Category 1
When should you prep a CIN?
In person during an application. (if not in person, has to be cleared before you can print docs)
What is in the memo of a LFC?
Last name and loan number.
Is a HELOC a variable rate?
Yes.
Once application is in, how long do you have until we pull credit again? (non-RE)
30 days.
What is your branch loan application goal?
_____
What page can you go to to find all the resources for loans in Max?
CLD.
What is max term on a HEloan?
84 months.
_____ an interest rate that remains the same for the entire term of the loan.
Fixed.
What does NCP stand for?
Non-traditional Credit Program
What incentive is earned with a closed HELOC?
$50, no points.
When do you keep the title for an auto loan?
Refinance at Arvest or to pay off another bank.
On an auto loan, what NADA value do we use?
Clean trade.
___ income before any tax, 401K, insurance, or other deductions. It is the rate of pay a person makes before deductions are considered.
Gross.
____ a regularly scheduled payment, on a regularly scheduled date, processed via electronic transfer from a financial institution other than Arvest
ACH.
Why can't a bank keep a secret?
It's because there are too many tellers.
If a loan doesn't board who do you call?
Loan Input
What is the difference for an interest rate for a PLOC versus an unsecured loan?
+.50% rate based on tier.
What is a hypothecator?
Third party/one who hypothecates or pledges anything as security for the repayment of money borrowed.
What does the new policy state about trade lines? Hint: Email sent last week
For secured, one 12 month trade line.
For unsecured, 24 aggregate months with one line being 12 months.
(Customer still has to qualify with credit score)
Who is our FAB 3?
Debbie Bills, Patty Rowland, Shane Cowger
What's the difference between a co-signer and co-borrower?
Co signer is not benefitted, co borrower is benefitted
Describe a 5/1 ARM
5 years at the interest rate on closing day. Year 6 will change annually up to a 2% cap but never more than 6% from starting interest rate for the life of the loan.
When inputting a HELOC, what is something you must do before completing the application? Hint: you put it in the comments
HELOC Template (can be found in the CLD Resource page)
How old does a vehicle need to be to be considered "classic?"
30 years or older.
What pictures do you have to have for a classic car loan?
All four sides, interior, trunk, and motor.