FRAUD
It is every employees responsibility to do what?
Mitigate fraud
What documentation is required for a dealership purchase?
Bill of Sale/Buyers Order, proof of insurance, copy of ID (per borrower), Power of Attorney.
What is a tri-merge?
A tri-merge combines the credit info collected from the three bureaus into a single report.
What is the lowest auto loan rate available?
5.49%
Variable income cannot be included if the applicant hasn't been employed for at least
12 months
Reading answers from paper, stumbling to verify information, and being unable to answer questions they should know are examples of?
What is Red Flag Behavior?
What documentation is required to for a personal loan over $5,000 and a score less than 720?
Proof of income
What credit bureau do we utilize?
Transunion
The max term allotted for a vehicle older than 10 years
60 months
Award Letters can be accepted for what type of income?
Fixed Income like Retirement, Pension and Social Security.
Joe Criminal has a SSN and information for John Smith and submits a loan request in John Smith's name and SSN is an example of what?
Identity Theft
How should a member sign their name on a power of attorney?
As it appears on their drivers license
What are the 4 C's of credit?
Character, Capacity, Collateral, Capital
Mileage is over 100,000
If an applicant wants to include part time income, the income must be received for at least
12 months
Altering information on a paystub or providing a fictitious paystub is an example of?
Paystub/Employer Fraud
What documents are required if a dealer is on the dealer watch list?
Copy of original title, all reassignment paperwork, documentation if vehicle was purchased at auction.
The relationship of the credit line to the borrower.
If a member wants a personal loan under $1,001 what loan option is available?
Personal Access Line (PAL)
When is the collection of income required?
Self-Employed borrowers, or borrowers with a score less than 720 or requesting more than $5,000.
These items have issue dates printed on them after October 2007
Social Security Cards
What documentation is required from the member to complete an external refinance?
10 Day Payoff, proof of insurance, valid registration, copy of ID, power of attorney, state applicable title forms.
In order to use part-time income they must meet this requirement
Income must have been received for at least 12 consecutive months prior to the application date.
What are the four loan types that can be processed in Loans PQ?
Home Equity, Personal, Auto, Personal Access Line (PAL)
In order to waive POI for a non-self-employed borrower the minimum credit score would need to be? What about for self-employed?
720 / 740