Products
This loan requires a FICO score of 680 and can be used on anything - such as an elective medical procedure.
What is a Lifestyle Loan?
This person does not have to be an Allegacy member, but can add strength to a loan.
What is a co-signer?
This is where debts can be added or removed in Velocity for the DTI calculation.
What is the TAT screen?
If someone is covered by the Military Lending Act, the APR must not exceed this percent number.
What is 36%?
A vehicle is considered new if it is future year, current year, or previous year with less than 5,000 miles. Vehicles are considered used after this date of the following year.
What is April 1st?
A restriction for this product is that the student must be enrolled at least part-time (3 credit hours) at an accredited school.
What is an Education Loan?
If the Allegacy Unsecured credit exposure is over $_______, we will lend up to 85% of liquidity or 50% of net worth, whichever is less.
What is $10,000?
Whenever a change is made that could affect payment details, you should run this.
What is risk based pricing?
A separate savings account must be created to hold for the funds utilized for this loan type.
What is a Secured Visa?
A consolidated list of consumer lending job aids is included in this section of the TLC page on the Intranet.
What is Lending Information?
This product type utilizes the FICO credit score for pricing, instead of our custom score.
What is VISA?
If no revolving payment is listed on the credit report, use ______ of the outstanding balance.
What is 2%?
You should check Miser before entering an application in Velocity for multiple reasons, but it is also where you will decide what this 2 character suffix will be.
What is the loan number?
If a member elects this coverage, we must enter the appropriate field codes for proper set up in Miser the same day the loan is booked.
What is Payment Protection?
If we have to capture assets, this document must be completed.
What is the Total Loan Management Worksheet (PFS)?
This product has a fixed interest rate of 11.00%.
What is Overdraft Protection?
If self-employed, income must be verified by obtaining this document(s).
What are 2 years tax returns with all schedules?
This option field must be changed from Quoted in order to avoid an upload fail in Miser.
What is Payment Protection?
We are not able to discriminate against someone with 9 prohibited bases, according to this regulation.
What is the Equal Credit Opportunity Act (Reg B)?
Everyone may receive this amount of Unsecured credit with Allegacy, if they qualify.
What is $10,000?
The minimum amount of this credit card is $5,000.
What is VISA Signature Rewards?
Due to the member's training/education, there is a strong likelihood that this would increase - which can be used as a compensating factor.
What is earning potential?
GAP and/or MRC contracts are generated in CUNA, which is accessed in Velocity by going to Actions -> Additional Tools -> and then this tab.
What is IWC?
Our custom Fast Start score uses these 4 non-credit related factors, and members could have points added, but never deducted from their score.
What is Housing Type, Months at Residence, Gross Monthly Income, and Months at Employer?
Before calling TLC for help, we should try to do this first.
What is try to find the answer using the resources on the Intranet?