Loans/Lines of Credit
Before completing a full application to see what you may be eligible to borrow, we can use this tool that won't affect your credit score.
What is Check Your Rate?
What is the maximum dollar amount we can do a HELOAN for in CA?
What is $1.M
Note: For HELOCs max is $350k
These housing types are unacceptable collateral.
What are vacant lots or housing cooperatives?
The minimum FICO required for most HELOC and HELOAN products.
What is 660?
What are two common reasons an ITA would not generate results?
What is FICO & DTI?
NOTE: All unsecured lending requires a SSN.
Need quick funds for an emergency? Our ____ is one way for U.S. Bank personal checking clients who qualify to borrow up to $1,000 for planned – and unplanned – expenses.
What is a Simple Loan?
NOTE: applicants must have an open U.S. Bank personal checking account with recurring direct deposits of 6 mo. Customers must wait 30 days from paying off a Simple Loan before obtaining a subsequent Simple Loan.(SSN req)
HELOC and HELOANS must be in one of these lien positions.
What is first or second position?
A HELOC is not allowed on this type of residence.
What is a second home or vacation home?
True or False
U.S bank values relationship; We will not approve new products (dda, loans, credit cards, etc.,) if you have a product that was closed w/ a balance or included us in a Bankruptcy.
What is TRUE?
U.S. Bank will generally not approve unsecured lending if a client has more than this many OD or NSF fees in less than a year.
What is more than 3–4 OD or NSF occurrences?
NOTE: MESSAGE WILL READ OUTSIDE POLICY TURNDOWN; No Credit was pulled
Personal loans differ from lines of credit because funds are not this.
What is revolving?
This type of loan uses a customer’s own deposit as collateral.
What is a CD‑secured loan?
NOTE: Mainly to establish comparable credit; reports as installment loan; loan terms match CD term; lowest FICO 600; Rate of CD + 5%
Two‑to‑four unit homes are acceptable only when this condition is met.
What is owner occupancy?
Three‑ and four‑unit properties require a minimum FICO of this.
What is 680?
What does this example depict?
$1,000 / $4,000 = 25%
What is DTI?
This is used to guard your checking account from accidental overdrafts or to cover any short-term cash needs.
What is a reserve line?
Note: FICO of 620 needed
Loan requests for purchases, first lien refinances, or vacant lots are referred here.
What is U.S. Home Mortgage?
A HELOC has a 10 yr draw period, the _____ period can be 10, 15 or 20 yrs.
What is a repayment period?
NOTE: To reduce monthly payment before draw period begins customer can either lock or unlock a fixed rate or come see a banker & we can refinance that loan.
A strong FICO score does not override this internal risk assessment.
What is the credit grade?
NOTE: WE CAN ASK AMIT FOR REVIEW/OPINION
To be eligible for 61-84 mo loan term, client must have this internal factor.
What is RMS?
Note: RMS+ minimum FICO of 720 & ADS of $1k
ADS = Available Debt Service & RMS = Relationship Score which is how long they have been with us. Takes 120 days to generate.
The maximum loan amount is $50,000, if you are not a U.S Bank customer that limit is $____.
What is $25k?
NOTE: For P-loans for non-customers standards are tighter they need a min FICO of 720. If they open new DDA and request a loan to get the full 50k they still need to wait 120 days to get RMS !
Properties listed for sale within this timeframe are not eligible for cash‑out.
What is the last 90 days?
Airbnb counts as a vacation home, but it will get disqualified if rented for more than __ days in a calendar year.
What is 90 days?
NOTE: Only allowed to use for HELOANS.
Most common turndown reasons for lending.
What is a derogatory, bankruptcy & mortage payment missed in the last 12 mo.(BIG DEAL)
We require a minimum of __ trade lines to count for comparable credit & must be opened for the past 12 months.
What is 3?