RLOCS
WHAT DOES RLOC STAND FOR?
RELATIONSHIP LINE OF CREDIT
HOW MANY YEARS OLD CAN A VEHICLE BE THAT WE WILL LEND ON?
9 YEARS PREVIOUS FROM THE CURRENT YEAR
YOU MUST BE A FIDELITY BANK CUSTOMER PRIOR TO QUALIFY FOR A FIRST MORTGAGE LOAN (TRUE OR FALSE)
FALSE
NAME THE TWO SECOND MORTGAGE EQUITY PRODUCTS THAT FIDELITY BANK OFFERS
HOME EQUITY LOAN AND HOME EQUITY LINE OF CREDIT
IS AN AUTOLOAN CONSIDERED A SECURED OR UNSECURED LOAN?
SECURED - BY THE COLLATERAL (VEHICLE)
WHAT IS NEEDED TO APPLY FOR ONE?
TO BE A CURRENT CUSTOMER AND BE 18 YEARS OF AGE OR OLDER
WHAT ARE THE TWO WAYS A BORROWER CAN PAY FOR A VEHICLE ONCE THE LOAN HAS BEEN CLOSED AND FUNDED?
CASHIER'S CHECK (BORROWER PAYS THEM) OR WIRE TRANSFER (BANK PAYS THE DEALERSHIP DIRECTLY)
HOW DO YOU SEND A FIRST MORTGAGE REFERRAL?
CONNECT
WHICH SECOND MORTGAGE EQUITY PRODUCT HAS A FIXED RATE
HOME EQUITY LOAN
HOW MANY PRODUCTS DOES FIDELITY BANK OFFER FOR BORROWERS WITH BAD, NO, OR LITTLE CREDIT TO BUILD THEIR CREDIT WITH?
3 - CD SAVINGS SECURED LOAN, SECURED CC, AND CREDIT BUILDER LOAN
WHAT IS THE MINIMUM PAYMENT DUE EACH MONTH AND TERMS OFFERED FOR AN RLOC?
INTEREST ONLY PAYMENT PER MONTH MINIMUM AND 3 YEARS ONLY
WHAT ARE THE MINIMUM AND MAXIMUM TERMS OFFERED BY FIDELITY BANK FOR AUTOLOANS IN GENERAL?
MINIMUM 12 MONTHS AND MAXIMUM 84 MONTHS
HOW MANY KINDS OF FIRST MORTGAGE LOANS DOES FIDELITY BANK OFFER?
4
WHAT IS THE MAXIMUM LTV THAT FIDELITY BANK WILL LEND UP TO ON SECOND MORTGAGE EQUITY PRODUCTS?
100%
WHAT ARE THE 3 TYPES OF PERSONAL LOANS FIDELITY BANK OFFER?
SECURED, UNSECURED, & FOR OLDER VEHICLES
WHAT IS THE MINIMUM AMOUNT SOMEONE CAN QUALIFY FOR AND HOW MANY BORROWERS CAN BE ON AN RLOC?
$2500 AND 1 BORROWER PER RLOC
WHAT DOES THE AGE OF THE VEHICLE AFFECT WHEN IT COMES TO LENDING COST TO THE CUSTOMER?
RATE AND TERM OFFERED
NAME THE TYPES OF MORTGAGE LOANS FIDELITY BANK OFFERS
FHA, CONVENTIONAL, VA (VETERANS AFFAIRS), & RD (RURAL DEVELOPMENT)
WHAT IS THE DRAW PERIOD AND TERM OPTIONS OF A HELOC AT FIDELITY BANK?
10 YEARS TO DRAW - 10,15, & 20 YEARS TO REPAY TERMS
WHAT IS THE DIFFERENCE BETWEEN A SECURED AND UNSECURED LENDING PRODUCT?
THE BORROWER EITHER HAS TO SECURE THE LENDING PRODUCT WITH THEIR OWN ASSETS TO ACQUIRE (SECURED) OR THEY ACQUIRE THE LENDING PRODUCT BY SIGNING PROMISE TO REPAY CLOSING DOCUMENTS ONLY (UNSECURED)
WHAT ARE THE BORROWER'S OPTIONS IF THE RLOC HOLDS A BALANCE UPON MATURITY?
PAY IT IN FULL AND CLOSE THE ACCOUNT OR CAN REFINANCE FOR A NEW RLOC TERM THEN TRANSFER THE BALANCES TO THE NEW ONE
DESCRIBE THE DIFFERENCE BETWEEN TERMS OFFERED FOR A PRE-APPROVAL (CUSTOMER DOESN'T HAVE SPECIFIC CAR PICKED OUT YET) AND AN APPROVAL (CUSTOMER HAS PROVIDED SPECIFIC VEHICLE INFORMATION TO THEIR APPLICATION)
PRE-APPROVAL TERMS AND RATE ARE CONDITIONAL AND ARE SUBJECT TO CHANGE BASED ON VEHICLE AND AN APPROVAL ARE SET TERMS AND RATE BECAUSE THE SPECIFIC VEHICLE HAS BEEN VALUED BY THE UNDERWRITER TO MAKE A FINAL OFFER TO THE BORROWER
WHAT IS PMI?
PRIVATE MORTGAGE INSURANCE (PAID FOR BY THE BORROWER TO INSURE THE LENDER FEDERALLY IN THE CASE OF DEFAULT SO FINANCIAL INSTITUTIONS ARE PROTECTED FROM THE LOSS)
WHAT ARE THE BEST INDICATORS TO RECOMMENDING A HELOC AND A HELOAN?
IF THE CUSTOMER KNOWS THE EXACT AMOUNT THEY NEED TO BORROW AND IS CONCERNED ONLY ABOUT RATE (HELOAN)
IF THE CUSTOMER IS UNSURE OF HOW MUCH THEY NEED TO BORROW OR WHEN THEY WILL NEED TO ACCESS FUNDS. EX - HOME REMODELS - TRAVELING (HELOC)
HOW DOES SECURED AND UNSECURED LENDING AFFECT THE RATES AND TERMS OFFERED FOR EACH PRODUCT?
SECURED WILL OFFER LOWER INTEREST RATES AND LONGER TERMS FOR REPAYMENT
UNSECURED WILL BE HIGHTER INTEREST RATES AND SHORTER TERMS FOR REPAYMENT