We are in the process of reviewing Experian's Income Insight tool and are curious if others are using it for consumer loan underwriting. We are looking at the portion of the tool where the income pulls into the credit report itself. If you are using the product, how you are using it and how did you set policy/procedure for income verification? For example, is it being used more as a validation of what your members are stating they make so you don't need to request a paystub or are you using it in lieu of stated income? What do you do if the figures don't match?
Originally Posted by Chris Olney, Senior Vice President / Chief Credit Officer of North Valley Bank, on 23 May 2019 to CBANC FI Professionals Community.
Does anyone know if a mortgage Sales Manager can have lending authority and receive commission on closed loan volume from the team. Conflict of Interest?
We are new to indirect lending and are going to be starting to do loan servicing for car loans. I am getting prepared and need to create a letter to the customers who purchased the vehicles that we now are the servicer. Does anyone have an welcome/onboarding letter template they are willing to share?
Do you mail the BOB agreements and require a returned signed form or do you email and get an electronic signature?
If any lenders are running credit reports on Non US persons, what company are you using? We are currently using Kroll and are unable to input a foreign addresses. I assume there is a reliable company that we can use for these type of borrowers. Also are you able to run a credit check without a Tax ID number?
We are looking to implement a more formal way to document our Loan Origination system release testing findings, results, regulatory & legal question, and impact to current processes with in each Lending Line of Business for final implementation signoff.
Does anyone have such a process and/or form(s) they are willing to share?
Does anyone have training that they would be willing to share that covers Copyright infringements from photos customers want to use for custom instant issue cards? We are setting up an approval process to handle customer image requests and I would like my team to get training on this.