Verification Errors
What information do we need an ATP to verify?
What Is....
Borrower's Full name and either DOB or last 4 of SSN and ATP full name.
The system fails to play the automated disclosure, what step should be taken?
What Is....
We should read the disclosure verbatim.
When should we track a complaint or feedback?
What is....
Whenever the borrower states dissatisfaction with US, our product or our business.
When is it ok to not discuss a recent Inquiry on borrower credit within the last 90day?
What is...
DISCOVER BAN inquiry on the date of the application
The Borrower stated "I finally reach you, I've called several times and could not get a hold of you.
Should This be tracked Via DCC tracker? If so, why?
What is...
Yes! The borrower mentions that he tried several times to reach His PB.
We would track this as a complaint since borrower is showing sign of frustration not being able to reach PB.
Where can we check to see if a borrower was previously verified?
What Is....
call box notes/or the remarks
If the APR disclosure isn't stated on the call, what can we do to ensure we are compliant?
What Is....
State Annual Percentage Rate (APR) every time you state the rate.
Clearing a fraud alert with a phone number?
What is...
Make an outbound call on the CBR phone #, after intro verify Fl name and DOB and ask borrower if they applied for a Discover Home Equity Loan.
Remark
If the AVM fails, what steps should we take to continue with the application?
What is...
We need to verify the address to ensure its correct then we would ask the borrower if subject property is a multiunit, greater than 20 acres, used for agriculture or commercial, or currently listed for sale.
The Borrower asked ""Do you charge origination fees or any type of fees with this loan?
What is...
Discover cover all closing cost, so you won't need any cash to close. However, if there is a request to bring taxes and insurance up to date at closing, those costs can be paid through your loan proceeds or by you directly to your providers. Additionally, after your loan funds, if you do not make your monthly payments on time, we will charge you late fees as you would expect from other mortgage companies.
If borrowers DOB is inaccurate on the application, how would we go about verifying borrower?
What Is....
To verify borrower's full name and last 4 of SSN then we can update the DOB according to borrower.
Cobo is not married to BO1, can we gather the cobo information from BO1?
What Is....
No, we will need the COBO on the line to answer questions and to acknowledge disclosures.
Borrower stated he wanted the loan for paying some debts as well as to install a new mailbox.
What should we select for the purpose of the loan?
What is...
Cash out Home Improvement
Use of funds as "other"
Borrower calls in and requested to be transferred to another department. How should we disposition the call?
What is...
Transfer
Borrower requested a loan amount over $350k.
What do we need to show for asset reserves?
What is...
Three months of Bank statements showing most recent ending balance, this could be from Checking, Savings, Money Market, CDs, 401k and IRAs.
Borrower calls in and the agent was able to find a lead, what information should the agent verify with this borrower?
What Is....
We are required to verify borrowers full name, property zip code and phone number.
P.S. If zip or phone is not on the lead, we can verify email and/or any other information that is available on the lead
ATP calls in to accept a counteroffer
What Is....
Check file to ensure we can speak with this 3rd party, however, do advise we cannot make any changes and that we would need to speak with bo to accept CO.
When asking for marital status, what options should we provide to borrower?
What is...
Married, Separated or Unmarried
To ensure we are following our procedures, what steps should we take when communicating via email?
What is...
Add email thread to the Remarks in NETO
If a married borrower resides in a homestead state, what is required for Non-Borrowing Spouse at closing?
What is...
NBS is required to sign at closing.
P.S. NBS will not on mortgage liability and are only required to sign.
Handling an Unauthorized third-party?
What Is....
We must advise the Unauthorized third party to have the authorized individual call back to proceed.
Agent hears a 3rd party in the background while speaking with the Borrower.
What is...
State the call recording disclosure.
When presenting a new offer due to a required restructure or Counteroffer, what are all piece of information should we ensure we are discussing?
What is...
Initial and Current Terms
Loan amount/APR/Term and Payment and any changes to payoffs
Borrower was told that additional income is needed to meet DTI. Bo requests a withdrawal.
How should the agent status the file?
What is...
Decline
Because we had the ineligibility conversation- we must decline the application
Agent played the credit disclosure and borrower responded "uh-huh"
What should be the agents next step?
What is...
The agent needs to get an affirmative and clear YES.
P.S. We can respond with "Is that a YES?"