Funding Flow
It is acceptable to add up to __ days of per diem to a previously obtained 10-day payoff in a VERF note.
What is 4?
An applicant request to stop the process.
What is "Customer requested withdrawal and no other reason applies."?
This states allows customer to have 2nd lien on Title, however, one of the liens must be “satisfied” or have a “lien released” stamp over the lien that has been paid in full in order to proceed.
What is Kentucky?
This is how many credit reporting agencies must report an address as current to validate POR for a CMRA Pass using the CBR.
What is 2?
These are our refi call center hours of operation.
What is between 8:00 a.m. and 8:00 p.m. central time?
A payoff quote must not exceed this many days.
What is 30 days?
We select this reason when a vehicle is older than 10 years.
What is "Collateral or current lienholder does not meet COAF requirements."?
Title holding states.
What are Kentucky, New York, Maryland, Missouri, Michigan, Minnesota, Montana, Oklahoma, Kansas (Electronic Registration Receipt – Refer to the Electronic Titles section.)
TALX must report employment status as this to validate POI using TALX.
What is Active?
When placing a customer on hold, hold time cannot exceed this.
What is 3 minutes?
This is the APR tolerance without a new contract needing signed.
What is .12%?
The next steps for confirmed Straw Purchase.
What is enter a FRAD activity note in CLO to route the deal to the Specialty team for fraud concerns.
Attempt to advise the applicant that COAF cannot move forward. Finally, determine if the contract is already signed.
If contract is not signed, follow agent return procedures to return the application.
We should not use the lost title process if the customer did not include this when mailing their title.
What is their reference ID?
This is the indicator in a tradeline on the CBR for a open Lease or Rental.
What O LR?
Authorized party with no Supported Decision-Making Agreement.
What is OKTT?
Double
What steps are required and what needs to be verified when notating an OKTT?
OKTT cannot complete this on behalf of the customer.
What is PFCI?
We must do this to select multiple return reasons for a return.
Select a reason, press control and select next reason.
As of this date, Michigan transitioned to an optional Electronic Title filing system. This means that some lienholders may file the lien electronically.
What is 3/16/2021?
Per RM this must be active to validate POR using empath.
What is if the applicant has an active Capital One credit card?
This is the process when a customer states they are recording the call.
What is BAU?
After the lender confirms these, ask the lender to repeat the information back
(ex: Could you please repeat that Year, Make and Model back to me, so I know I have the correct information?).
What is verifying vehicle and account details with a lender?
This process is found in RM's Refinance Funding Scenarios.
The customer has failed PFCI.
What is "Unable to verify sufficient or acceptable income."?
Next steps - Let cust know we cannot proceed and withdraw app. Fail POI for unable to verify.. fail Final Terms and fail in Exception tab.
Considering POA in regards to perfecting a title when funding, it is important to remember this.
Per Roadmap, POA is NOT REQUIRED to fund an application; however, since the process is very manual (ex: some states require a notarized POA form...AL, CO, IN, OH, RI and most title holding states KY, MN, MO, MT, OK), urge customers to provide these documents to us within 2 weeks of funding for a smooth title perfection turnaround.
***Check out RM link and example PDF...
https://drive.google.com/drive/folders/1yD5dkEfPsGHvana0nav_9dBQM2sHNNd6
We search these to verify that a lender is federally insured.
What is BBB/FDIC/NCUA ?
Only 2 outbound call attempts may be made per day and no more than 5 call attempts may be made within a rolling 7-calendar-day period.
What is outbound calling restrictions?