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0
Q

Policy allows approval up to _____% NADA on RVs and up to _____% on autos?

A

115% and 125%

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1
Q

In which manual do we find the guidelines for loan waivers and authority?

A

Consumer Loans

Procedures and Policies

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2
Q

Who is considered a member of the official family of the credit union?

A

Employees and spouses

Volunteers and spouses

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3
Q

List the items that would be considered unusual collateral

A 
Farm equipment
House boat
Electric vehicles
Trucks over 1 ton
Truck with dump or flat bed
Any item not clearly defined within current policy
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4
Q

Why does AFCU limit the use on unusual collateral?

A

Hard to resell
Higher risk
Hard to get value

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5
Q

A 1099 can be used by itself to verify income

A

False

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6
Q

List 2 reasons why we would require a tax return to verify income?

A

Self employed

No paystub

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7
Q

What procedure do we use to help us effectively interview a member for a loan application?

A

Points of reference

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8
Q

What portion of the full balance on a visa is an authorized user responsible for?

A

All of it

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9
Q

Does AFCU report authorized users to credit bureaus?

A

No

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10
Q

What is the interest rate for military personal requesting relief under the Civil Relief Act?

A

6% on all loans

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11
Q

When would we do a 900 note # loan?

A

Loan portfolio approves loan

Combining debt, no new money

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12
Q

What is the recommended LTV on an electric car?

A

75%

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13
Q

Chapter 7 Bankruptcy will remain on the credit report for ____ years?

A

10

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14
Q

Chapter 13 Bankruptcy will remain on the credit report for ____ years?

A

7

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15
Q

Why is a bankruptcy waiver required if the member filed 6-10 years ago?

A

They can file again at 8 years

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16
Q

What waiver is needed if the vehicle is 12 years or older?

A

Acceptable collateral waiver

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17
Q

Anything over ____% LTV would go toward the member’s aggregate totals.

A

100%

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18
Q

What are the 3 bankruptcy predictors?

A

Escalation of debt
Unsecured debt
Maxed revolving lines

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19
Q

What is Chapter 7 bankruptcy considered?

A

Personal liquidation

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20
Q

What happens if the credit union has not perfected our lien on a title before the member files bankruptcy?

A

We become an unsecured creditor

Trustee will liquidate our security to disburse funds equally

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21
Q

What factors could indicate that a member FICO is going down?

A 
A lot of recent request in 12 months
Missing a payment
Maxed out revolving 
Collection
Under 700 never missed payment
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22
Q

What is chapter 13 bankruptcy considered?

A

Personal reorganization

23
Q

When can a loan be canceled?

A

After credit decisions made and mbr doesn’t want loan

24
When can a loan application be withdrawn?
Before credit decision made at mbr request
25
What 2 items on any loan application constitute the most risk for the Credit Union?
Amount | Term
26
What act prohibits the solicitation or acceptance of anything of value in return for any service or confidential information?
Bank Bribery Act
27
What are the 2 actions the debtor can take if they want to keep their assets?
Reaffirm or redeem
28
When should a mbr be referred to the Loan Review Committee?
When loan denied and we feel like it could benefit mbr and us
29
Define UDR
Unsecured debt | Divided by annual income
30
Define variable pay
Pay can vary depending on tips, commission etc...
31
List some types of Variable Pay jobs
``` Waitress Nurse Salesman Construction worker Small business owner ```
32
At what percentage of UDR do we need it exercise caution?
20-25%
33
Define upselling
When mbr is approved for more than requesting
34
Why is age important when looking at a members credit report, job history and income?
To make sure it's appropriate for age
35
How long do a paid tax lien and an unpaid tax lien stay on a credit report?
15 years unpaid, 7 years paid
36
How many months of inquiries affect your credit score?
12 months
37
Payment history makes up what percentage of your FICO score?
35%
38
How often is it recommended you obtain a copy of your personal credit report?
Once a year
39
What items DO NOT affect your credit score?
``` Income Time on job Where live Race Ethnicity National origin Sex Age Marital status ```
40
When accepting a paystub for VOI what 3 things should you be looking for to properly identify mbr?
Name SS # Company name Date
41
When accepting a letter for VOI what things should you be looking for?
``` Name Start date How long employed Title Income Hours/week ```
42
What are the 8 different types of acceptable income verification?
``` Check stubs Taxes DD W2 with taxes Military leave Letters from employer Child support/alimony Rental income ```
43
What are different types of variable pay?
Commission Base Overtime Bonus
44
On what day is the Denial letter mailed out to members?
Morning of day 7
45
How long must a loan be in counter offer status before it's imaged as a denial and denial letter sent?
30 days
46
List the items needed for member processing (8)
``` Title Registration Proof insurance UT TC Title fee Dealer stamp Bill of sale ODO ```
47
What does UCC stand for and why is it used?
Uniform commercial code | No title
48
List items needed for clear title processing (6)
``` Title Registration Proof insurance UT TC Title fee Dealer stamp ```
49
Where in the loan pro can the view previous apps tab be found?
Underwriting screen
50
Who has lending authority?
Not all managers have it | No lead teller
51
When is "due in full" loan due?
Must be paid in 6 months, extending for fix, new app can do on CD loans
52
Max personal loans
Term 60 months | 15k without waiver
53
Minor loans
Max amt $7500 | Term 60 months
54
What is the Total Unsecured Aggregate on a personal loan for a FICO of 632?
$5000
55
What is the lowest FICO score you can have for a RV balloon?
680

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