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Lending 2 > Lending 2 > Flashcards

Lending 2 Flashcards

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
Q

When can a loan application be withdrawn?

A

Before credit decision made at mbr request

25
Q

What 2 items on any loan application constitute the most risk for the Credit Union?

A

Amount

Term

26
Q

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

A

Bank Bribery Act

27
Q

What are the 2 actions the debtor can take if they want to keep their assets?

A

Reaffirm or redeem

28
Q

When should a mbr be referred to the Loan Review Committee?

A

When loan denied and we feel like it could benefit mbr and us

29
Q

Define UDR

A

Unsecured debt

Divided by annual income

30
Q

Define variable pay

A

Pay can vary depending on tips, commission etc…

31
Q

List some types of Variable Pay jobs

A 
Waitress
Nurse
Salesman
Construction worker
Small business owner
32
Q

At what percentage of UDR do we need it exercise caution?

A

20-25%

33
Q

Define upselling

A

When mbr is approved for more than requesting

34
Q

Why is age important when looking at a members credit report, job history and income?

A

To make sure it’s appropriate for age

35
Q

How long do a paid tax lien and an unpaid tax lien stay on a credit report?

A

15 years unpaid, 7 years paid

36
Q

How many months of inquiries affect your credit score?

A

12 months

37
Q

Payment history makes up what percentage of your FICO score?

A

35%

38
Q

How often is it recommended you obtain a copy of your personal credit report?

A

Once a year

39
Q

What items DO NOT affect your credit score?

A 
Income 
Time on job
Where live
Race
Ethnicity
National origin
Sex
Age
Marital status
40
Q

When accepting a paystub for VOI what 3 things should you be looking for to properly identify mbr?

A

Name
SS #
Company name
Date

41
Q

When accepting a letter for VOI what things should you be looking for?

A 
Name
Start date
How long employed
Title
Income
Hours/week
42
Q

What are the 8 different types of acceptable income verification?

A 
Check stubs
Taxes
DD
W2 with taxes
Military leave
Letters from employer
Child support/alimony
Rental income
43
Q

What are different types of variable pay?

A

Commission
Base
Overtime
Bonus

44
Q

On what day is the Denial letter mailed out to members?

A

Morning of day 7

45
Q

How long must a loan be in counter offer status before it’s imaged as a denial and denial letter sent?

A

30 days

46
Q

List the items needed for member processing (8)

A 
Title 
Registration
Proof insurance
UT TC
Title fee
Dealer stamp
Bill of sale
ODO
47
Q

What does UCC stand for and why is it used?

A

Uniform commercial code

No title

48
Q

List items needed for clear title processing (6)

A 
Title
Registration
Proof insurance
UT TC
Title fee
Dealer stamp
49
Q

Where in the loan pro can the view previous apps tab be found?

A

Underwriting screen

50
Q

Who has lending authority?

A

Not all managers have it

No lead teller

51
Q

When is “due in full” loan due?

A

Must be paid in 6 months, extending for fix, new app can do on CD loans

52
Q

Max personal loans

A

Term 60 months

15k without waiver

53
Q

Minor loans

A

Max amt $7500

Term 60 months

54
Q

What is the Total Unsecured Aggregate on a personal loan for a FICO of 632?

A

$5000

55
Q

What is the lowest FICO score you can have for a RV balloon?

A

680

Lending 2 (1 decks)

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