CUNA MUTUAL
What are the 4 products that we offer through CUNA Mutual?
Guaranteed Asset Protection (GAP), Mechanical Repair Coverage, Credit Life , and Credit Disability
What is the code to make a Cenlar mortgage payment?
SW SC LP
Credit Card
Personal Loan
Line of Credit
Secured Personal Loan
Auto Loans
Mortgages
When in conversations with applicants, what is are we trying to find out BEFORE completing the applicantion?
The applicants motivation for the loan
What does LA stand for?
Loan Advance
What Does MRC stand for?
Mechanical Repair Coverage
What does the code PP stand for?
PP stands for Principal Only Payment
What does CPI stand for?
Bonus 100 points: What is CPI?
Collateral Protection Insurance
Bonus: Collateral Protection Insurance(CPI) may also be commonly be referred to as forced placed insurance. There is an insurance requirement while a vehicle is financed and the required information is provided to the borrower at the time the loan is funded. If at any time during the life of the loan the insurance requirement is not met a CPI policy is added to the loan in order to insure the collateral.
When doing a projection for a member or applicant, what is the phrase you should ALWAYS use?
As low as
Who is the company we use for CPI?
State National
Can a member cancel Credit Life or Credit Disability after the loan has funded?
Yes
The member has a 30 days free look
When you are doing a Cenlar Principal Only Payment, what is the code you place in the "Payment Amount Transaction Code prompt"?
05
Can a borrower change their due date or frequency for a loan?
Bonus 100 points: If so, how many times?
Yes they can.
Bonus: they can only change it one time in the life of the loan
It is important to have a deeper conversation before beginning the loan application. Why?
There are many reasons.
To ensure that we place them in the BEST product for their purpose and motivation.
To learn what the applicants financial goals are to ensure we are helping not hurting it.
To learn more about the applicant and if they have thought about what this loan will be costing them.
After purchasing a Vehicle/Boat/RV/Motorcycle, how long does the borrower have to inform us with their insurance information?
30 Days
Can GAP and MRC be added to a loan after it has been funded?
Bonus 100 points: If so, how does their payment change?
Yes.
Bonus: Their payment does not change because they have to pay for it out of pocket.
What is a per diem?
Interest that is earned daily on a loan
What does MLA stand for?
Military Lending Act
What kind of questions should we be asking our applicant?
Open Ended Questions
If there is an applicant that would like to escalate a loan application, who do you reach out to first?
Your Manager
What does the Consumer Loan Service Code 20 mean?
The loan is covered with GAP.
What is the grace period for a personal signature loan?
20 Days
If a borrower pays down their principal balance on the loan, are we able to re-amortize the loan for a lower monthly payment?
No, once the loan has been created that payment will be the payment for the length of the loan.
Before beginning the interview process of the application, what should you say to your applicant?
Position your role.
What are the 3 different ques for loan applications?
Your personal que, the underwriting que and the funding que