What Autofail and Why?
Agent obtains Name, Address and phone number to fully authenticate
Identity Authentication Autofail.
For full authentication we need -
Name
Address or DOB
last 4 of ssn
Not casing a call in Zendesk is a markdown for P&P. True or false?
True
How long will it take for someone to receive their funds?
Average of 7 days
You sent me this letter!
How did you get my information?
"We work with the credit bureaus to identify people who may be eligible for our product. Based off of that information, we pre-qualify you and send you a letter inviting you to apply."
What are your rates?
Our ANNUAL PERCENTAGE RATES range from 6.95 to 35.89
BR: "I need money to buy a car to commute to college"
PURs AF.
Any expenses related to post secondary education are considered to be PURs (books, commute, etc)
BR provided a DM code and the agent sees that address listed is a PO box
I noticed the address you gave me is a P.O box, do you have a home address I can add here for you? Having a residential address on file may help speed up the application process and get a loan to you faster
What will the borrower need to do when moving forward with a balance transfer loan?
Fill out their balance transfer worksheet on their to-do list
Will checking my rates affect my credit? When will the hard credit inquiry occur? Will it affect my credit then?
BONUS 50 points - "Why does the hard inquiry occur?"
"When you apply for a loan, we perform a soft inquiry on your credit report that won't affect your credit score."
"If you do receive a loan through us, then a hard credit inquiry that could affect your credit score will appear on your credit report. This will happen at loan issuance."
"We report to the credit bureaus that you have a new installment loan"
What is the difference between the interest rate and the annual percentage rate?
The annual percentage rate is the total cost of owning the loan which includes the interest rate and the origination fee. Interest rate is the percentage of principal that you pay on an ongoing basis
BR: "Do you have somebody that speaks Spanish?"
Agent: "No, you'll have to apply online."
Fair Lending. We should always offer to apply over the phone in English as well
Agent plugs in email and sees this error message:
"This borrower must connect with Plaid to complete their application. This feature is unsupported within Apply by Phone. Please instruct the borrower to complete their application on their own."
BR has questions about the application. What will the agent do?
Transfer to Member Support
What are the closing steps for listed loans?
1)Create a password or sign in to your account
2)Sign your Truth in Lending disclosure
3)Submit any documents that we may be requesting
4)Monitor your Lending Club account and your email over the next few days to see what else we may need from you
Will taking this loan to consolidate my debt improve my credit?
"Many customers see their credit score go up after paying down some of their debt. Keep in mind, credit scores can go down when you add more debt to your credit profile."
Prior to listing the loan, agent states the follow: APR, payment, origination fee and loan amount
UDAAP AF. Missing the term
Agent: "Next I'm going to send you a text message for easy access into your Lendingclub account. Would you like me to send this to 555-555-5555?"
BR: "Yes"
*sends*
Agent: "This is a one time authorization for LC to send you a text message. Standard text messaging rates will apply"
TCPA AF.
We need to read the text authorization before sending the text
Customer calls in to opt out from DM. What are the steps, disclosures and correct macros?
Obtain the full name and address.
Ask if they would like an email confirmation.
If yes, use the Opt Out confirmation (postal mail) macro and case with their email.
If no, use the Opt Out macro in Zendesk and case as Unknown Borrower.
"Just to let you know it may take 3-5 weeks for the mail to stop arriving at your house, depending on if there's any in transit already"
"Is there anyone else in your household who would like to be opted out?"
BR: "So am I approved?"
You are firmly pre approved. As long as all the information you stated checks out there should be no reason to not get the loan.
What is the origination fee? Where does it go?
"The origination fee is a servicing and processing fee. It's cost associated with issuing the loan. The fee is charged by WebBank"
Agent: "We can select this offer so the offer doesn't change. I'll still be sending you an email with all the loan documents for you to sign anyways so you can look it over with your wife and see if it makes sense. If you don't want to, you don't have to finish anything on your end and the offer will expire."
Soft close and UDAAP AF
Agent: "The $10,000 offer will have a one time origination fee of $500 which is added to the top of the loan. In your bank account you will receive $10,000 as cash. Your annual percentage rate is 24.99%. Your monthly payment is $340 for 60 months. Would you like to accept this offer?"
BR: "Yes, let's do it"
UDAAP. We need to state the total amount the member will pay back (fee+amount)
Agent plugs in customer's email into ABP tool and sees "You have recently submitted a loan application which has an AA less than 30 days ago. Please login to access your account."
What are the correct steps and talking points the agent should follow?
(4 part question)
Verify first!
"It looks like you currently have an active loan application in our system that is less than 30 days old, so I’m unable to proceed with a new application over the phone."
If the customer wants more information -
"If you didn’t receive an email with your results, I’d be happy to transfer you over to our support department so you can further discuss this application."
If the customer has questions about reapplying -
"Due to current system limitations, you'll need to reapply on our website, and you may need to use an email address that's different from the one used on your previous application. Our website will notify you if this is necessary."
Agent just listed the loan.
BR: "I actually gave you the wrong email address. Can we change it?"
What should YOU do?
Use the ABP Link (with email change instructions) macro.
Use their correct email in the requestor field.
Copy the ABP link from admin and send.
"I sent you a link to your account to the correct email. Please keep in mind that when you log in to your account you will need to change your email in your settings on your own."
BR: "I'll use my daughter's email. I trust her. We're family!"
"Please keep in mind that we use your email address to send personal and sensitive finance-related information. Would you still like to proceed with this email address?"
What will happen if you do not add the borrower to our DNC list when requested?
How do you process a DNC?
TCPA AF