Feeling Loan-ly
This C of Lending refers to the borrower's reputation and past credit history.
What is the credit score range for OL?!
540-639
The number of miles a vehicle has refers to which "C"
Collateral
____% PTI is a red flag
20%
What is the max rate on any ICCU loan
17.99%
This C of lending refers to the borrower's ability to repay based on income and DTI
Capacity
What are 2 types of negative info that may appear on a credit report that can impact character
late pay, collections, etc.
A credit builder auto must be a ____ or newer model?
2011
At what point is UI a red flag?
20%
Credit can really affect your rate! Regarding enterprise/adventure rate, a better score can mean a ____ rate discount.
LOWER/WORSE
This C of lending refers to the borrower's financial resources and assets
Capital
Name 3 ways an applicant can demonstrate good character in credit assessment.
Stable income, residency, on-time payments, etc.
Credit Builder autos are good for members with no credit, are unbanked, or for those without a ______ _____ ____?
SSN
How can a borrower's capital impact their interest rate on a loan?
Share/CD Secured
Some self-employed borrowers will take both W2 and draw from the business. In this case _____ to verify income.
Combine them
This C refers to the asset pledged as a security for a loan
Collateral
What is the difference between Gross and Net and which C does it best apply to?
Gross is pre-tax and it best applies to Capacity
Acceptable add-ons for an RV are these 3 things?
Generator, slide-outs, back-up camera
What are liquid assets?
Assets that can quickly be converted to cash with little fees (cash in savings/checking, money market funds, bonds)
What are 2 of the 4 incomes that require a minimum of 1 year at the current employer?
Commission/bonus, Tips, Multiple jobs (FT or PT)
This C deals with the analysis of the borrower's overall history of on-time payments, delinquency, time on credit bureau, etc.
Credit
Name 3 types of recurring debt payments we factor into capacity.
Installment, credit line, rent/mortgage
We can lend only 80% LTV for collateral _____ or older.
12 model years.
DAILY DOUBLE! How much would you like to wager?
Regarding HELOCs, we will lend up to _____% LTV WITH a full appraisal.
What are 3 examples of economic conditions that can impact a borrower's ability to repay a loan?
Pandemic, natural disaster, recession, housing crisis, etc.