Fill In The Blanks
Simple interest is calculated on a _____ basis and is determined by the amount of outstanding principal.
Daily
What is the difference between a direct and an indirect installment loan?
Direct Loans - Loans opened directly with the lending institution (i.e. branch or Telephone Banking Center)
Indirect Loans - Loans opened through a third party (i.e. dealership)
What are the ILN payoff options?
Transfer of funds through CPS from an M&T DDA account, QuikCheck, M&T Bank Branch, Sent through U.S. Post Office, Western Union, Wire Transfer
What are the two different types of fee waivers?
Bank Error, Courtesy
What system do we use to check original loan documents?
RMR
Due dates cannot be changed to _____________.
The 29th, 30th, 31st
What is the formula to calculate per diem?
Principal Balance x (Annual Interest Rate / 365) = Per Diem
When quoting a verbal payoff to a dealer or customer, what information is critically important that we verify?
Collateral
How many bank error fees can be waived in a 12-month period?
No limit
In what system is a non-customer referral submitted?
CPS
___________ is when a dealer is willing to give a customer a different vehicle due to some sort of mechanical defect, etc.
Substitute of Collateral
When does M&T automatically issue a clear title after the loan is paid in full?
10 days after the loan is paid in full
What is the payment allocation of an Installment Loan?
Past Due Payments, Current Due Payments, Outstanding Fees, Principal Balance Reduction
What is the potential fee for returned payments?
$15
A _____ is a creditor’s claim against property (i.e. car, motorcycle, RV) to secure payment of a debt.
A lien is a creditor’s claim against property (i.e. car, motorcycle, RV) to secure payment of a debt.
A Substitute of Collateral will be processed within _______.
1-2 Business Days
List the types of Insurance coverage that used to be available for Installment Loans
Disability (Accident & Health) for the primary customer only
Credit Life Insurance for both a single and joint owner
Unemployment
At what point would we be able to take an ILN payment that is 9-29 days late?
CAM/Collections is closed
What system do we use to waive ILN fees?
Service Now
Requests for a duplicate Lien Release are processed through which system?
CPS
A _______________________________________ is an agreement between M&T Bank and an ________________________________________ whereby M&T agrees to forward a title or lien release upon receipt of a predetermined dollar amount.
A Letter of Guarantee is an agreement between M&T Bank and an Insurance Company whereby M&T agrees to forward a title or lien release upon receipt of a predetermined dollar amount.
Total Loss Insurance checks are made payable to
M&T Bank only
When a third party is calling to make a payment on an ILN, HEQ, CC or RVL which CPS Authentication tab do we use?
Internal Review
What tier are supervisors and how many fees can they waive?
Tier 3 / Up to 2 Fees per 12 month period
An __________ is money that is returned to the customer if a loan is paid off early. It usually lowers the payoff amount and shows up on the payoff screen.
An insurance rebate is money that is returned to the customer if a loan is paid off early. It usually lowers the payoff amount and shows up on the payoff screen.