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AFCU > Lending 2 Test > Flashcards

Lending 2 Test Flashcards

1
Q

How often are military personnel paid?

A

Bi-Monthly: mid month and end of the month

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2
Q

What needs to be on letters from employers?

A

Letterhead, current date, hours per week, wage, position, length of employment

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3
Q

How is child support verified?

A

Letter from dept of recovery services, or copies of canceled checks if not DD

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4
Q

Variable Pay Jobs

A

salesman, auto dealer floor manager, real estate agent, waitress, nurse, landscaper, MCLO, fireman, construction worker

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5
Q

What constitutes risk for the credit union?

A

Amount and Term

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6
Q

Auto Loan for Minors

A

Max: $7500 Term: 60 w/qualified co-maker

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7
Q

Terms:

A

Auto: 84 mos, RV below 20K: 84 mos, RV over 20K: 144 mos

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8
Q

What does UCC stand for?

A

Uniform Commercial Code

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9
Q

Max personal loan

A

15K w/o waiver

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10
Q

What amount can we lend on Electric Vehicles?

A

75% LTV

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11
Q

What LTV will we lend on a “0” FICO?

A

90%

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12
Q

What percent of FICO is determined by payment history?

A

35%

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13
Q

What percent of FICO is determined by amounts owed?

A

30%

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14
Q

what does NOT affect FICO?

A

Income, where you live, length of residence, length of employment, race, color, religion, blah blah blah

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15
Q

not included in disposable income?

A

Housing Payment

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16
Q

what type of bankruptcy is called personal liquidation?

A

Chapter 7

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17
Q

What type of debt is not discharged in a bankruptcy?

A

Tax Liens, Student Loans, Child Support, Judgements

18
Q

What type of Bankruptcy is known as personal reorganization?

A

Chapter 13

19
Q

How long does chapter 7 bankruptcy stay on a credit report?

A

10 years

20
Q

How often can you file a chapter 7 bankruptcy?

A

Once every 8 years

21
Q

how long does a chapter 13 bankruptcy stay on the credit report?

A

7 years

22
Q

Indicators of Bankruptcy

A

escalation of debt, excessive unsecured debt, maxed out revolving trades

23
Q

UDR=

A

unsecured balances / Gross Annual Income

24
Q

When do we exercise caution on UDR?

A

20%

25
Q

Bankruptcy Waivers are required

A

up to 24 months since bankruptcy, or between 6-10 years after filing

26
Q

When can an application be marked Canceled?

A

Credit decision has been made; member rescinds or discontinues app

27
Q

When is an app marked Denied?

A

Denied with proper signing authority or credit is approved pending voi, resolve fraud, etc. or counter offer is not excepted by member

28
Q

Where do you find guidelines for loan waivers and authority?

A

Consumer Loan Procedures

29
Q

What is considered unusual collateral?

A

house boats, electric vehicles, farm equipment, trucks over 1 ton, trucks w/stake, dump, or flatbed

30
Q

Why does AFCU limit use on unusual collateral?

A

Higher Risk, hard to resell

31
Q

What is 900 note # used for?

A

combining AFCU debt w/ no new money

32
Q

What happens if lien is not perfected and member files bankruptcy?

A

We become an unsecured creditor?

33
Q

What factors may indicate FICO is going down?

A

FICO

34
Q

How long do unpaid/paid tax liens stay on credit report?

A

Paid: 7 years Unpaid: 15 years

35
Q

what should we look for on pay-stubs?

A

date, name, ss#

36
Q

Types of acceptable income verification

A

DD, pay-stubs, tax return, rental agreement, child support/alimony, letter from employer,

37
Q

When are denial letters sent?

A

7th day after denial

38
Q

What is needed for Member Processing?

A

Title App, Bill of Sale, Odometer Statement, Dealer Stamp, Title, title processing information, registration, insurance agreement

39
Q

What is needed for Clear Title Processing?

A

title, registration, dealer stamp, title application, insurance agreement, title fee

40
Q

Where is the “view previous apps” tab found?

A

Underwriting Screen

AFCU (2 decks)

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