Customer Verification
How many hours does a verbal authorization last?
24 hours
What is the name of the tab that we would click to see the payment history?
Installments tab
How many days does it take for a payment to post?
3-5 Business days
HELOC borrower's have to be ____ or less days past due to be eligible for the traditional Forbearance program? (Fill in blank)
29 days
What task is used to generate a form that provides information such as payment amount, payment history, principal balance, and payment dates?
Verification_of_Mortgage
If a borrower is delinquent, what must be stated verbally after verification has been completed?
MMR (Mini-Miranda Rights)
What is the name of the tab where you can see a breakdown of the principal balance, interest, and any fees that have been accrued on the account?
Allocation tab.
What can happen to the borrower's monthly payment when an additional draw is taken out?
The payment will go up
(Bonus points if stated: and the rate is subject to change)
What loan assistance option does Figure provide for Personal Loan borrower's and not for HELOC borrowers?
Skip-a-payment
What task needs to be completed BEFORE completing a payment?
Promise to pay
If a borrower passes the phone to someone they verbally authorize us to speak to, what's the name of the disclosure that you should start the call with when speaking to this new party?
The recording disclosure (This call is being monitored and recorded for Quality Assurance and Training purposes)
T/F: We are able to see any automatic email that was sent to borrowers via CSP.
What is the minimum amount a borrower can take for an additional draw?
*Bonus What is the minimum draw in Texas?
$500, $4,000 (Texas)
How many months of Forbearance does Figure offer to HELOC borrower's for the life of the loan?
12 months, with a maximum of 3 months offered at one time.
How many scheduled payments are allowed in one week?
1
If the borrower states their DOB or SSN incorrectly, what is the name of the disclosure that must be stated?
*Bonus points if you know what task needs to be done along with this situation.
Enhanced Verification CV Fail script
Create an escalation review task for our fraud team to investigate.
Name 2 documents that can be sent via CSP
(Payoff quote, Freeze Letter, Payment confirmation, VOM)
How are payments applied to an account?
1. Accrued Interest
2. Fees
3. Principal Balance
After how many days of delinquency does a HELOC get transferred?
60 days
Who can request a payoff?
Primary borrowers, Additional signers, SII, POA's and third-party companies (with a BA)
T/F: An additional signer is able to schedule a payment.
False
What is the name of the daily interest that accrues on borrowers' accounts?
Per diem
What needs to happen in order for a loan to re-amortize?
The borrower needs to make a lump sum payment of at least 10% of the principal balance + the monthly payment.
How long is the review process for reviewing LAA forms?
2-3 days
What is the email that BA's (Borrowers Authorization's) need to be sent to?
payoffrequests@figure.com