OJT Day 1

When should I NOT request POI?

• Underwriting has reviewed and stipulated

• Underwriting has reviewed and did not stipulate

• IA'd loan $50k or greater

• Credit Score under 650

Answer explanation

If Underwriting has reviewed the application, but did NOT stipulate POI, then we do not need to gather it.

What loans/LOCs require us to gather or verify POI, no matter what?

• FTUCC

• SPLOC

• HELOAN/LOC

• All of the above

Answer explanation

You'll learn more about HELOANs/HELOCs in the future, but all of these products require us to verify POI prior to funding.

What type of document is needed for POI if the member is Self-Employed?

• All Schedules and 1040s for the last 2 years

• W2

• 1099

• All Schedules and 1040s for the last 4 years

Answer explanation

If our member is self-employed, we will need to see the tax returns from the last 2 years - all schedules and 1040s. Sometimes our Underwriting team can make an exception.

When verifying Direct Deposit, the net figures should be no less than what percentage of stated income?

Answer explanation

The direct deposit must verify to 70% of stated income in the application, if not, we would need to adjust the application or request POI from the member.

When collecting POI for a W2 employee, we need to gather Paystubs from what time period?

• Last 2 Years

• Last 30 Days

• Last Deposit

• 90 Days

Answer explanation

When collecting and verifying POI for a W2 employee, we need to ensure that the Direct Deposits or Paystubs are from the last 30 days - if not, we need to adjust accordingly or ask the member for more information.

When Denying with Dignity, we want to practice the 3 what?

• Three D's

• Three C's

• Three E's

• Three F's

Answer explanation

Empathize, Exercise Curiosity, and Explain the why - if we are empathetic and confident in our responses it can help guide our members to other potential solutions. Remember, just because it is a no for this product at this time, doesn't mean there isn't another product for our member!

If a loan has been Instant Decisioned and you AGREE with the decision, should you refer it over to Underwriting?

• Yes

• No

Answer explanation

If you accept an Instant Approval or Instant Decline, there is no need for Underwriting to review further. If approved, send out the email template and assign to the Processing Queue if a Processor isn't already assigned.

If a loan has been Declined, I can use the same application to add more information?

• True

• False

Answer explanation

If a loan has been Declined, we will need to start a New Application for the member - this is to ensure our Adverse Action Letter is sent out and that we are in compliance.

If a member is wanting to add a joint, but they need to call in to provide their information - we will put the application in this status.

• Pending

• Needs More Information

• Withdrawn

• Instant Approved

Answer explanation

When an application is not yet ready for decisioning, or if the Underwriting has a few questions - the application will be placed in Needs More Information status. We should never keep an application in pending.

If a Member would like to cancel their loan application and it has NOT been decisioned yet, we place it in this disposition.

• Duplicate

• Decline

• Pending

• None of the Above

Answer explanation

If a member wishes to not move forward with their application and it has not been decisioned, we will keep the application in the same status, add a loan comment in the memo section, and add it to the Withdrawn Review queue.