1
What tab do you select to review the additional draw expiration date, cap, and estimated APR?
Draw Eligibility Summary Tab
CSC agents can turn on autopay at the verbal request of the primary borrower. T/F
False! They must sign an autopay agreement and AA will complete that task
The borrower can generate a payoff quote/statement via their dashboard. T/F
True!
What is the disclosure we provide to a primary borrower or authorized person, when the account is past due.
Mini Miranda Right
MMR
"This is an attempt to collect a debt and any information obtained will be used for that purpose."
A primary borrower can change their payment due date via their dashboard. T/F
F. They must call Figure to change their due date or agree to the stipulations via email.
How long does it take for my county to remove the lien from my property?
Up to 60 days
CSC Agents can increase autopay and turn autopay OFF without an AP agreement.
T/F
True. Agents can turn off autopay or change the autopay amount. Can not enable AP
If a payment of $X amount is reversed, CSP will automatically freeze the draw feature.
$5,000
Why would a borrower be DECLINED their additional draw?
Declined due to property value decrease
How many days does a borrower have to wait after making a payment for CSP to update and reflect the new additional draw balance?
6 business days
A borrower is calling to pay off their line of credit to use their additional draws. What are 2 important items you want to go over regarding their draw?
Eligibility Draw Tab-
Draw End Date
10%, 20%, 100%
A borrower can not be more than how many days past due in order to exercise the Skip A Pay Option?
Must be under 30 days past due
A third party authorization form will always expire after 1 year. T/F
False. It will expire on the date the borrower would like or if there is no date, then we would accept it good 1 year from the signature date.
A borrower calls and wants to pay their HELOC to close the account.
What 3 tasks will you complete while on the phone?
Generate a Payoff Quote Statement
Payoff Candidate Task to add the recon fee
Payment Over the Phone
A borrower can schedule a future payment via their dashboard. T/F
False. Scheduled payments can only be done via CSP
When will my first statement generate?
15 days after disbursement
What do I need to do to reamortize my HELOC?
If you make a payment that includes your min monthly payment plus 10%, or greater, of your principal balance, we can manually re-amortize your loan, causing the payment amount to decrease. If you're interested we can email you a Re-Amortization Agreement via Docusign.
How would you reply to the borrower?
I am calling to make a prinicipal only payment today. Can you help me?
The Figure HELOC does not offer principal-only payments. Our payments will allocate to interest, any additional charges such as fees, and then to the principal. You currently have $x.xx interest accrued and $x.xx fees so any portion greater than this amount will go toward the principal. Additionally, you can increase your payment amount to pay down extra principal when making your monthly payment.
You are completing a payoff candidate task. We can not charge a release fee.
Do you enter a $0 or leave it blank?
Leave it blank!