|When||Feb 06, 2006 - Feb 17, 2006|
Real life loan underwriting practice using sample credit apps, bureau's, paystubs/stips and deal structures for prime and subprime lending. Lending and Automotive industry terminology and definitions, lender guideline interpretation (tiers, rates, terms, budgets, credit scoring, underwriting criteria), Calculations (payment to gross, debt ratio, discretionary income, advance ratio's, maximum payments, gross and net monthly income calculations), interpreting credit bureaus (Equifax, Transunion, Experian, Credco), interest calculations using Rule of 78's or Simple Interest, Dealer Reserve Profit calculations (buy and sell rates), lender fee's (buy downs, discounts, boarding, processing), Deal Structuring using KBB wholesale/manufacturer invoice, KBB retail/manufacturer MSRP, line 7, maximum sales prices, approved hard ads and accessories vs. non approved hard ads and accessories, verification processes including; residence, rent or mortgage, income (identify fraudelent paystubs/stips), employment, vehicle equipment, customer identification, insurance and references. Subprime terms and underwriting for previous repo, collection accounts, chargeoffs, tax liens, judgements, child support, undocumented income, student loans, BK 7, BK 13. Legal Compliance including Truth in Lending Regulation Z, Regulation B (equal credit opportunity act), Regulation M (leasing disclosures), Uniform Commercial Code, FTC used car rule (buyers guide), IRS cash reporting rule, LAW 552 and 553 disclosures, Holder in Due Course Doctrine, Magnuson-Moss Warranty Act, Gramm-Leach-Bliley Act, Safeguards Rule, Patriot Act, Do Not Call & telemarketing guide, Spanish/Korean/Vietnamese/Chinese/Tagalog Language disclosures and contracts, safe document retention. For more information contact 1-800-255-9110 or e-mail [email protected].
College of Automotive Management