Legal Entity
True or False: You have to verify good standing on an interest rate conversion?
What is False
Who can approve a release of liabiity
Who is UW
24 hours
The action needed to remove an ex-wife from a loan
What is a Release of Liability
The fee amount for a loan servicing action
What is $350
How often do you need to update a Resolution to Borrow
What is every 5 years
Length of time a payment be extended for on an acceptable account without needing UW approval
2 months
If a payment extension is longer than 3 months you should instead process this action.
What is a reamortization
The document needed that removes someone as a guarantor.
What is a Release of Guarantor Letter
The PTE that calls a casserole a hot dish
Who is Hailey
Who can review an Irrevocable Trust
Who is the Legal Team
What does the Credit Bureau Score need to be to qualify for Low Risk Loan Servicing?
650 or higher on the primary borrower
An action also needed if we are shortening the loan term with a fixed rate by 2 years.
What is a Rate Conversion
The action to add an individual or entity to an existing Note
What is an Assumption
Filed to perfect the lien on personal property
What is a UCC
The document that indicates the name of an LLC
What is the Public Organic Record commonly known as Articles of Organization
Where you document the approval information
When do you need to have the consent to ream section signed on an interest rate conversion for an AgC loan.
When you have collateral owners only on a note dated before October 2025
When you are adding a new borrower to a line of credit secured with Chattels, this action needs completed by a CX
Send a task to the CX to perform a UCC lien search
A document that likely will need sent with every loan servicing action for AgC notes until all customers have one signed.
Stock Purchase Agreement and MF002