Funding Application Process Quiz

The video tutorial covers the process of applying for funding through credit unions. It begins with onboarding clients and ensuring their credit is in good standing. The tutorial explains how to prepare client information for applications, discusses strategies for applying to multiple lenders, and introduces the concept of funding stacking to minimize credit inquiries. Practical application methods are demonstrated, and final tips are provided to ensure successful client communication and application submission.

What is the first step in the funding process after onboarding a client?

• Apply for a credit card

• Submit a loan application

• Check the client's employment status

• Apply for funding

Why is it important to apply for $25,000 from each lender?

• It is the maximum amount allowed

• It simplifies the application process

• It is a close number to close on

• It ensures automatic approval

What is the benefit of applying to all lenders at the same time?

• It simplifies document submission

• It reduces the number of inquiries on the credit report

• It speeds up the approval process

• It guarantees higher loan amounts

Which method is recommended for communication with credit unions during the application process?

• Emails

• Text messages

• Phone calls

• In-person visits

Why should you avoid using the client's actual email for applications?

• To avoid data breaches

• To ensure access to important communications

• To prevent spam

• To simplify the application process

How should you estimate the length of employment for a client?

• Use the client's age and typical employment patterns

• Ask the client directly

• Use a standard estimate of 5 years

• Check the client's social media

What should you always put down for a client's housing status?

• Owns a home

• Homeless

• Rents

• Lives with parents

What is a red flag when entering a client's address?

• The address is a P.O. Box

• The address is in a different state

• The address is too long

• The client requests a different mailing address

What should you do if a lender asks for a client's employer phone number?

• Leave it blank

• Provide the actual employer's phone number

• Provide a fake number

• Use the client's personal phone number

Why is it important to have a quick application process?

• To reduce the risk of errors

• To ensure the client gets funded quickly

• To meet lender deadlines

• To avoid client dissatisfaction