Applications
How often should journal entries be placed on a live loan application?
Every other day.
Who is responsible for completing the loan checklist? The entry officer, decisioning officer, processing officer, or funding officer?
Processing Officer
True or False: The underwriter will send a loan back if it is missing information.
True: Loan officers are expected to provide at least
1. Loan type, amount, term preference, payment preference, and reason for request (paint the picture) 2. Income and residential history 3. Credit score/tier, D/I, U/I, LTV 4. Your observations and recommendations
Are HELOC interest rates adjustable or fixed?
Adjustable
Regardless of the loan type or product, how long are applications good for?
30 days, but can be extended if needed on a case-by-case basis.
How many years of employment history and residential history do we need on ALL applications?
2 years
On the loan documents, what goes in the itemization section?
Monies that are going to another place (financial institution, dealership, etc.)
How do we get the type of loan to prefill in the Consumer Tab?
Under the Terms Tab
Is there a prepayment penalty on HELOCs?
No
What is the max LTV needed for a HELOC application?
85%
True or False: If a loan is in another associate's queue, I can not work on it.
False: We are all working together as a team to provide the best member experience. If a member is ready to work on their loan app and the OG loan processor is unavailable, anyone can assist the member.
When should the loan checklist be completed and why?
Before docs are sent to the member to make sure nothing is missing, all data is correct, and to avoid showing up on the QA report.
If an applicant does not have a credit score, what score do we use?
610
What type of properties are eligible for HELOCs?
1. Single Family Home
2. Townhomes
BONUS: Name 3 types of property can we not do HELOCs for? Land, Condo, Second Home
What is the oldest year we do a used auto loan for today?
2020
BONUS: If older than that, what product would we place an application for? Used Other
What are two places you should look before starting a new loan application?
1. Teller Platform - look through the member's account and history with us.
2. Loan Originator - look for previous loans and go through the notes for more information.
When should the member's first payment be?
30-days after the loan docs are sent/signed not 30-days after the app is initiated.
To make sure a credit score populates on the Consumer Tab, what box needs to be checked?
The primary score box.
DAILY DOUBLE: If you have joint applicants, whose Primary Score box should we check to use their credit score? Whichever borrower has the better credit, it will always be the Primary Score Box
What states do we do HELOCs in?
FL GA SC NC AL MS
For EV vehicles, what is the MAX LTV?
90%
Give an example of how to recommend a cross-sell to the underwriter.
The loan officer:
1. Recommended a product and
2. Explained 'why' they think the product is a good idea for the member.
In addition to the initial journal entry, where else should an applicant's rent appear?
The Debts Tab
What are three things in the Debts Tab we should automatically look to check (the box) as Secured?
1. House/Rent
2. Car
3. Student Loans
What is the draw period on a HELOC?
8 years
BONUS: What is the payback period on a HELOC? 12 years
What is the required minimum draw on a HELOC and what is the minimum draw each time after that?
$5,000.00 for the first draw
$500 minimum each time after