Terminology | Stipulations | Document Review | Partners | Jerry People |
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What is Loan to Value Ratio (LTV)
This term is a measure of risk used by lenders to mitigate loss in the event of total loss
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What is a Driver's License
This stipulation is a legal authorization for a person to drive a vehicle.
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What is April
This month is the start of the period where an agent will used the year to date calculation on a paystub
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What is First Investors (FIFS)
This partner is our lender for launch
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Who is Andrew
This person is Dillon's Co-Manager for Auto Refi Operations
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What is Credit Score (FICO)
This term is a Prediction of how likely a consumer is to pay back on any lines of credit extended to the customer. This takes into account the following factors: payment history, number of open accounts, total levels of debt and others.
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What is a Title
This stipulation is proof of ownership as well as additional interests in a vehicle.
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What is 1.25 (25%)
This is the factor we an agent can gross up a benefit amount
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What is PenFed
This future partner may be our next lender and is in active talks with leadership
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Who is Leslie
This person is the Product Manager for Auto Refi
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What is Per Diem.
This Latin term is the amount of interest accrued daily on a simple interest loan.
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What is a Proof of Income
This stipulation is a document such as a pay stub or tax return that shows the current earnings of an applicant.
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What are Declarations Page and Binder
These documents are the 2 acceptable forms for verifying proof of insurance
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(TRICK QUESTION/DOUBLE POINTS) What is Nobody
This partner is Auto Refi's external marketing partner
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Who is Jason
This person is the Head of Technology for Auto Refi
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What is Electronic Lien and Title (ELT)
This term is a system used by states to electronically change title information such as lienholders.
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What is a Proof of Residence
This stipulation is a document that can verify the home address of an applicant.
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What are Mortgage Statement, Utility/Phone Bill, Insurance Card
These documents are the supplemental forms of proof of residence for FIFS. (at least 2)
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What is Transunion
This partner is providing us with the FIFS custom score
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Who is Lynda
This person is in charge of refi operations and describes herself as a wrangler
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What is Loan to Income Ratio (LTI)
This term is an uncommon hard cut used by lenders to measure a consumer's ability to pay for a loan on a particular vehicle and is also based on annual income
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What is a Registration
This stipulation is a document that proves ownership of a vehicle as well as verifies any relevant taxes or fees have been paid.
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What is Debt to Income Ratio (DTI)
Garnishments, 401k Loans, Child Support Deductions, and allotments are added to this hard cut calculation
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What is Omega
This partner is our current GAP and VSC provider
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Who is Art
This person is the CEO of Jerry
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