Consumer Lending Application Requirements
What must be true of a consumer loan application before it is submitted?
It must be completed in full, with all necessary fields completed so Underwriting has an accurate picture of the applicant’s creditworthiness.
Which loan allows a member to borrow a lump sum without providing collateral?
Personal/Signature Loan. The guide describes it as based on creditworthiness with no collateral required
What is the minimum opening deposit for Business Checking?
$100
What three types of IRAs are identified in the Product and Services Guide?
Traditional, Roth, and SEP IRAs.
A member says, “I keep money in regular savings, but I’d like to earn more on it while still keeping the money accessible.” What product could you discuss?
Money Market, which provides higher dividends than regular savings while remaining liquid.
After completing the application, which queue should it be submitted to?
Direct New Applications
What is the maximum term listed for a Signature Loan?
Up to 60 months.
Does standard Business Checking have a minimum balance requirement?
No
What must a member have to be eligible to contribute to a Traditional IRA?
Earned compensation
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, because it allows a lump-sum loan without collateral.
What three items/actions must be completed before submitting the application?
Pull credit, upload a copy of the applicant’s ID, and complete/verify the application information.
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 allows for possible tax-deductible contributions?
Traditional IRA.
A member says, “I occasionally overdraft my checking account and want something available automatically when I’m short.” What product could you discuss?
Signature Line of Credit/Overdraft Loan
A consumer loan application is submitted at 1:30 PM and the applicant isn’t immediately connected to a Loan Officer. What callback expectation should you provide?
A Loan Officer should reach out within the next two hours, because the application was submitted before 3:00 PM.
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 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.
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?
Leave the vehicle information UNKNOWN. JD Power information is not needed; if a VIN is available, enter it in the comments.
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.
During a conversation, a business member says they have approximately $150,000 sitting in an account, want to earn dividends, but still need the funds to remain liquid. What product opportunity should you recognize?
Business Jumbo Money Market