A 30 year mortgages with complete documentation are from main residential. Loan officer has to consult lending policies manual previous to deciding which applications to support. Goal is to provide the bank the greatest possible gain.
Lending Policies Manual.
As a bank manager, it is your job to find out which loan applications are accepted and which are discarded. This lending policies manual will give you historical data to assist you make your decisions, as well as give any bank policies with which you should obey.
The main guide to your decision should be FICO score of applicant. In some cases other criteria will also be used for you to make a decision.
There are 5 loan applications given below:
Application A Abby Davis
Loan amount $210,000
FICO Score 730
Late payment in the last year: Zero
Defaulted loans in the last five years: Zero
Application B Brandon Chetkey
Loan amount: $300,000
FICO Score: 650
Late payment in last year: Zero
Defaulted loans in last five years Zero
Application C Christine McDougal
Loan amount: $250,000
FICO Score: 540
Late payment in the last year: One
Defaulted loans in the last five years Zero
Application D Daniel Blankenship
Loan amount: $200,000
FICO Score: 680
Late payment in the last year: One
Defaulted loans in the last five years: Zero
Application E Eric Morgan
Loan amount: $150,000
FICO Score: 490
Late payment in the last year: Two
Defaulted loans in the last five years Zero
It needs Mr highboss approval
This simulation will permit you to suppose the function of the loan officer and make lending decisions about mortgage applications to bank.
Once you review all documentation and loan applications, you will make your recommendations. You will also have a possibility to reconsider how your loans performed over course of next six months. Based on this analysis, you will reply few questions and finish your analysis.
Once done, you will require submitting results of your analysis to Dropbox as the assignment.
Of course, there can be more than one right decision. Present your good reason of decisions you are presenting.
You are the loan office and create lending decisions about mortgage applications to bank.
Requirements
Min Pages: 3
Max Pages: 4