GENERAL LOAN POLICY
DOES FMB HAVE A PREPAYMENT PENALATY?
NO AND THATS A GREAT SELLING POINT
DOES OUR ODP HAVE A VARIBALE OR FIXED RATE?
BONUS: WHAT IS THE ANNUAL FEE?
FIXED INTEREST RATE
BONUS: 50$
IF A CLIENT IS USING A LOAN TO PAY OFF DEBTS, WHAT TAB DO WE NEED TO PUT THOSE ITEMS IN?
TRADELINES
WHEN DOES OUR CURRENT HELOC PROMO END?
BONUS: WHEN IS THE LAST DAY TO ACCEPT APPS
JUNE 30,2024
BONUS: JUNE 30,2024
WHO IS OUR LENDING LEADER?
JESSICA CHARTERS
CAN A CLIENT WHO HAS HAD BANKRUPTCY/FORECLOSURE/REPO/ CHARGE- OFFS STILL BE CONSIDERED FOR A LOAN?
Must be 2 years since discharge of BK. No Foreclosure or Repo in last 2 years. No charge-offs in last 4 years unless included in Bankruptcy.
IF A CLIENT WANTS TO USE THE EQUITY IN THEIR HOUSE TO CONSOLIDATE DEBT BUT DOES NOT WANT A VARIABLE RATE, WHAT WOULD BE OTHER SOLUTIONS?
HELOAN, NEW LOOK HOME IMPROVEMENT LOAN
ITEMS WITH "B" NEXT TO IT ARE FOR BANKER DOC UPLOADS
WHAT IS PRIME (AS OF 4/1/24)
8.50%
WHAT IS OUR POLICY FOR DTI?
DTI = <41%
WHEN IS PROOF OF INCOME REQUIRED?
BONUS: WHAT IS CONSIDERED VAILID PROOF (BESIDES PAY STUBS)
FOR REAL ESTATE SECURED LOANS AND CREDIT SCORE EXCEPTIONS
BONUS: 2 MONTHS OF BANKS STATEMENTS, CHILD SUPPORT OR ALIMONY, SOCIAL SECURITY, PENION, ANNUITY, AND PERMANENT DISABILITY
HOW CAN ANY CLIENT GET A .25% DISCOUNT ON THEIR LOAN?
BY SETTING UP AUTOPAY FROM A FMB CHECKING ACCOUNT
HOW MANY DAYS DOES THE CLIENT HAVE TO WAIT BEFORE FUNDS ARE RELEASED?
3 DAY/ 3 DAY RECISSION PERIOD
HOW CAN CLIENTS QUALIFY FOR THE HELOC PROMO?
700 CREDIT SCORE, LTV IS 89.99% OR LESS, CANNOT HAVE A CURRENT NOTE DATE OF 2023 OR 2024
EXISITNG CLIENTS ALSO NEED TO DO AT LEAST 20K INCREASE
WHAT IS THE LTV FOR VEHICLE LOANS?
BONUS: HOW ABOUT REAL STATE?
100%
BONUS: IST LIEN = 80% , 2ND LIEN 89.99%
WHEN SHOULD LOANS APPS BE DECISIONED?
BY DAY 15 AFTER THE APPLICATION DATE
WHAT OTHER VEHICLES COULD BE FINANCED THROUGH A MOTORCYCLE LOAN?
ATV OR JET SKI
WHEN DO YOU, THE BANKER, EMAIL UNDERWRITING FOR A DECISION ON A NON REAL ESTATE LOAN?
BONUS: IF APPROVED, WHO DO YOU EMAIL NEXT?
AFTER YOU, THE BANKER, COMPLETES THE CLOSING NOTE TEMPLATE IN DP.
BONUS: DOCPREP CLOSING
WHAT IS THE ANNUAL FEE FOR OUR TRAVEL REWARDS+ CREDIT CARD?
Annual Fee: $0 introductory annual fee for the first 12 months. After that, $99
WHAT IS THE REASOURCE CALLED THAT HAS EVERYTHING YOU NEED TO KNOW ABOUT LENDING CALLED?
CLICK
*MAKE SURE YOU HAVE THE FAV, SAVED, ETC!*
HOW LONG ARE APPRAISALS GOOD FOR?
6 MONTHS ( 12 MONTHS COULD BE CONSIDERED ON A CASE BY CASE BASIS)
at grocery stores, grocery delivery, gas stations and streaming services
WHEN DO YOU, THE BANKER, FILL OUT THE HMDA?
DURING APPLICATION, EITHER ON THE PHONE OR IN PERSON
WHAT IS OUR NEW LOOK HOME IMPROVMENT PROMO?
BONUS : WHATS THE MINIMUM CREDIT SCORE NEEDED TO QUALIFY?
Get rates as low as 7.99% APR* AND UP TO 11.74% APR FOR HOME RENOVATIONS AND/OR DEBT CONSOLIDATION
BONUS: 600 and above or alternative credit for individuals with no credit or less than three trade lines that have at least 12 month payment history
CURRENT MORTGAGE BALANCE, CURRENT INTEREST RATE , AMOUNT REMAINING ON MORTGAGE TERM, AMORTIZATION SCHEDULE, ESCROW INFO, CONTACT INFO OF MORTGAGE HOLDER