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AFCU > Lending 1 Test > Flashcards

Lending 1 Test Flashcards

(69 cards)

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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
What dept needs a copy of the agreement and disclosure statement on a certificate loan? why?
Deposit Products Services: They monitor the certificate
26
how many digits are in the VIN of newer vehicles/
17
27
When does a vehicle need to be inspected?
older than 7 years(unless purchased through a dealer), rebuilt or restored title, dealer watch list, discretion of the loan officer
28
on collateralized loans, why would you send an extra copy of the agreement and disclosure statement to insurance
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
What value do we quote the member from NADA in Loan Pro?
Clean Retail
30
What items are needed for member processing
Title, Bill of Sale, Odometer Statement, App for Utah title, Insurance agreement, copy of registration, dealer stamp, title processing info
31
What items are needed for previous lien holder processing
Title fee, payoff authorization, agreement to provide insurance, copy of registration, financial stamp, copy of title
32
What items are needed for Clear Title Processing
Title, Application for Utah title, Agreement to provide insurance, Copy of Registration, Dealer Stamp, Title Fee
33
What items are needed for Member Lien Processing
Bill of Sale, Odometer Statement, Application for Utah Title, Payoff Authorization, Agreement to provide Insurance, Copy of Registration, Financial Stamp, Title Processing info
34
What items are needed for Dealership Processing
Purchase agreement, insurance agreement, dealer letter, dealer stamp
35
When are title fees addd to a collateral loan?
When AFCU is processing a lien on the title
36
What is the purpose for the title fee?
State charges fee to have titles changed
37
Who pays the title fee?
The member
38
What is the title fee amount for Utah and Nevada?
$6.00 and $20.00
39
What info is indicated by a Note#?
Branch and approving loan officer
40
Can you lend against and IRA certificate?
No
41
What is cross collateralization?
Collateral securing one loan with your name as borrower can be used to secure any other loan that has you as a borrower.
42
What are reasons AFCU may call a loan, Due In Full?
Fraud, collateral in jeopardy, delinquency
43
What are the 9 areas of discrimination that are covered by Regulation B?
Marital status Sex Race Public assistance income Religion National Origin Age Color Exercising rights under the CCPA
44
What are the Community Property States?
Idaho California Arizona New Mexico Texas Louisiana Nevada Wisconsin 2Washington
45
Why are we concerned with Community Property States?
Assets are split 50/50
46
Who can apply to be a co-maker on a loan with a minor?
Any eligible individual 18 years or older
47
How do you calculate the periodic rate on the pentacalc?
Rate / 365
48
How is the interest rate calculated using two or more certificates for a certificate loan?
The weighted average plus 3%
49
What act prohibits the solicitation and/or the acceptance of anything of value, in return for any business service or confidential information?
Bank Bribery Act
50
What is the maximum repayment for a personal loan w/o a waiver?
60 Months
51
What does CADLC stand for?
child support, alimony, daycare, lot rent, HOA fees, Condo fees
52
Can you send Docu-Sign to a 0 credit score member?
yes, with an access code.
53
What does PEAK stand for?
Precise Energized Assured Kind
54
What is the fee for change of terms on a consumer loan?
$25.00
55
What is the fee to skip the payment for one month on a consumer loan?
$25.00
56
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
Mirroring
57
________is the ability to relate to others in a way that creates a level of trust and understanding.
Rapport
58
UCC Filing is used to track liens on what?
Untitled Collateral
59
How many checks can be dispersed in LoanPro?
9
60
How many AFCU loans can be refinanced on the disbursement screen in LoanPro?
3
61
_______ opportunities with members need to be viewed as a chance that allows us to improve our member's current financial well being.
Sales
62
How do we overcome objections?
Gain understanding, Knowledge of products and services, establish a relationship of trust
63
On a collateral loan, when would the co-maker need to sign the agreement and Disclosure Statement?
When their name is on the title, but not on the Loan.
64
How long do unpaid tax liens report to CBR?
15 years
65
How long do collections account report to a CBR?
7 years
66
How long does Chapter 7 Bankruptcy report to a CBR? | Chapter 13?
10 years | 7 years
67
When reopening a VISA, what fields need to be cleared?
KGONE, LSTAT, LCPMO
68
When reopening a LOC, what fields need to be cleared?
LSTAT, LCPMO
69
Misc Implant Bankruptcy Codes
Ch 7: Dismissed "E" Ch 7: Filed "F" Ch 7: Discharged "F" Ch 13: Filed "F"

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