Lending Basics
What is one difference between a traditional HELOC and the FHEL?
Typical HELOC – Variable Rates
FHEL – Fixed Rates
If the ID verification tab displays _________ error, a Mitek employee will manually review the ID.
Manual Upgrade
In Which Channels you will get the procedural updates?
So Whats changed
CSC Updates
There are 2 Ways to conduct Income Verification. What are they?
Automated and Manual
Applicant can send his bank statement through email
True or False
False, applicant can upload his bank statement in CSP
What credit bureau does Figure use?
Experian
State any 3 acceptable IDs
Driver’s License
Learner’s permit
Temporary ID card
Limited Term ID
State ID
Passport
How will you select the email profile when you want to send email to the applicant?
By looking at private label, match it with profile id starting as loans@privatelabelname.com
Spousal Income is qualified for ____ and ____ states
Community and Homestead
What will you do if the bank statement is missing full account number
Request Voided Check if not bank letter where Full account number is present, send to review for Specialists
DTI should be less than _ post funding
50%
If an ID failed due to Busy Background, I.e. there is a pen behind the photo, what will you do.
What is the difference between NICE CXONE and NICE IEX
IEX - Schedule
CXONE - Email
We cannot accept ___ only paystub
Bonus / Commission
Difference between GIACT and PLAID
GIACT - Account number and Routing Number
PLAID - Username and Password
What are all the Fees charged by FHEL?
Origination
Manual Notary
Recording
How will you know if the ID has passed or failed in MITEK?
Once the ID is uploaded, refresh the screen, check the date and time in ID verification tab, check if all are green.
How will you view the documents that is belonging to the additional Signer?
By Clicking on the additional Signer Icon below Primary applicant Icon
What are the 3 ways an applicant can submit his income documents?
You can link business account as DA account
True or False
True, Business account is not eligible for Income Verification but can be added as DA account
What is the difference between interest % and APR%?
What are all the indications of Potential Fraud in the ID?
What is the name of the document that you will refer for writing outcomes?
ORIGINATIONS NOTATION MASTER
What are all the pay stubs that is qualified for Manual Income
Regular Employee
SSA (Social Security Administration)
VA (Veterans Affairs)
Which is the scenario you will request a marriage certificate while you are processing Bank task
- Account is in Spouse's name
- Spouse is not in Vesting
- Property is in community state
- Primary applicant stated that he is married