Lending Basics
What is a HELOC?
It is a line of credit secured by the equity in your home
How many pieces of information need to be verified during CV?
3
Name, address, DOB
What is the status you are automatically put in after a call?
ACW
What is the system that you use to speak with your team and get updates from your supervisors?
Slack
What are two ways borrowers can make a payment?
Interest is charged ______
Daily
TPA (Third Party Authorization)
What is the maximum amount of time that you are allowed to leave a caller on hold?
Less than 5 minutes (5 min/4:59 is an acceptable answer too)
Google Keep, Google docs, notebook, etc.
Take 1 minute to find the payment disclosure and state the disclosure.
“Today is [today’s date] and you are authorizing Figure to initiate a one-time ACH debit in the amount of $________ from the bank account ending in [last four digits] on [date debit will occur]. By agreeing to these terms, you are confirming that you are the owner of this account or legally permitted to authorize payments from this account. To authorize the payment terms and transaction, please state your first and last name and ‘I agree’."
How are payments applied to a HELOC?
1. Accrued interest
2. Any outstanding fees on the account
3. Principal
If a borrower provides the incorrect DOB what should you do?
Read the CV fail script
What must you do at the end of your shift?
Set yourself to unavaiable and then Log out.
What is the system you will use to clock in and out?
Workday
How many scheduled payments are borrowers allowed to make per week?
1 scheduled payment per 10 business days.
What are Figure's HELOC terms?
10, 15, 20, and 30 years
Name one thing that an Additional Signer can do without the Primary Signer's permission.
Answer's may vary (make a payment, request payoff or general questions)
What must you do to exit ACW?
Enter the app ID in the notes and select the correct disposition. Then click "Save".
What is the system we use for our knowledge base? (ie. call aids, job aids, important links)
Notion
If the borrower is making a regular monthly payment, how many days will it take for the payment to post?
3-5 business days
What credit score model do we use to evaluate credit worthiness at Figure?
Experian FICO 9
When a borrower hands the phone to someone with their authorization, what is the first thing that must be said?
The recording disclosure (“This call is monitored and recorded for quality assurance. How can I help you?” )
What must you do before clocking out for breaks and lunches?
Switch NICE status to Meal or Break.
What is the command to capture a snip?
WIN + SHIFT + S
Can borrowers change their payment due date if they have lender-placed insurance?
No, they cannot.