Unapplied Funds Quiz

What is the purpose of the Unapplied Funds Bucket?

• To hold funds for credit card payments

• To hold funds for personal loan payments

• To hold funds for mortgage loan payments

• To hold funds for car loan payments

When should an Unapplied Receipt be completed?

• When the customer provides less money than what is owed for the monthly payment

• When the customer provides exactly the amount owed for the monthly payment

• When the customer provides extra money for the monthly payment

• When the customer provides cash instead of a check

How can you add money to the Unapplied Funds Bucket?

• By transferring funds from another account

• By completing an Unapplied Disbursement

• By scanning a loan payment slip

• By completing an Unapplied Receipt

What should be done if there is not enough money in the Unapplied Funds Bucket to make the loan payment?

• Transfer funds from another account

• Complete an Unapplied Disbursement

• Complete a Partial Loan Payment

• Advise the customer to bring additional money

What could you do if the customer has extra money in their Unapplied Balance?

• Pay a Late Charge with the excess money

• See if the customer wants to keep the excess funds in the Unapplied Bucket

• Use the excess money to put on the Principal Balance of the loan

• All of the above

What does an Unapplied Disbursement transaction accomplish?

• Completing a Principal Receipt Transaction

• Sending an email to the Collections email group

• Adding money to the Unapplied Funds Bucket

• Transferring money from the Unapplied Funds Bucket to make a loan payment

When should an Unapplied Disbursement be completed?

• When the customer provides enough extra money in addition to the unapplied balance for the loan payment

• When the customer provides less money than what is owed for the loan payment

• When the customer provides exactly the amount owed for the loan payment

• When the customer provides cash instead of a check

Which Loan Product Types would you use the Unapplied Balances with?

• Sonyma

• Non-Conforming

• Rural Development

• Freddie Mac

When a customer short pays their mortgage loan, you send an email to the ​ (a)   group.

• collections
• debit card orders
• loan closing