What type of consumer loans does not require a FICO score for pricing?
What are share secured and certificate secured.
100
A member wants a Visa Platinum Secured with a credit limit of $500. How much much must be pledged in the member's share savings account to fund this loan?
What is $625 (125% of the credit limt).
100
Loan terms may be extended up to _____ not to exceed ____ when a Logix CUSO product is purchased.
What is 6 months, 84 months.
100
What are two examples of collateral alternatives for a high risk unsecured loan request?
What are direct deposit, auto-pay, co-signer, and/or shorter loan term.
100
What is the transaction code used to fund a loan?
What is LN
200
How is the rate on a Certificate Secured loan calculated?
What is 2.5% + earned interest rate = rate rounded up to the next highest .25%.
200
True/False-Sales tax is not required for a Private Party auto loan transaction.
What is False.
200
Up to what age may a person qualify for Disability and/or involuntary Unemployment under our Debt Cancellation protection product?
What is 66 years old.
200
Logix will consider granting loans to a member who has had a bankruptcy if...
What is one year after a bankruptcy has been discharged, if Logix has not uncurred a loss, and positive credit has been established since that date.
200
When is a Visa loan application forwarded to the Processors.
When is after Funding Options.
300
If the applicant does not have a montly mortgage or rent expense, the system defaults to_____
What is 25% of the applicant's gross montly income.
300
A member opened their Visa Platinum on January 1st. He made a cash advance on May 1st. How long does he have to pay this back at the promo 0%?
What is this purchase does not qualify for the 0% promo. It was made after the first 90 days of the loan being opened.
300
Trip interruption and emergency fuel are benefits of what CUSO insurance product?
What is MMP.
300
Capacity establishes the applicant's _______ to pay back on the loan.
What is ability.
300
What is the difference between Interest Rate and Annual Percentage Rate?
What is the Interest rate is the FEE we charge the borrower. Annual Percentage Rate is the actual COST of the LOAN including any interest and mandatory fees (i.e. refinance fee and mandatory GAP fee).
400
What is the max loan amount available to a first-time borrower on a Used Auto loan?
What is $15k
400
What is the maximum LTV allowed on vehicles with 100k plus miles?
What is 75% of the Wholesale Value.
400
When can GAP and MMP be sold on an auto loan if preciously sold on an auto loan purchased at a preferred dealer?
When is NEVER.
400
List 4 ECOA Codes and it's correspoding letter/number.
What are 1-individual, 2-joint, 3-auth signer, 4-joint acct, 5-cosigner, 6-on behalf of, 7-signer, W-business/commercial, X-deceased, 0-undesignated.
400
True/False- For all consumer loans, joint applicants must be on the membership account that the loan is processed on.
What is False
500
What three purposes are prohibited by LFCU on an unsecured consumer loan?
What are living expenses, illegal purposes, and business purposes.
500
Sally lives in LA County and is buying a used 2009 Hyundai Tucson from a private party for $30,000. What and how much DMV fees should you collect at funding?
What is Smog abatement-$8, Title Transfer $15, and LA County Sales tax @8.75%. Total-$3063.00
500
Is GAP required? RBP C and LTV 40%?
What is NO.
500
Calculate the member's unsecured debt ratio:
Total Annual Income-$73,000
Wells Fargo Mortgage-$210,000.00
Chase Credit Card-$2,000.00
Capital Once Credit Card-$1,230.00
Macy's Rev Line-$348.00
Hyundai Auto Finance-$15,245.00
What is approx. 5%
TOTAL UNSECURED BALANCES DIVIDED BY ANNUAL GROSS INCOME
500
What is the max term a member can finance a Toyota Camry model year 2003?