Most Popular Lending Content
Imaging Software and Scanning
03/29/2020
What is the best way to get documents into our imaging system?
Notice Letters
03/29/2020
What do other banks do about notice letters?
Collecting PMI w/o PMI Insurance Company
03/23/2020
If the bank charges PMI and doesn't have a PMI insurance company that it has to pay can the bank truly collect the PMI? For example, if the bank had loans that didn't sell on the secondary market, and the insurance gets cancelled, can the bank still collect for the PMI?
Duplicate Customer Records in Imaging System
03/22/2020
How often should we check for duplicates in our imaging system?
Auto Loan Rates Discounts- "Engagement Score"
03/22/2020
When it comes to auto loan rates, we have certain rate discounts that may apply based on an "Engagement Score" for each person. This is determined by our underwriting team and communicated to the dealer for the best rate available at the time the deal is happening so that the correct rate is listed on the contract. The problem is after 5pm when our underwriters go home, we are still getting deals since dealerships are open later. The next day we have a contract signed for the rate the customer qualified for but does not include any engagement score discount. My question is: After booking the loan at the rate listed on the contract, may we then adjust the rate down to include the engagement score discount the customer should have received without having to ask the member to sign anything? I assume we could adjust a rate like this so long as it benefits the customer and we document what we're doing and why, but I'm struggling to find a definitive answer in a Reg.
