In House /Indirect Loans
What is an indirect loan?
A loan sent in by a dealer for financing
What does HELOC stand for?
Home Equity Line Of Credit
How much is our GAP?
$495.00
What does ARM stand for?
Adjustable Rate Mortgage
How do you quote interest rates to members?
Always quote as low as.
What is the maximum term for an unsecured loan?
60 months
What is the max LTV for a HELOC?
90%
Who is our GAP through and who is our Warranty throguh?
Trustage and Route 66
What is the max LTV on a 15, 20 or 30 year fixed rate mortgage?
95%
What options does a member have to make a payment?
Online, message pay, clover, ACH, mail a check, or set up through Bill pay through their financial institution.
What is the percent that we add to our RV loan rates to quote a member for an ATV loan?
1%
Where can you find an accurate balance for a HELOC?
Quick Assist
What 3 types of star protection do we offer?
Life
Disability
Unemployment
At what loan to value (LTV), does a first mortgage have to have PMI?
81%
If a member is calling inquiring about a loan what should you offer to do?
To take a phone application.
What is required to finance a classic car?
A certified vehicle appraisal.
What is the overall term of a HELOC with the draw period and payback period?
25 years total (10 year draw period and a 15 year payback period)
What 3 options does a member have to purchase a Route 66 warranty?
Out of pocket
Unsecured Loan
Refinance Auto to add
What are three documents needed from a member for a mortgage?
Last two years tax returns, 2 years W-2s, 2 recent paystubs or 4 if weekly, recent 401K or retirement statement, 2 months bank statements, & Copy of current home owners policy.
If a member calls in for a payoff, what are some questions you should ask them?
Are you trading the vehicle in?
Do you need a preapproval for an auto loan?
Are you selling the vehicle?
What is the maximum APR rate for a loan?
18.00%
How do you process a $120,000.00 HELOC payment?
In two split payments under $99,999.99 to equal $120,000.00.
What percentage does life protection cover if the member is 72 years old?
25%
Who gets mortgage releases and who takes them to the courthouse to have them released?
Alex and Nicole get the releases and and send them to the member for the member to take to the courthouse to file.
If an auto loan pays off with a check, what is something you should check the account for?
If they are set for ACH, the member will need to be contacted to complete an ACH Cancel.