stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Draft - CS2 Loan Recap Flashcards | StudBud
Explore
/
Draft - CS2 Loan Recap
Draft - CS2 Loan Recap
12 terms
·
StudBud Administration
·
8 plays
Imported from external platform
Flashcards
12 cards
F
Practice quiz
P
Host live
L
Questions
12
Answers
1
What is the first step when verifying a customer's loan account?
Authenticate the customer's identity
Confirm the payoff amount
Provide the loan balance
Update the customer's contact information
2
Where would a customer care agent check if a payoff letter was sent and a title was released?
Wire Intake Center
Online Banking
Director
gOZK
3
What do you call a payment method that is electronically processed through the Automated Clearing House (ACH) network?
POS
Direct Deposit
Check By Phone (CBP)
Phone Payment Disclosure
4
If a payment is due today but the customer cannot pay, what should you check first?
Grace Period
Payoff Quote
Interest Rate
Loan Balance
5
What does “maturity date” on a loan refer to?
Date when final payment is due
Date of loan origination
Date of next payment
Date of customer's first payment
6
What should you always disclose before taking a payment over the phone?
Payment authorization terms and any applicable fees
The escrow information
Customer's credit score
The customer's full balance
7
If a payoff is made via wire; however, a regular payment was recently made, when is the title/lien released?
Immediatley
After 30 days
10 Business days
5 Business days
8
Customer care agents handle all loan accounts.
False
True
9
Which state will NOT send a paper title by mail?
All Electronic Title States
Washington
Texas
Arkansas
10
What information is typically needed to authenticate a loan caller?
Tax Identification Number
Loan Number
Interest Rate
Full Name
11
Which action is best if a customer asks for their title after payoff but it's not yet released?
Issue a new payoff letter
Escalate immediately to management
Tell them to wait 60 days
Verify payoff date and explain title release timing
12
Titles are released in ten calendar days.
True
False
