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Date: 4/2/2017 To: From: J.D. Highboss Dear I am going to need you to review the five applications I placed on your desk this morning - they are all for primary residential, 30-year mortgages, with full documentation. Please be sure that before you decide which applications to approve, you consult the Lending Policies Manual (accessible from your computer desktop). I'm sure you've read it before, but it's good to review - that manual details our decision-making process for making lending decisions. Your goal is to give the bank the greatest possible gain. Thanks, Mr. Highboss Lending Policies Manual As the bank manager, it is your job to determine which loan applications are approved and which are rejected. This Lending Policies Manual will provide you with historical data to help you make your decisions, as well as provide any bank policies with which you must comply. The primary guide to your decision must be the FICO score of the applicant. In some cases, other criteria will also be used for you to make a decision. FICO Score: Above 700 Historically, the bank has approved 2,507 applications from customers with this FICO score range. Of these approved applications, 25 customers have defaulted on their loans. This is a default rate of approximately 1%. Since the default rate is low, we offer these customers the bank's "prime" rate plus 0.5%. If the applicant has a FICO score above 700: They should be approved without the need to look at other criteria or obtain Bank President approval. Their interest rate should be 0.5% above the bank's "prime" rate. FICO Score: Between 600 and 700 Historically, the bank has approved 3,863 applications from customers with this FICO score range. Of these approved applications, 309 customers have defaulted on their loans. This is a default rate of approximately 8%. Since the default rate is still relatively low, we give these customers a slightly better interest rate than average: 1.5% above the bank's "prime" rate. If the applicant has a FICO score between 600 and 700: They should be approved without the need to look at other criteria or obtain Bank President approval. The interest rate should be 1.5% above the bank's "prime" rate. FICO Score: Between 500 and 600 Historically, the bank has approved 2,982 applications from customers with this FICO score range. Of these approved applications, 477 customers have defaulted on their loans. This is a default rate of approximately 16% Since the default rate is now slightly higher than what we'd like to see, we ask these customers to pay slightly more in interest than other customers: 2.5% above the bank's "prime" rate. Also, we examine past payment history to verify that applicants have had no more than one late payment in the last year. If the applicant has a FICO score between 500 and 600: The past payment history should be examined to ensure no more than one late payment in the last year. . The interest rate should be 2.5% above the bank's "prime" rate. FICO Score: Between 400 and 500 Historically, the bank has approved 1,431applications from customers with this FICO score range. Of these approved applications, 501 customers have defaulted on their loans. This is a default rate of approximately 35% Since this default rate is extremely high, the first course of action is examining the payment history (for no more than two late payments in the last year) and the default history (zero loans defaulted in the last 5 years). If these criteria are met, you must obtain Bank President approval for the application. Assuming this is obtained, the customer will be granted a loan at a rate of 4.5% above the bank's "prime" rate. If the applicant has a FICO score between 400 and 500: The past payment history should be examined to ensure no more than two late payments in the last year. . The default history must be examined to ensure no loans have been defaulted in the last 5 years. If the above conditions are met, the Bank President must approve the application. If the Bank President approves, the interest rate should be 4.5% above the bank's "prime" rate. FICO Score: Below 400 The bank does not approve any loans for customers whose FICO score is lower than 400. Date: 4/2/2017 To: From: J.D. Highboss Dear I am going to need you to review the five applications I placed on your desk this morning - they are all for primary residential, 30-year mortgages, with full documentation. Please be sure that before you decide which applications to approve, you consult the Lending Policies Manual (accessible from your computer desktop). I'm sure you've read it before, but it's good to review - that manual details our decision-making process for making lending decisions. Your goal is to give the bank the greatest possible gain. Thanks, Mr. Highboss Lending Policies Manual As the bank manager, it is your job to determine which loan applications are approved and which are rejected. This Lending Policies Manual will provide you with historical data to help you make your decisions, as well as provide any bank policies with which you must comply. The primary guide to your decision must be the FICO score of the applicant. In some cases, other criteria will also be used for you to make a decision. FICO Score: Above 700 Historically, the bank has approved 2,507 applications from customers with this FICO score range. Of these approved applications, 25 customers have defaulted on their loans. This is a default rate of approximately 1%. Since the default rate is low, we offer these customers the bank's "prime" rate plus 0.5%. If the applicant has a FICO score above 700: They should be approved without the need to look at other criteria or obtain Bank President approval. Their interest rate should be 0.5% above the bank's "prime" rate. FICO Score: Between 600 and 700 Historically, the bank has approved 3,863 applications from customers with this FICO score range. Of these approved applications, 309 customers have defaulted on their loans. This is a default rate of approximately 8%. Since the default rate is still relatively low, we give these customers a slightly better interest rate than average: 1.5% above the bank's "prime" rate. If the applicant has a FICO score between 600 and 700: They should be approved without the need to look at other criteria or obtain Bank President approval. The interest rate should be 1.5% above the bank's "prime" rate. FICO Score: Between 500 and 600 Historically, the bank has approved 2,982 applications from customers with this FICO score range. Of these approved applications, 477 customers have defaulted on their loans. This is a default rate of approximately 16% Since the default rate is now slightly higher than what we'd like to see, we ask these customers to pay slightly more in interest than other customers: 2.5% above the bank's "prime" rate. Also, we examine past payment history to verify that applicants have had no more than one late payment in the last year. If the applicant has a FICO score between 500 and 600: The past payment history should be examined to ensure no more than one late payment in the last year. . The interest rate should be 2.5% above the bank's "prime" rate. FICO Score: Between 400 and 500 Historically, the bank has approved 1,431applications from customers with this FICO score range. Of these approved applications, 501 customers have defaulted on their loans. This is a default rate of approximately 35% Since this default rate is extremely high, the first course of action is examining the payment history (for no more than two late payments in the last year) and the default history (zero loans defaulted in the last 5 years). If these criteria are met, you must obtain Bank President approval for the application. Assuming this is obtained, the customer will be granted a loan at a rate of 4.5% above the bank's "prime" rate. If the applicant has a FICO score between 400 and 500: The past payment history should be examined to ensure no more than two late payments in the last year. . The default history must be examined to ensure no loans have been defaulted in the last 5 years. If the above conditions are met, the Bank President must approve the application. If the Bank President approves, the interest rate should be 4.5% above the bank's "prime" rate. FICO Score: Below 400 The bank does not approve any loans for customers whose FICO score is lower than 400