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AFCU > Lending 1 Test > Flashcards

Lending 1 Test Flashcards

1
Q

What 4 things affect a members interest rate?

A

FICO, Term of Loan, Year of Car, Loan to Value

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2
Q

What type of collateral is considered a SMALL RV

A

ATV’s, Snowmobiles, Personal Watercraft, Mis Trailers, Scooters, Motorcycles UNDER 20K

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3
Q

What type of collateral is considered a LARGE RV

A

Motorhomes, Travel Trailers, Fifth Wheels, Boats, Motorcycles over 20K

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4
Q

What is the MAX term for a SMALL RV

A

84 Months

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5
Q

What is the MAX term for a LARGE RV

A

Fixed: 120 Months, Variable: 144 Months

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6
Q

What is the recommended term for an RV less than 10K

A

60 Months

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7
Q

What loan types are not eligible for Credit Disability Insurance

A

Business and Do In Full

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8
Q

The cost of Single Credit Disability

A

$1.83 per $1,000

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9
Q

The cost of Single Life Protection

A

$0.61 per $1,000

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10
Q

The cost of Joint Credit Life Protection

A

$0.96 per $1,000

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11
Q

To be eligible for Life and Disability protection you must be under what age?

A

70

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12
Q

The member must be disabled for how many days to be eligible for disability?

A

14 and under a doctors care

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13
Q

What is Collateral Protection Insurance

A

Insurance added by AFCU to protect collateral if member doesn’t have full coverage.

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14
Q

Can we discuss credit bureau info with the member?

A

yes

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15
Q

Can we give them a copy of their CBR?

A

no

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16
Q

The minimum payment on any consumer loan

A

$25.00

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17
Q

The required payment on a VISA is

A

2.5% of the outstanding balance

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18
Q

The required payment on a HELOC is

A

1.5% of the outstanding balance or a minimum of $50.00

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19
Q

The required payment on an LOC is

A

3.5% of the outstanding balance

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20
Q

The first payment on a loan must be made within

A

45 to 50 days

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21
Q

A late fee is assessed on

A

the 11th day of delinquency

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22
Q

How is interest computed on an AFCU loan

A

Calculated and added daily against the unpaid balance

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23
Q

On what screen would you find where the shares are pledged

A

Account Details—Pledges

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24
Q

How do you place a members shares on Pledge? Why would you need to do this manually?

A

Account Details–Pledges. When assists screen isn’t filled out correctly, and the loan has been booked

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25
Q

What dept needs a copy of the agreement and disclosure statement on a certificate loan? why?

A

Deposit Products Services: They monitor the certificate

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26
Q

how many digits are in the VIN of newer vehicles/

A

17

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27
Q

When does a vehicle need to be inspected?

A

older than 7 years(unless purchased through a dealer), rebuilt or restored title, dealer watch list, discretion of the loan officer

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28
Q

on collateralized loans, why would you send an extra copy of the agreement and disclosure statement to insurance

A

If the names on the insurance policy are different than the names on the loan, boat loans, and loans with 3 or more pieces of collateral

29
Q

What value do we quote the member from NADA in Loan Pro?

A

Clean Retail

30
Q

What items are needed for member processing

A

Title, Bill of Sale, Odometer Statement, App for Utah title, Insurance agreement, copy of registration, dealer stamp, title processing info

31
Q

What items are needed for previous lien holder processing

A

Title fee, payoff authorization, agreement to provide insurance, copy of registration, financial stamp, copy of title

32
Q

What items are needed for Clear Title Processing

A

Title, Application for Utah title, Agreement to provide insurance, Copy of Registration, Dealer Stamp, Title Fee

33
Q

What items are needed for Member Lien Processing

A

Bill of Sale, Odometer Statement, Application for Utah Title, Payoff Authorization, Agreement to provide Insurance, Copy of Registration, Financial Stamp, Title Processing info

34
Q

What items are needed for Dealership Processing

A

Purchase agreement, insurance agreement, dealer letter, dealer stamp

35
Q

When are title fees addd to a collateral loan?

A

When AFCU is processing a lien on the title

36
Q

What is the purpose for the title fee?

A

State charges fee to have titles changed

37
Q

Who pays the title fee?

A

The member

38
Q

What is the title fee amount for Utah and Nevada?

A

$6.00 and $20.00

39
Q

What info is indicated by a Note#?

A

Branch and approving loan officer

40
Q

Can you lend against and IRA certificate?

A

No

41
Q

What is cross collateralization?

A

Collateral securing one loan with your name as borrower can be used to secure any other loan that has you as a borrower.

42
Q

What are reasons AFCU may call a loan, Due In Full?

A

Fraud, collateral in jeopardy, delinquency

43
Q

What are the 9 areas of discrimination that are covered by Regulation B?

A

Marital status
Sex
Race
Public assistance income

Religion
National Origin

Age
Color
Exercising rights under the CCPA

44
Q

What are the Community Property States?

A

Idaho

California
Arizona
New Mexico
Texas

Louisiana
Nevada

Wisconsin
2Washington

45
Q

Why are we concerned with Community Property States?

A

Assets are split 50/50

46
Q

Who can apply to be a co-maker on a loan with a minor?

A

Any eligible individual 18 years or older

47
Q

How do you calculate the periodic rate on the pentacalc?

A

Rate / 365

48
Q

How is the interest rate calculated using two or more certificates for a certificate loan?

A

The weighted average plus 3%

49
Q

What act prohibits the solicitation and/or the acceptance of anything of value, in return for any business service or confidential information?

A

Bank Bribery Act

50
Q

What is the maximum repayment for a personal loan w/o a waiver?

A

60 Months

51
Q

What does CADLC stand for?

A

child support, alimony, daycare, lot rent, HOA fees, Condo fees

52
Q

Can you send Docu-Sign to a 0 credit score member?

A

yes, with an access code.

53
Q

What does PEAK stand for?

A

Precise
Energized
Assured
Kind

54
Q

What is the fee for change of terms on a consumer loan?

A

$25.00

55
Q

What is the fee to skip the payment for one month on a consumer loan?

A

$25.00

56
Q

Adjusting communication style based on the member’s personality is highly effective for building relationships and making sales. Matching & __________ is one of the best strategies to achieve this

A

Mirroring

57
Q

________is the ability to relate to others in a way that creates a level of trust and understanding.

A

Rapport

58
Q

UCC Filing is used to track liens on what?

A

Untitled Collateral

59
Q

How many checks can be dispersed in LoanPro?

A

9

60
Q

How many AFCU loans can be refinanced on the disbursement screen in LoanPro?

A

3

61
Q

_______ opportunities with members need to be viewed as a chance that allows us to improve our member’s current financial well being.

A

Sales

62
Q

How do we overcome objections?

A

Gain understanding, Knowledge of products and services, establish a relationship of trust

63
Q

On a collateral loan, when would the co-maker need to sign the agreement and Disclosure Statement?

A

When their name is on the title, but not on the Loan.

64
Q

How long do unpaid tax liens report to CBR?

A

15 years

65
Q

How long do collections account report to a CBR?

A

7 years

66
Q

How long does Chapter 7 Bankruptcy report to a CBR?

Chapter 13?

A

10 years

7 years

67
Q

When reopening a VISA, what fields need to be cleared?

A

KGONE, LSTAT, LCPMO

68
Q

When reopening a LOC, what fields need to be cleared?

A

LSTAT, LCPMO

69
Q

Misc Implant Bankruptcy Codes

A

Ch 7: Dismissed “E”
Ch 7: Filed “F”
Ch 7: Discharged “F”
Ch 13: Filed “F”

AFCU (2 decks)

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