobile app.
True or false:
If you are working a joint application, the email for the primary and joint can be the same as long as the members are ok with that.
False, we need invididual emails for each applicant.
what percentage do rates increase if member is wanting an 84 month auto loan term?
.75% higher than qualifying rate.
True or False: A member calls in to get the status of their application and you find it was never placed in its proper queue. You do not have to confirm if mla was properly updated, since you did not take the app.
false, you are now taking ownership of the app.
MLP
True or false:
A member states they live with friends and have no rental obligation and you update their housing status to "other". As long as you ask, it's ok to not notate what they stated, since all calls are recorded.
False, notations are mainly to assist HUB with making a decision and they are not able to listen to the calls.
What queue does a secured pledge loan go to?
MCC processing
True or False: if a member is applying for a credit card increase, the system recognizes there is already a credit on file, and the rate should reflect accurately.
False, for credit card increases, we will honor the original loan as long as current card is not closed and there is no change in ownership.
A member calls in MCC on July 27th, 2023 and completes an application on the same day. Once credit is pulled, the date ordered shows June 24th, 2023. Would MLA need to be updated?
Yes, it has been more than 30 days.
True or false:
A member is approved for a new purchase for a vehicle. You update the funding screen and disclose rates and payments to the member. You can now send the application to completed.
False, the application will go to MCC PAD Processing
If member has a temporary housing situation, such a hotel and a fraud alert arises, is there anything we can use to clear the fraud alert?
The member will need to have one of the POR documents or have their license updated.
Which queue does a secured credit card application get assigned to?
MCC Processing because we need signatures.
True or False:
A member states they paid off a few loans on their credit report yesterday. We should add good notes and remove these from liabilities since the credit report has not updated yet.False, we would not remove them from liabilities however you are able to add notations letting the underwriter know what the member is stating
A member calls in to get the status of an application from 35 days ago. You find the application was never assigned. The credit pull and order date both show 10/11/23. Does MLA need to be updated?
No, MLA does not need to be updated since the credit pull and order date are the same, or within 30 days of each other.
True or False:
What is the maximum amount HUB can approve for Vehicles? Where do applications go if they are over this amount?
100k and LRC has to decision anything higher.
True or False: if 2 members are applying jointly and have a total rental obligation of $2000/ monthly - we should list the $2000 under each individual since they are both responsible for it.
False, in this situation we would enter $1000 under each applicant as this will accurately reflect a total rent obligation of $2000. You can also place the total amount of rental obligation under the primary applicant.
If a member needs an increase to an auto loan AFTER they already signed contract with dealership, which queue does it get assigned to?
MLP will need to send a new security agreement. Additionally, if the mbr is requesting an increase to an auto loan prior to any signing mcc pad processing can issue new pad docs.
What type of credit cards need to have the payment adjusted on liabilities and what percentage should we be adjusting to?
Amex cards, 2% of the balance
If a member had a recent credit pull within the past 60 days, we do not need to verify MLA, since it was pulled during the first application.
False, MLA would need to be manually pulled it has been more than 30 days.