TTO/TTB
What does TTO and TTB mean?
Term to Own, Term to Budget
True or False On a Consumer loan. Self Employed borrowers with a Credit Score of 680 or greater need to prove income using 2 years of taxes or a profit and loss statement if less than 2 years.
False
What does KPI stand for?
Key Performance Indicators
This is the only county within the state of Illinois that we have geographical field of membership in.
Rock Island
Which Alert indicates that the applicant has placed a freeze with the credit reporting agencies
Credit Report Freeze
What debts do not get added to TTO or TTB? Common for RE and Consumer loans.
Student Loans
True or False If both Borrower and Co-Signer have credit scores above 640 (C tier or higher) use the higher credit score for determining interest rate.
True
What are Marine Credit Union's three KPI's?
Member Experience
Employee Retention
Asset Growth
Where and How do I document if I qualified someone for FOM?
Consumer and RE- Character Section and listed as a Reference of Application if using a relative. (Loan Application Standards)
Name two of the types of Photo ID's that can be used to clear a red flag?
Current state driver’s license, state-issued identification card, current military identification (do not photocopy), US or foreign passport, driver’s license from another country, Matrícula Consular de Alta Seguridad (MCAS)
What is the TTO of the following. Installment Debts: $11,255 (Pmts on Installment $485). Revolving Debts: $2675 (Pmts on Revolving $95). Fees $160. GAP $1140. Rate 18.99%
2.85 years or 34 months
What is the Maximum loan amount covered by GAP and the Maximum GAP loss?
$50,000 GAP Loss
What is Marine Credit Unions 2022 Employee Retention goal?
70%
True or False based solely on employment. I qualify for MCU's FOM because I drive a semi truck for my job and I pick up my truck in St. Croix county, WI, which is outside our FOM, but I drive to Milwaukee and back each week making deliveries.
False
Who's responsible to protect the Credit Union from fraud losses?
Everyone
Name two fees from either RE or Consumer loan calculations when doing a TTO/TTB.
Loan Documentation Fee, GAP, Titling Fees, Origination Fee, Closing costs- Title Fee, Appraisal Fee, etc..
What is the Max Loan Amount and Max LTV/CLTV for a Vacation or 2nd Home?
$750,000 90% LTV
What is Marine Credit Unions 2022 Growth goal?
$52.3 Million
Normally used for reading about the greatest sports team on earth, the Green Bay Packers, being an employee of this Wisconsin news paper will qualify you for MCU's FOM.
Green Bay Press Gazette.
Member Identification and Transaction Limits- What are two Category 1 methods to identify a member?
Last four of SSN if account number provided or last six of SSN if account number not provided.
Mothers Maiden Name
Date of Birth
Last Six Digits of Debit Card
True or False. When calculating TTO/TTB for RE Loans the Escrow is not included in the calculation?
True
What is the minimum Fico score and asset balance (401k, Stocks, Bonds, etc) in order to use Asset Depletion for income?
640 and a Minimum of $100,000
What is Marine Credit Union's Member growth goal for 2022?
80,847
In the application write up, derogatory credit (non-MCU) within what timeframe should be documented? Along with that, what time frame should Marine Credit Union payments be documented?
All non-MCU derogatory credit within 2 years must be documented. Marine Credit Union loans should be checked for slow payments through Episys and documented as part of the derogatory credit. (Loan Application Standards)
What is the most prevalent type of fraud happening at this time at MCU?
Synthetic Identity Fraud or Frankenstein Fraud