Consumer Lending Application Requirements
Where should information that needs to be communicated be documented within a loan application?
Enter the information in the memos section, located under the comments tab.
Which loan allows a member to borrow a lump sum without providing collateral?
Personal/Signature Loan.
What is the minimum opening deposit for Business Checking?
$100
What two types of IRAs are identified in the Product and Services Guide?
Traditional and Roth
A member says, “My credit isn’t great, but I have money in savings that I could use as collateral. I’d like to rebuild my credit without spending my savings.” What product could fit the need?
Share Secured Loan
After completing the loan application, which queue should it be submitted to?
Direct New Applications
If a member inquires about our current Signature Loan terms or rates, where should you direct them?
Pull information provided on the Meritrust Colorado website and look under Loans to find current Signature Loan terms and rates.
Does Small Business Checking have a minimum balance requirement?
No
If a member wants to open or service an IRA, what system do you access to complete the request?
Ascensus
A member says, “I need $5,000 for some unexpected expenses, but I don’t have collateral.” What loan product could meet that need if they qualify?
Signature Loan
DAILY DOUBLE: What three items/actions must be completed before submitting the application?
Pull credit, upload a copy of the applicant’s ID, and verify the profile information entered is correct.
What two types of deposit accounts can be pledged as collateral for a Share Secured Loan?
A savings account or certificate of deposit (CD).
Which business checking account is designed for business owners who maintain larger deposit balances and want to earn dividends?
Business Executive Checking.
Which IRA type offers pre-taxed contributions?
Traditional IRA.
A member mentions that they are having a hard time keeping up on payments to their credit cards. You notice that they pay their mortgage out of their membership. What is a solution you could offer to the member?
What is the preferred first point of contact to our Centralized Lending Team?
The direct line to our Consumer Lending team 303-657-7612
A member wants a revolving line of credit connected to checking to help cover overdrafts. Which loan product should you discuss?
Signature Line of Credit/Overdraft Loan.
What average daily balance is required in Business Executive Checking to avoid the $20 monthly service fee?
$5,000
Which IRA may provide tax-free withdrawals if certain conditions are met?
Roth IRA.
A member needs access to funds. What benefit(s) would a Title in Hand loan offer that a Signature Loan does not?
Potential access to a higher loan amount and lower interest rate by using a vehicle as collateral against the loan vs no collateral for a Signature Loan.
A member is applying for an auto loan but doesn’t know which vehicle they are purchasing yet. What should you enter for the vehicle information?
Always leave vehicle information unknown. If a VIN is available, enter in the memos
A homeowner wants a revolving line of credit secured by the equity in their primary residence, with the ability to draw funds as needed. What product fits this description?
HELOC- this would be sent as a HELOC referral by retail.
Where can you find necessary business documents, such as a Certificate of Good Standing and Articles of Organization?
The Colorado Secretary of State website.
A member asks you for their maximum IRA contribution and whether the contribution will be deductible on their taxes. Who should they consult?
Their tax consultant.
While reviewing transactions, you notice recurring loan payments going to another financial institution. What opportunity does this create?
Ask about the loan and explore whether refinancing it with the credit union could benefit the member.