1
Based on QA and Compliance guidelines what are the key words we need to mention during Outbound Disclosures?
Recorded
Training
Quality
If the work phone number is a cell phone (not under CO name), I cannot continue with the application because we need a land line. I will need to ask the customer and request the correct phone number or investigate by my own.
TRUE
Determine the steps you need to do if you encountered a customer who requested to be in DNC list but you were not able to verify
Tag application as Do not Call
Annotate the account
Can we continue the application for a customer with the following details?
Position: Caregiver
Employer's Name in Vertical: Mrs. Jane Miller
Payroll Name (DDs): Mrs. Miller
No, we can not proceed. We need an actual Business Name.
Pay stubs are a form of direct deposit
False
Returning customers are entitled to have discount since they are categorized to a special program. The finance fee will be lower.
True
In banking, ___________ is the detailed credit analysis preceding the granting of a loan, based on credit information furnished by the borrower, such as employment history, salary and financial statements; publicly available information, and the lender's evaluation of the borrower's credit needs and ability to pay.
Underwriting
All portfolios work with different payroll frequencies: weekly, biweekly, semimonthly, and monthly.
False, we accept weekly, biweekly and semi monthly only
We only have two categories of states which are as follows:
- Regular states
- States we don't do business with
TRUE
Customers can only do a Pay in Full on a specific due date in their loan agreement.
FALSE
Leads are important to the portfolio because
They are potential Loans.
Customers are waiting for help
Other companies can get advantage and take the loan from us
We purchase them.
What is the maximum hold time?
2 mins
5 mins for VOB and VOE
What are the required elements you need to mention when doing the ACH Disclosure to avoid a failed compliance?
Final review
Installment dollar amount - prorated and additional amount if any
A return item is
The status any transaction gives when unable to process
In Vertical, this is the button you have to click to assign an application under your name
Generate
Analyze: What information is needed to complete the loan?
Date of Application: February 1, 2019
Available Balance: $523.63
Payroll Deposits:
01/30: $541.23 EB: $123.36
01/16: $589.65 EB: $236.36
01/02: $541.98 EB: $123.63
Decision Logic
If a customer gets paid on a holiday, system should not be updated. We can process payments during holidays
False
Can we continue if the employer is Centers for Medicare and Medicaid Services (CMS)?
No, this is under the federal government
Customer is really upset and wanted to talk to a supervisor, mentioned that he is fraud victim and wanted to complain to CFPB.
To whom you will transfer the call?
Resolutions Manager / Resolutions Department
Where can we find the list of no business states?
One click file
Manual
Analyze: What is needed to complete the loan
Date of application: July 31, 2018
Payroll Deposits:
07/31: $682.39 EB: $700.36
07/17: $1369.36 EB: $112.36
07/03: $1396.36 EB: $145.63
Strong VOE
Analyze: What information is needed to complete the loan?
Date of application: July 31, 2018
Payroll Deposits:
07/31: $542.63 EB: $875.63
07/17: $579.63 EB: $112.36
07/03: $579.63 EB: $145.63
Decision Logic
Analyze: What information is needed to complete the loan?
Date of application: March 8, 2019
Payroll Deposits:
02/22: $412.36 EB: $123.63
02/15: $562.36 EB: $112.36
02/08: $456.63 EB: $145.63
None, we deny the application.
Analyze: How can we proceed with the loan?
Date of application: February 28,2019
02/15/2019 - Direct Deposit
02/01/2019 - Paper Check
01/18/2019 - Paper Check
Proceed as usual. Strong Exception is not applied because the most recent direct deposit is an actual Direct Deposit.
Analyze: What information is needed to complete the loan?
Date of application: March 7, 2019
Payroll Deposits:
02/26: $542.36 EB: $456.63
02/12: missing
01/29: $1009.63 EB: $211.63
01/15: $1089.63 EB: $456.63
No exception and no other information needed