Loan Maintenance
Member in good standing
What is eligibility?
EVP, VP of Loans, and Loan Supervisor
Who is the secondary reviewers/approvers?
Maximum amount of $15,000
What is a revolving line of credit?
ECOA, FHA, HMDA, SCRA, and MLA
What is Federal Fair Lending Laws and Regulations?
Gather FCU loss payee
What is Property Insurance or Collateral Insurance?
Auto transfer & Distribution
What is automatic payments?
Responsible for approval or denial of loans granted to members
What is a Loan Officer (Counselor)?
Real estate financing collateral valuations
What is an appraisal?
Overt discrimination, Disparate treatment, and Disparate impact
What are the three primary types of discrimination under ECOA (Equal Credit Opportunity Act)?
Gather FCU legal owner
What is Collateral Ownership?
Distribution or Auto transfers stops completely
What is a paid off loan?
Loan approval and check signing/deposit to member accounts
What is segregation of duties?
$0 - $1,250,000
What is the Minimum and Maximum aggregated loan amount?
Unlawful for lenders to discriminate in it's housing-related lending activities against a person because of race, color, religion, national origin, sex, handicap, or familial status
What is Fair Housing Act?
$10.00
What is the DMV title fee?
Expenditures divided by gross monthly income
What is an applicant's debt ratio?
Loan Officers are prohibited from processing or approving loans.
What is loans to relatives?
20% of interest due on loans
What is a late payment charge on loans past due by 21 days or more?
Having neither a home office nor a branch office in a metropolitan statistical area
What makes us exempt from HMDA (Home Mortgage Disclosure Act) filing?
$500
What is the deductible allowed for both comprehensive and collision insurance?
7 years
What is the maximum repayment term for consumer loans?
Determination of Interest Rate
Who is the Board of Directors?
Not more than 3 months old
What is a current credit report?
6% or 36%
What is the APR considerations for SCRA (Servicemembers Civil Relief Act) vs. MLA (Military Lending Act)?
ALTA (American Land Title Association) Policy
What is a Lender's extended title insurance?