If the credit score is not within the credit matrix guidelines on the level/category the loan officer books the application

When the buy rate is lower than the published rate for the category/level the loan was placed in, you must add what exception?

If you are in an equity position, this is a good mitigating factor to use.

This exception is made when you are giving a longer term than the mileage allows on the credit matrix.

Max dollar amount financed available on the Limited Credit Program

This is required on all level 8 & 9 category applications. It may be in a form of cash (paid prior to funding ) or trade equity. If this is missing, what exception would be required?

We finance vehicles 10 years from the current model year. Any vehicle older, would need this exception

When using this mitigating factor, please keep in mind the depth of the auto history. To use this mitigating factor, we need substantial auto history credit depth.

This product cannot be sold if the front loan to value is under 80%

This stipulation is required on every application, regardless of the tier/category?

On category's 5 through 9, if the applicants has under 1 year of employment, this exceptions would need to be added.

On level 6 through 9 applicants, Foursight normally only does one auto loan per borrower. If a decision is made to finance a 2nd auto, the Credit Officer would need to make this exception?

This is the mitigating factor that should be used when there is a pricing exception due to the borrower(s) signed up for auto pay and we are discounting the rate by .25%.

Maximum allowable mileage is 100,000, if the vehicle mileage exceeds this amount, you will need to add this exception

This is the maximum participation you can pay if the loan to value is under 90%

Level 1 – 4 the standard advance ratio of 125% front advance. There is not this exception until the advance ratio is greater than 130% on the front

Foursight guidelines are as follows:
Level / category 1-3 is 20%.
Level/ category 4-7 is 18%
Level/category 8-9 is 16%
Limited Credit Program is 15%
If an exception wants to be made to this policy it must be reviewed and concurred upfront by the Vice President of Underwriting or Marketing.
There is NO leeway to the figures/% on this policy

If you are making a pricing exception due to the LTV Pricing Discount Special program, you must use this as the mitigating factor

This is a quick glance guide that provides the following information:show’s the breakdown of the max term, score, rate, down payment requirements (if applicable) debt ratio, payment to income, dealer processing fees per category/level.

all 3 credit bureaus must be pulled and merges ONLY if the credit score is this

Level / category 1-3 is 20%.
Level/ category 4-7 is 18%
Level/ category 8-9 is 16%
Limited Credit Program is 15% max payment to income.
If the payment to income exceeds the guidelines listed above, even by .01%, you need what exception?

This exception occurs when the buy rate is lower than the published rate for the category/level the loan was "placed" or booked in.

This mitigating should rarely be used. There should be a stronger mitigating factor to use to justify making an exception to the underwriting guidelines.

2.5 participation points can be paid or 2% of the amount financed if the contract term is this?

On new vehicles, the invoice value is figured out by using invoice minus this equals the value amount used to figure out loan to values