5Cs / 3Ds
This “C” can be easily remembered by the phrase “Have _____, don’t be a ________”
What is “Character”
This WBA document is used to formalize the terms and conditions of a loan
What is a Note
A Delinquency Charge is accrued if the Loan Payment is this number of days late?
What is 10 days.
This part of the WBA Note is required from all borrowers and guarantors to validate the loan document.
What is a Signature.
A concise, persuasive description of WSB’s commercial banking message delivered in the time it takes to ride an elevator.
What is an ”Elevator Pitch”
This ”C” is like “lettuce on a shelf—it ain’t getting any fresher the longer it sits there!”
What is “Collateral”
By signing the WBA Note, the borrower is known, legally, by this defined term.
What is the “Maker”
The Delinquency Charge is calculated as this percent of the Unpaid Amount.
What is 5%
Many Corporations incorporated in Delaware are governed by Delaware law. The WBA Note, on the other hand, is typically governed by the laws of this US state.
What is Wisconsin.
Scientific evidence suggests that this day, and part of the day, is the best to Cold Call.
What is Thursday afternoon
This ”D” is one of the things in life you cannot escape, just like taxes!
What is “Death”
A powerful feature under section 8. ”Security” is the “granting to Lender a security interest and lien in any deposit account of the Maker, which after an event of default, and “without notice or demand” the Lender can empty. This feature is know as the right of _____.
What is ”Set-Off”.
Interest is calculated over this number of days.
What is 360
The nut of this important Statement is that ”the obligation described is being incurred in the interest of my marriage and family”.
What is the “Marital Purpose Statement”
This software tool helps track customer interactions, manage leads, and organize pipelines.
What is CRM.
This “D” is very hard to underwrite for, because sometimes Borrowers are lucky even though they are plain ______.
What is “Dumb”
When collateral is tied to the WBA Note, this type of agreement is often included to outline the lender’s rights to the assets.
What is a “Security Agreement”
The first loan payment is typically due this many days after the Loan Closing Date
What is 30 days
The nut of this Declaration is “…that the transaction is not governed by the Wisconsin Consumer Act because the credit is not primarily for a personal, family, or household purpose”
What is the “Declaration of Business Purpose”.
This tool is frequently used to reframe a prospects expectations when quoting loan terms, like a rate. If this doesn’t work, consider using it to tie up your boat.
What is an Anchor.
This “D” can often be inferred when, during the Loan Closing, Mr and Mrs are all kissy face and amorous.
Get ready for a ”Divorce”
“in such order as Lender determines…to Interest and Principal”
Past due interest can accumulate quickly, especially when it is assessed at this numerical value sometimes known as the Default Rate.
What is 18%
This covenant is in “Other Provisions“ and is phrased to the effect of: “…Maker agrees to maintain its ______ ________ relationship with Lender”
What is “Primary Deposit“
What is “Mirroring”.