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Offline Contingencies
Explorer Conversion
Credit Underwriting
Upgrades
Closing Disclosure
100
This is the offline system that is used to pull credit when Experian is down.
What is Voice Response Unit (VRU)?
100
The type of contract to be prepared when a customer decides to apply monies paid from an existing Explorer package towards the down payment of a new VOI purchase.
What is an Explorer Conversion?
100
These purchasers are not required to have a credit score generated.
What is a non-US resident?
100
This document may be used in some cases when a purchaser’s printed name or signature on the Upgrade Warranty Deed does not match the printed name or signature on the ID.
What is the Same Name Affidavit?
100
If we receive a completed finance application and the customer decides not to proceed with the purchase they must be provided with this document.
What is the Closing Disclosure?
200
This document is part of the PRO5 business rule must be completed for each contract entered in PRO5 and then it’s placed in the original file folder.
What is the PRO5 Audit File Preparation Sheet?
200
You don’t need an exception form to use this if the guest is staying on site or within one year of the original expire date.
What is an Expired Explorer Package?
200
This is the timeframe a purchaser’s credit report is available in the Experian Archives.
What is 90 days?
200
Equity credit can be given for Resale contracts equivalent to 80% of the equity on all inventory except this inventory.
What is Hawaii Inventory?
200
Accepting this document to be held for future financed transaction is not allowed under any circumstance.
What is a finance application?
300
This is how the method of payment should be posted during the contract entry process if the credit card capture screen is down.
What is Cash?
300
When a purchaser has an Explorer package that is not paid in full and they want to convert to a new purchase without paying the balance they will be required to sign this document.
What is a Convert Prior to Usage Letter?
300
Purchaser A on the Term Sheet has a FICO below 599 and Purchaser B is a non-US resident. The following terms are required on the Term Sheet.
What is non-qualifying 35% terms?
300
When completing an upgrade the mortgage on the original contract must be current. If it is within _____ number of days from the due date, they are within the grace period and we can process the upgrade without collecting a mortgage payment.
What is 10 days?
300
We are required to mail the Closing Disclosure to the purchaser within this timeframe if they have not returned to sign their documents.
What is three business days?
400
If an upgrade has to be produced in Pro 5, we can only do so if the equity calculator or mortgage transaction history has been printed from live SUN within the previous ____ hours and the method of payment must be posted as ____
What is 24 hours and EQ?
400
This amount is the cutoff point for being able to convert an Explorer package without collecting the remaining balance, but only the monies paid can be applied to the purchase.
What is $10 or less?
400
A purchaser provides a non-US ID and has a social and a FICO score. This is the financing that must be given to the purchaser.
What is non-US resident terms?
400
This is not considered new money for the purpose of an upgrade.
What are Explorer funds?
400
A purchaser submits a financed Term Sheet and completes a finance application. While we are entering their contract they change their mind and want to pay it in full. We need to give this to the owner.
What is the finance application?
500
The type of transaction that must be completed to charge money once Dollars on the Net is back online if you obtained an authorization via the Voice Authorization Instructions.
What is an offline entry?
500
When there is a balance on an Explorer package and a purchaser signs a Convert Prior to Usage Letter they forfeit the use of the package. The purchaser receives how much towards the down payment of the VOI?
What is the amount equivalent to what is paid on the Explorer package at time of conversion?
500
We have a mail out contract & the purchaser didn’t qualify. This is the maximum length of time we can hold the Term Sheet & credit report before generating a contract.
What is 5 business days?
500
You have an upgrade from WDW to Flex. The current price of the WDW week is LESS than the original price and the available equity is LESS than the current price of the WDW week. This is what we subtract from the new purchase price to get the margin for this deal.
What is the original purchase price?
500
This government agency issued revised guidelines for disclosing closing costs and loan terms for any financed real estate transaction on deeded United States property.
What is the Consumer Finance Protection Bureau?