General Info
What states can we do a LT for?
Utah, Idaho, Missouri
How many on time payments must a customer make in order to add funds?
4
What is a qualified refinance?
A Customer takes a lower loan amount than what we qualified them for, and is now requesting more (up to what they were offered).
What is a refinance?
Re-doing a customer's agreement to help lower payments
If a customer has 1 month of their agreement left and is asking for a pay date change, what should you do?
Ask if they can make their current payment schedule work for the remainder of their loan agreement.
What is the limit to how many LTs VIP customers can do? When a customer isn't VIP, what is the limit?
There is no limit!!
If they aren't VIP, they can have up to 2 LT before they have to payoff.
FREEBIE📣📣
you lucky duck you
How many on time payments must the customer make in order to qualify for a QR?
0-3
What should you always ask when a customer asks to refinance?
Do they want to add more funds?
A customer calls in wanting to do an employer pay date change. You get DEMOS and find out that they currently live in Texas. Can we do one for them?
No, they must be in a state that we lend in: MO, UT, ID
What is the only exception to LT on a 1st loan?
Employer Pay Date Change
What should you make a customer who wants to uploan aware of if you speak with them?
They will need to pay down any missed payments or interest, whichever is higher.
A customer calls in to see if they can add funds. You see they qualify for a QR. Do you have this customer reapply?
If QR doesn't require any documents, pass the account through a FU. If it does require an ACH BS or current ID, recommend they apply on portal.
If the customer in NV is requesting an Employer Pay Date Change and is within the first month of receiving the loan, what is the policy?
Talk to KL to see if we can accommodate!
We can accept an ______ ____/email notifying the customer of new pay dates if they don't have PS1 yet
official letter
Who does cust pay their missed payments/interest with when getting a LT? Why do they pay with this person?
Final Underwriter
Why:
To be sure the Customer wants to make a payment to do the LT/reloan option we have them qualified for.
We don’t want to refund the payment we just took if it doesn’t work out for them.
How much does the Customer have to be qualified for in order to qualify for an Uploan?
$100
If you need help determining this, ask an UW!
What wording in terms comment suggests cust might qualify for a QR?
"which is all they wanted"
Who will make the "pay down" payment when a customer wants to LT?
Underwriter
Send the _____ in PLM titled, “Employer Pay Date Change”
standard email
I'm on my first, active loan. I did not take the full amount. Can this person LT? Why?
No because they are on their first loan!
If they payoff, we can get them up to their full qualified amount.
I'm a self employed customer applying for an uploan (which I qualify for). I'm on my second loan. My last payment was $200 made through my bank account yesterday. My ID on file is still current. What docs do you need to see?
We would request BS1 but would have a waiting period due to the $200 payment.
What is the process for a QR?
1. Pull PACER
2. Check if we need ACH BS
3. Get DEMOS if needed
4. Pass account to IU through a FU
How much of the customer's principal needs to be paid in order for them to refinance?
$200
- If their first payment is 3 weeks out, $300 of their principal needs to be paid down
The FU will call for minimum _ ____ and send email to attempt pay date change.
2 days