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?
Best loan option for a member who has $30,000.00 on deposit and needs a personal loan for $15,000.00
What is a Share Secured Loan?
Gather FCU loss payee
What is Property Insurance or Collateral Insurance?
Auto transfer & Distribution
What is automatic payments?
Disbursements in approval and check signing/deposit to member accounts
What is segregation of duties?
Real estate financing collateral valuations
What is an appraisal?
Loan with the best discount ever
What is a Green Wednesday Loan?
Gather FCU legal owner
What is Collateral Ownership?
Distribution or Auto transfers stops
What is a paid off loan?
Responsible for approval or denial of loans granted to members
What is a Loan Officer (Counselor)?
$0 - $1,250,000
What is the Minimum and Maximum aggregated loan amount?
Member trying to establish or rebuild credit
When do you offer a secured credit?
$5.00
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?
Member owns a vehicle and wants a $10,000.00 personal loan however their unsecured aggregate total is already $25,000
What is a Used Auto/Consumer Loan?
$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?
Member experiencing financial hardships in meeting their monthly payments
What is a TDR loan?
ALTA (American Land Title Association) Policy
What is a Lender's extended title insurance?