How to Lose a Payoff in 10 Days
They must be present at the appointment every time a 10 Day Payoff shows joint ownership.
Who are both trade owners?
Completing Trade Verification before verifying funds is essential, as this could change in the process (possibly due to an incorrect payoff amount being entered by the customer).
What is the down payment?
VIN is an abbreviation for this, which is what you can compare to the insurance doc to determine if the customer is insuring the correct vehicle.
What is Vehicle Identification Number?
Documents in the Address Verification article are divided into two lists, with documents from this list being weaker at confirming customer information...which is why we always ask for two.
What is List B?
Entering this information into the Title Ownership Task correctly matters...you wouldn't want someone calling you "Rub" instead of Rob or "Assie" instead of Cassie.
What is the owner name(s)?
"Per diem" means "per day" in Latin. "Circum sursum" is Latin for what you will do to the per diem if there are more than two digits after the decimal point.
What is round up?
When using Plaid for Funds Verification, the customer's name does not need to show as the account holder unless the customer is this finance type.
What is Cash?
If an expiration date is when insurance coverage ends, it makes sense that this date is when it begins.
What is the effective date?
This should always be your next step once you receive a confirmation report from the NCS for an SSA-89.
What is save it to Docs in Carma?
This joint ownership status should only be selected when you see it exactly on a title. "And" and "Or" on their own are separate ownership statuses.
What is "And/Or"?
This document will be used to fill out the ownership section of the 10 Day Payoff task, if it's available. If not, check to see if there is a title to use (and so on).
What is the YASSI Registration Record?
You can use this feature when calling to complete Funds Verification, as long as the customer provides you with their full account number to enter.
What is the Automated System?
This state abbreviation is what you will select when a customer's insurance document shows "St. Louis, Missouri".
What is MO?
When the clearance method requires an SSA-89 plus an AV doc, request one document from this list in the Address Verification article. If using the other list, you need to request two.
What is List A?
Although this document is usually uploaded for you before starting to work the task, sometimes you have to DIY!
What is the ADD Title Check?
The account number shown on the formal payoff document is "000000000043" (that's 10 zeroes, if you're counting), so this is what you will enter into the 10 Day Payoff task.
What is 000000000043 (with 10 zeroes)?
Getting a cashier's check from Landmark Credit Union, Tri-City Bank, or US Bank should always prompt this action.
What is marking Potential Fraud?
This insurance document may also be called a "Certificate" or "Verification of Insurance" and is only valid for 30-90 days.
What is a binder?
When this flag is present in LexisNexis Find a Person, you cannot use LNFaP as your clearance method and must move on to the next available method listed.
What is "SSN potentially randomly issued by the SSA"?
Your customer's name shows as "Kelly Maya Lee" on their ID, but YASSI comes back with the name "Kelly Lee Thomas". This should be your next step.
What is requesting a name change document?
Clicking this hyperlink in DealerTrack will give you the most accurate payoff amount, so make sure to do it every time!
What is "View Quote"?
Always complete these work items (if present) before verifying funds (hint: there are four).
What is Trade, Income, Employment, and Lender Verification?
This amount of time is the typical amount of time an insurance policy must be active after the delivery or pick-up date. Sometimes it's only 7 days, though.
What is 30 days?
It may sound simple, but for Address flags in the LexisNexis work item, we are specifically looking to connect this piece of information to the customer's registration information.
What is the address?
Our customer Frank provides wants to trade in his vehicle, providing a title showing Frank and Charlie as the owners. This is who you will enter into the Title Ownership Task.
Who are Frank and Charlie?