Compliance

Front 1

How must privacy preference request to be on the DNC list be handled?

Back 1

if a consumer expresses a preference, it’s HMcs responsibility to immediately complete and submit the Privacy Preference Maintenance Request (PPMR) form on behalf of the consumer.

Front 2

Can we ask about child support, alimony, or public assistance?

Back 2

Cannot specifically ask borrowers if they receive child support, alimony, or public assistance when sourcing income. Analyst instructed all team members to avoid potential appearance of
discrimination, these types of income may only be discussed if initiated by the borrower.

Front 3

How do you ensure you have authority to apply for joint borrower who is not present?

Back 3

To comply with Reg B - ECOA requirements the following
question must be asked at the beginning of the loan application process. "In order to comply with federal regulations, I need to ask you if you have authority to apply for joint credit on behalf of the applicant that is not present or on the telephone at this time".

Front 4

What process is followed when an implied denial occurs?

Back 4

when an implied denial is communicated to the borrower they must follow the branch denial process.

Front 5

Who gets listed as a contact for an appraisal?

Back 5

Borrower only. The analyst instructed that they should never be listed on the property contact field as this is a violation of WF Undue Influence Policy.

Front 6

If a loan is incorrectly locked, when must you make the correction?

Back 6

If a loan is incorrectly priced or locked in error they must correct the error not only in the same day but also in the same price code. The analyst instructed that they must contact repricing to have the error corrected on the same day and in the same price code or a fee may be assessed to the branch.

Front 7

LOEs must be authored by the borrower, right?

Back 7

One HMC had letters in their shadow files that were typed
on behalf of the borrower and not "authored" by the customer. The analyst instructed that all LOX's must be "authored" by the HMC or written by the customer not anyone else.

Front 8

How do you confirm faxes are from a legitimate source?

Back 8

Analyst instructed to check the header of all faxes received to verify date, time, company name, and fax number.

Front 9

How do i verify a Team Member?

Back 9

Type their name in Global Address Book

Front 10

How do I authenticate a customer/caller?

Back 10

Using one piece of public and one piece of private information.

Front 11

What type of complaints with go to office of executive complaints.

Back 11

Ones threatening legal action, respa actions, etc.

Front 12

we TALK about a low credit score and our borrower doens't move forward. What type of denial and why?

Back 12

implied denial because we're taking them off the path of assistance.

Front 13

What form must be signed before appraisal fees can be collected?

Back 13

the TIL.

Front 14

Phone application- when can appraisal be charged?

Back 14

On the fourth day (technically three days plus Day Zero)

Front 15

Can I mark any boxes for the borrower on 92900A?

Back 15

No

Front 16

Waht's the code of ethics line called?

Back 16

Code of Ethics Line

Front 17

If my laptop is stolen, who do i notify?

Back 17

immediately Reprot the theft to the police, my manager and then my manager will notify the Security Response Center win 24 hours

Front 18

How often must campaigns be scrubbed?

Back 18

 All campaigns must be scrubbed every 30 days to ensure compliance with any consumer/borrower preferences

Front 19

In an inquiry or Credit stage- If a borrower isn't taken off the path of assistance but they just disappear, what happens to the application?

Back 19

nothing. Customer has become inactive or does not wish to pursue an applicationat this time –there is NO ACTION REQUIRED (Auto-Archivedin AOW)

Front 20

why is it important to know whether a deal is an implied denial?

Back 20

IMPLIED DENIALS communicated during the Inquiry or Credit Counseling stage have Reg. B requirements that must be met.

Front 21

define "taking off the path of assistance"

Back 21

DEFINITION of “TAKING THE CUSTOMER OFF THE PATH OF ASSISTANCE” –Anytime the HMC (Originator) communicates to the customer there is a possibility that the loan transaction may be denied AND no alternatives are suggested for repairing the situation, the customer has then been taken off the path of assistance, and this is considered an “implied denial.”

Front 22

how do you report a Branch Denial

Back 22

Go to Fast Cars and select the branch denial optino.

Front 23

Verbal approval to pull credit results in what?

Back 23

gathering HMDA info- When a borrower is in the Credit Counseling stage, you are required to obtain written consent to pull a credit report. When you use verbal consent to pull a credit report, the loan is advanced to the Preapproval or Real Deal stage. Once it becomes a Preapproval or Real Deal, it is considered an application and you are required to complete all HMDA information, that includes the loan amount and borrower income.

Front 24

In an real deal or pre approval stage, - If a borrower isn't taken off the path of assistance but they just disappear, what happens to the application?

Back 24

it is floated, cancelled in AOW and then reported as a cancellation in FAST. or if it's a real deal, make sure it's floated, then transmit to 38803 and then report as a cancellation in FAST.