Credit Policy
Do we approve non-account holders for loans?
Yes, it is not required to have a current account to apply for a loan.
What are the minimum and maximum amounts for a personal loan?
$1000 minimum
$50000 maximum
What type of properties can we not work with at a branch level?
Investment properties, mobile homes not on a permanent foundation.
Secondary properties are installment loan only
What amounts can we do on a simple loan?
$100-$1000
In what ways can a client access funds off a personal line of credit?
Clients can access funds via transferring to a DDA, a VISA card, convenience check
Clients cannot have any OD or NSF in the last ___ days in order to be qualified for a credit product?
60 days
If a client is applying for a personal loan $25000 or more, what documentation will they need to supply for underwriting?
Last 2 years of tax returns
Last 2 years of w2s
2 most recent paystubs
Can we refinance a mortgage that is in the first position?
No- 1st position HE Loan applications must not be submitted to refinance any mortgage liens. 1st position Mortgage Refinance applications must be referred to Mortgage.
What is the minimum FICO for simple loan?
560 FICO
What are the minimum and maximum amounts for a personal line of credit?
$5000 Minimum
$25000 Maximum
What is the minimum FICO score we can approve for a credit product?
620 FICO* Simple loans and 3rd party loan approvals, maybe have a lower FICO threshold
What is the max amount of personal loans one client can have with USB?
4 personal loans max
What is the minimum and maximum amounts we can offer at branch level for HELOCs?
HELOCS
$25000 minimum
$250000 maximum
Anything above $250000 goes to WM (They must have a relationship with WM also)
What is the term on a simple loan?
3 months
What is minimum FICO on a personal line of credit?
680 FICO
How many tradelines should a client have to be considered for a credit product with USB?
A minimum of 3 tradelines is typically required for a client to be considered for a credit product.
What is the minimum and maximum term for a personal loan?
12 months minimum
84 months maximum (60 months unless over $25k)
What is the max loan amount of a home equity installment loan (2nd position) with a current 1st position lien? What about a home equity with no current liens?
$250000 for a property with a lien in the first position
$300000 for a property with no current lien
What factors would result a client in being TD for a simple loan?
Charge off account, negative balance within last 60 days, any past due on a credit balance in the last 6 months, bankruptcy within last 2 years
When determining the max allowed limit on a personal line of credit what is considered: DTI or Annual Income? Both?
Credit Limit cannot exceed twenty-five percent (25%) of gross annual income at origination or any limit increases.
Max DTI is 50%
If you're unsure of what credit criteria is needing for potential approval on a loan, where should you go to find answers?
Consumer Lending Resource Hub
What discounts on APR are possible for personal loans?
FICO 800+ = 1% discount
Auto Private Party Purchase = .50% discount
Auto Pay Internal = .50% discount
Auto Pay External = .25% discount
Home Improvement = .75% discount
What is the max loan to value on a home equity?
80% LTV
Does a client have to have direct deposit in order to be approved for a simple loan?
Yes, a client must have at least three direct deposits within 3 months to potentially qualify for a simple loan
What are the fees (besides the APR) for utilizing the personal line of credit?
There are no fees to use a Personal Line check or to do a balance transfer.
If the advance is done using the Personal Line access card as a cash advance or for a direct cash withdrawal at an ATM, there will be a 4% fee assessed.