Verification
How old does the Authorized Third Party need to be?
18 Years Old
Borrowers ask to pay off all their debts and you see a Discover Credit card. What do you need to disclose to the borrower.
We CANNOT pay off Discover credit cards - Due to credit card regulations, there are limitations on our ability to pay off a Discover credit card account with the proceeds of your loan. However, we can provide you with cash to use as you choose.
When paying off a Discover Home Loan where do we go to mark it as an internal refinance?
Loan Application > Liabilities > Mortgage Liabilities > additional details > Check Internal Refinance
Under current employment per procedure what do we need to fill out?
PB Quick Guide
• Name • Phone number • Start date • Address • Position • Tenure • Status • Occupation
Acquistions
Borrower calls in and we need to verify them, but their SSN and DOB are not available. What can we use to verify them?
Property Zip Code and Phone Number
Borrower ask if they are approved for the application after sending them to a DC. What is the appropriate way to describe their loan status?
Pre- Qualified
If the credit report shows any revolving accounts with an outstanding balance but no specific minimum monthly payment, how do we calculate the minimum monthly payment?
a. 5 percent of the balance; or b. $10
Note: If the actual monthly payment is documented from the creditor or the creditor obtains a copy of the current statement reflecting the monthly payment, that amount may be used for qualifying purposes.
What do we need to be able to omit a car loan, student loan, mortgage (non-Primary) or other obligation from the borrower's dti if someone else is making the payments?
b. If the creditor obtains documented proof that the primary obligor has been making regular payments during the previous 12 months, and does not have a history of delinquent payments on the loan during that time, the payment does not have to be included in the consumer's monthly obligations
What information does an Authorized Third Party need to verify when they call in?
What do you need to let the borrower know before sending them to docs and the end of the call? (end of call disclosure)
Congrats, we have completed your application! I'm now going to move your file forward so we can start collecting your documents needed for income/eligibility review. You will be receiving 2 emails shortly that will contain the following information: The Borrower’s Authorization form will come from e-sign@discoverhomeloans.com. This is an e-sign document that gives us consent to move forward with the loan process. There is also a 4506-C form included in this email, which allows us to order tax transcripts from the IRS if needed. Keep in mind this is only as a last resort if you're unable to provide the tax documents directly to us. The 2 e-sign documents expire within 7 days, but please complete those as soon as you receive the email to avoid any unnecessary delays. You will also be receiving an automated email with the link to register for our online portal. Once you register for the portal and login you will see a "to do" list. This is the itemized list of documents needed to verify income and eligibility. A member of the Document Collection team will be reaching out within 2-3 business days to ensure you were able to register and answer any questions you have about the documents we're requesting. Keep in mind, the loan process from initial application to funding typically takes between 6-8 weeks. It could be shorter or longer depending upon your specific circumstances. If you can quickly provide us the documents we ask for, you may be able to help shorten the timeframe.
Do you have any other questions before I let you go.
Under the recent 90-day inquiries we just have discover home loans on 10/25. What do we need to ask the borrower and where in NetOxygen would you update this information?
"I see a recent inquiry for Discover Bank on 10/25 was that for Discover Home Loans or have you applied for anything else within Discover"
If a borrower works Part time in addition to their full-time job how long do we require them to work at their part time job to include that income?
Part-time and seasonal income can be used to qualify the consumer if the creditor documents that the consumer has worked the part-time job uninterrupted for the past two years, and plans to continue.
What information do we have to remark for an Authorized Third Party
First and last name of Authorized TP
Who gave permission
Length of authorization
Date permission was given
What is the preferred call recording disclosure.
This call may be monitored and recorded
Borrower wants to be put on a Non- Solicitation Request (NSR) where do you go in NetOxygen to fulfill this request?
Contact and Privacy
Borrower is self-employed less than two years what are the requirements for them to qualify.
A combination of one year of employment and formal education or training in the line of work the individual is self-employed or in a related occupation is also acceptable.
What information can be released to a verified Borrower, Coborrower, ATP and ATP Translator. (Hint 11 answers)
What is the NSR Disclosure?
I will process your request immediately. However, please understand that you may continue to be contacted while your request is being processed. (If Phone NSR) To stop calls from other companies you can sign up with the national Do Not Call Registry by calling 1-888-382-1222 or by going to https://www.donotcall.gov/
If the AVM did NOT pull and the address is correct, per procedure what questions do we need to ask the borrower?
If a consumer is returning to work after an extended absence (6 months) what requirements do they need to meet in order for us to consider their income.
is employed in the current job for six months or longer; and Can document a two year work history prior to an absence from employment using:
Traditional employment verifications; and/or
Copies of IRS Form W-2s or pay stubs.