General
What does HELOC stand for?
Home Equity Line of Credit
What screen would an agent go to find an "I" in the CONS IND field indicating that the loan is a HELOC?
KLNX/PRFC
What does FRO stand for?
Fixed Rate Option
What are 5 ways advances can be completed?
1. At the branch 2. Visa access card 3. Convenience checks 4. IVR 5 Online or mobile banking
True or False - All HELOCS will draft on their due date.
True. HELOC do not have the option for delay days.
True or False- Account numbers for a HELOC be provided over the phone to clients or third parties.
False
What screen is used to identify if the account is in the draw period or repayment period?
ELCU/ORIG
True or False- A FRO can only be set up during the draw period.
True
What is the minimum advance amount?
Advances have a $50 minimum or the amount of the available credit, whichever amount is less.
Do clients still receive paper statements when they enroll in ach at account booking?
No, however cancelling autopay will reactivate paper statements.
What phone number should HELOC clients call?
1-800-USBANKS
What screen is used to view which of three repayment options (Interest Only, 1% of the Principal Balance, 2% of the Principal Balance) a client is set up on while in the draw period?
ELCU/PAYC
What is the minimum amount required for a FRO?
$2,000
If a client does not come in PIN verified in BEE, what must be performed prior to processing an advance?
OTP One-Time passcode
Why can't HELOC payoff statements be emailed through CommHub?
Because they contain the full HELOC account number and sending through CommHub does not send documents secured.
In which period can a client borrow money?
Draw period
What screen shows the end of the draw period? Also known as the commitment end date.
SER1/ELOC
What is the minimum term for a FRO?
12 months
In OLB, what option should a client choose to advance funds to a USB checking account?
Transfer & Pay
If a payoff check is in excess of the payoff amount by $5,000 or more, what will happen to the check?
We will process the check as a payoff, and any additional funds would be issued to the client in the form of a check 7 days from the Paid in Full date.
True or False - A HELOC can close with an escrow account?
False
Billing schedule details can be found on what screen?
ELCU/PAYC
What is the maximum term for a FRO?
240 months
If the client requests a stop be placed on the account for any reason, what task should be opened?
CSSTOP
The account number on the bottom of HELOC convenience checks start with what number followed by the account number?
8