Banking
Name on way we can verify a banking pend?
Voided check
If the customer sends in a W2 when can we use it *1
when we have the most recent matching PS
What do you need to do on your opening during outbound calls to customers?
M&R and confirm we are speaking to the customer
What is the Demo pend?
confirming customer demographics - age, voice, language/ word choice.
Can we use a joint business account after a BCC?
No
What do we need to do if we see commission and reg pay on a PS.
Use the reg pay based on the frequency, try commission *1 to get to MIR, if it doesnt remove and call cx for discovery and addtl docs
After discussing what is needed from the customer, what are the next steps?
Ask if they can send in the documents, if they cant make sure they know how, and see when they expect to. Set expectations for what's expected once we get their documents
Are they traveling, or using an VPN.
What must we confirm on a DD form
bank, cx name, acct type, check, routing,
If someone makes 60K in W2 wages and send in one year of Sched C can we use it?
Yes, the schedule C is supplemental so one year is okay
What 4 situations are there for the use perm memo notes?
DSC, BCC, 3rd party permission, passwords for documents
Where do we check if the customer is listed on the bank account in AD?
HR Style sheet under RVD results. Also check out the giact codes for any tips on acct type or mismatch of PII
What are all the ways to clear bank?
PVC, DDF, Bank Letter, Starter with something else, BCC, Giact (paired with doc)
What income do we consider for a S-corp?
K-1's, depreciation, and any salary they may pay themselves
what should you do if a customer request to cancel?
find the reason, provide a benefit of the loan, and if you cannot save it cancel and notate the discovery and select the most appropriate reason.
What are Paystub red flags?
Different font, business address is the same as customers, margins are off, colored writing, generic formats.
What are the red flags for starter checks?
Do we take distributions or withdraws that customers pull out of their businesses as income?
No, this income is normally not linked to the customers SSN and cannot be validated as income year over year for the applicant. The customer is NOT the business, the business is completely separate from the customer apart from the K-1 and any wages paid.
What do you do when a new person gets on the line with the customer?
Stop the convo, gain control of the call by letting the new caller know you need permission. Get the customer back on the line, get the persons name and relationship, perm memo the info. Let the new caller know the call is being monitored and recorded
What can we use to make us feel comfortable with generic PS's. What are next steps if the first step doesnt work?
Check WN and credit bureaus to see if its reported and makes us feel more comfortable
request bank statement to match up net deposits from the paystub date.