CLOS
Which share are the funds deposited into in the funding tab?
Always share 01, then can be transferred if needed.
How much is the GAP fee?
$749
What is the lending limit for unsecured credit applications for a branch manager with lending authority?
$15,000.
How long do Members have after funding their loan, to add Mechanical Repair Coverage to their loan?
90 days.
Rates are determined by terms selected. True or False?
True
The direct deposit button on CLOS means that they receive direct deposit to any bank account at any financial institution. Trye or False?
False, the button is for direct deposits going into their SchoolsFirst shares only and we must notate if it's their full or a partial deposit.
What are the different packages for MRC that we offer our Members?
-Platinum
-Gold
-Silver
What is the lending limit for secured credit applications for a branch manager with lending authority?
$50,000.
What does Disability cover?
Can pay a monthly loan payment up to 12 months or $12,000, whichever is first and less.
What KBB value is used for Cashout Refinances?
Trade-in Value
What income is used on all of SchoolsFirst applications?
Gross income
What is the maximum amount that is covered by GAP?
$50,000
What are some examples of acceptable documentation to verify an address discrepancy?
-Utility Bill
-Paystub
-Bank or Credit Card Statement from another Financial Institution
-Insurance Card or Bill
-Phone Bill
-Rent Lease Agreement
-Drivers License
What does Life Plus cover?
How many times can Members re-amortize their loans? What is the minimum payment amount?
As many times as the Member would like. Minimum payment of $500.
Zelle and other third party money transfers are considered reported income. True or False?
False, all income to be considered on applications need to be reportable. For example, if self-employed and paid through Zelle, they would need to provide tax returns.
What are the different ways Members may pay for MRC?
-Cash or Check (in person)
-Share withdrawal
- Added to loan within 90 days of funding
-Personal Loan
-Cash Advance
When there is a security alert on file, what is required from us to do?
Must notate on loan that Member has been identified with security challenge questions.
When can Members purchase Mechanical Repair Coverage?
Mechanical Repair Coverage can be purchased at anytime whether the vehicle is being financed at SchoolsFirst or elsewhere, and even if they own the vehicle out right.
MRC is available on vehicles that are 15 model years old or less. True or False?
True
What type of pre-approval application can you not add a co-borrower to and will require a credit qualifying application?
Credit Card Pre-approvals
How many claims are covered during a 12-month period under our GAP?
Covers up to two claims during a 12-month period
When submitting an application to the second review queue due to request being over branch manager limits, what is required to be notated and/or have changed?
(Denial was due to debt to income ratio being too high)
There must be an update to the applicant's income, and/or housing expense.
Members can purchase Mechanical Repair Coverage (MRC) for any new or used vehicles current through __ model years old with up to ______ odometer miles or less at the time of coverage purchase.
15, and 150,000
What is needed for a GAP contract from a current SchoolsFirst auto loan to transfer over to an internal refinance?
Must be for the same current term.
e.g. If Member currently has 34 payments left, new loan must be for 34 months.