DCW
When denying a car loan due to LTV ratio, this needs to be included in the DCW file
What is NADA value?
This date is required to be provided in the Notice of Incomplete to the borrowers to be in compliance
What is date the documents must be provided by for further consideration/What is 10 days?
4 pieces of information that must be collected to be able to properly identify a new customer
What is name, street address, date of birth, and I.D. number?
Sometimes a coborrower does not need this, to be approved for secondary market
What is a credit score?
Giving a borrower a different rate than what is listed on the rate sheet or produced by Marksman for secondary market requires this
What is a 4-star approval?
Reg B requires a credit decision within this amount of time from the application date
What is 30 calendar days?
FCB Guidelines require a Notice of Incomplete to be provided within this amount of days of knowing additional documentation is required
What is within 15 days of knowing additional documentation is required?
A possible OFAC match on the credit bureau report requires the loan officer to do this
What is run OFAC through Premier?
DO recommendation that does not automatically result a denial, however may require additional documentation and manual underwriting
What is ‘refer with caution’?
This lending practice that relates to FCB rate/term sheet puts the bank at risk for Fair Lending violations
What is offering rate & terms different than stated on the rate sheet?
One of these three documents must be included in all DCW files regarding DTI (3 part answer)
What is LCW, 1008, or DO?
1/10/2022: Application date
2/10/2022: Counter offer of a creditworthy co-borrower extended to borrower. The issue with this timeline is
What is Reg B violation?
A FACTA alert appears on the credit bureau report with a specific phone number prior to extending credit requires this action to be taken (2 part answer)
What is call specific phone number and document red flag resolution?
Loan officers receiving DO recommendations other than ‘approve/eligible’ on secondary market loans should do this
What is consult secondary market to determine if they can proceed and if not, what the actual denial reasons are?
When applicants are treated differently based on a prohibited basis
What is disparate treatment?
Borrower with a DTI of 51.73% before the new payment is applied recieves this denial reason
What is excessive current $$ obligation in relation to income?
If documents requested are not provided by the date listed on the Notice of Incomplete, this is the action taken on the DCW worksheet
What is incomplete application?
An incorrect Date of Birth entered on a Credit Bureau Report requires this action (2 part answer)
What is verify the Date of Birth with the Driver's License provided by the applicant and document red flag resolution
When an applicant does not qualify for secondary market, this is the next step
What is review file for possible in-house counter offer?
The risk of making a credit decision based only on credit without fully reviewing compensating factors
What is Fair Lending Risk?
When denying a minority applicant, this action is required
What is second level review?