CHOICEquity Facts
When would a customer get charged a Recapture Fee?
If they close their account within 36 months of account opening except for PA customers.
When servicing a CHOICEquity customer, what must you say in your greeting?
NMLS #
When can a Choice Loan be used?
Any time during the draw period
If a 3rd party requests a HEQ payoff, what must they provide before doing so?
Written authorization from the account holder
What is the lock-in fee?
1st is free, $100 thereafter
What is the product code for a CHOICEquity?
HQL
What type of authentication needs to be completed when reordering home equity checks?
Enhanced
How can a customer request a Choice Loan setup?
TCC or Branch
What is the maximum QuikCheck payment you can make on a CHOICEquity per statement cycle?
Minimum amount due + up to a maximum of $1,000 payment
Where can you find the recapture fee?
RMR
What are the available dollar amounts for a CHOICEquity?
$15,000-$1,000,000
Who is considered to be a 3rd party for a CHOICEquity?
Financial institutions, attorneys, & title companies
What is the term range we can offer our customers for a Choice Loan?
12-300 months, a Choice Loan term can NOT extend the length of specific account to longer than 15 or 25 year Repayment period
How many days out can a verbal payoff be given?
Current business day only
What is the late fee?
2% of Amount Billed
How long is a CHOICEquity customer in their draw period?
10 years
Where can you order a copy of the application and contract for the customer?
Account Servicing
What is the minimum dollar amount for a Loan Segment?
$5,000
When a Loan Segment is paid in full, when will it be available for reuse?
The next statement cycle
What is the discharge fee?
Varies
How many loan segments can a customer have at any one time?
3
What is the first thing you do if there is suspected fraud on an existing CHOICEquity?
Fill out a UAR
What system do you find new customer lock-in rates?
Pace
Why would you place a Status P on a customer's account?
A Status P is placed on a Choice Loan segment when a customer requests to pay off the segment. This is an indicator for the Home Equity Servicing Department to allocate the correct amount of funds to one particular segment.
What is the subordination fee?
$250