Common Terms
POI is the abbreviation for...
We submit it to Finance in this format...
What is Proof of Income?
What is PDF format?
This is the minimum amount of days expected to stay ahead of your expiring financing.
What is 30 days?
Leadership is caught, not taught! Redlines are required to be submitted by this time.
What is 8:00 AM? (your time)
Currently, this is the Standard APR that sales reps have been asked to quote.
What is 9.99% APR?
My customer stated that they do NOT have an email address, what should I do?
Help the customer created an email address BUT make sure that the customer creates their own password.
DTI is the abbreviation for...
We calculate DTI through this formula...
What is Debt to Income?
What is Monthly Debt / Monthly Income
What time is the daily funding deadline and the EOM funding deadline?
What is...
2PM PST - DAILY
4PM PST - EOM
"Stated Income – Mortgage – New Payment = ______
Fill in the missing wording on this mathematical equation ... hint: we require at least $2,000 of it!
What is Disposable Income?
The ONLY lender in our portfolio that requires their loan docs to be hard copy signed (aka wet signed).
Who is Synchrony?
How do I use a payment factor to calculate what my customers monthly payment amount will be?
What is multiply the loan amount by the payment factor?
COB is the abbreviation for...
For April sales and moving forward, we are moving to a ___ day close.
What is Close of Books?
What is a 4 day close?
Who gets paid if a project is kicked back to Need to Collect or in Funding Issue status?
What is No One?
Per the Patriot Act, this is required for every person on a credit application to confirm the identity of the person(s) applying for the loan.
What is a valid and current US Government Issued ID?
The only lender in our portfolio that does NOT allow you to buydown the APR.
Who is Service Finance?
My customer states the max payment amount they can afford is $300. How do I calculate the max financed amount they can afford?
What is divide the $300 payment amount by the payment factor?
This document is used to clear stipulations with the lenders since it shows proof of ownership and property legal description
What is a Warranty Deed?
What is the purpose of "Need 2nd Product"
What is to get the primary installer paid?
Before completing a Finance Request Packet or a contract. This document should be completed by the sales rep for any customer that is financing their home improvement project.
Hint: It will protect your markets Retention if treated as a tool, not a task
What is the Customer Checklist?
The only lender that will accept an application for a customer with an ITIN. Meaning that their Social Security Number starts with the number "9" ... still requires a valid US issued ID.
Who is GoodLeap?
I quoted my customer a 6 month deferral plan - can you LIST all lenders that offer this plan?
Who is Service Finance, First Security, PowerPay, Pure, Aqua and GoodLeap?
This type of lender requires that at least one applicant owns the land the property sits on
What is a secured lender?
A loan is expiring, the install is cutting it close, and you're hoping to get an extension on the existing approval. Who do you contact and what info should your provide them?
What is the Funding dept, an explanation, and estimated timeframe?
What are the steps if the Opportunity is NOT automatically created by OCC in Salesforce?
Ex: Self Gen OR a manually created lead in OCC
What is the marketing team must create the Lead, the PC must result it as a sale to create the Opportunity, then notify the Finance team with the job #
We have this many lenders in our portfolio?
List all of them!
We have 8 lenders!
Aqua, First Security, GoodLeap, PowerPay, Pure, Salal, Service Finance Synchrony
I sold a Siding, Gutters and Windows project but the customer only wants one loan. The customer put down a $10,000 deposit. The sold price of the Siding and Gutters combined is $40,000 and the Windows is $8,000. What should I do?
What is write up the Windows as a cash sale with $8000 deposit, apply the remaining $2000 deposit to the Siding and Gutters?