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Consumer Lending Online

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Business Issue - Increasingly, credit scores drive consumer loan decisions. But profitable consumer lending requires more than just a score or formula. The ability to evaluate, negotiate, document, and monitor consumer and home equity credits within today’s stringent regulatory environment is the key to a successful portfolio. Industry sources say that one-third of all nonperforming consumer loans go bad within the first 12 months—and that the risks can often be identified before the loan is made.

Omega Performance’s Solution - Consumer Lending Online presents proven methods of evaluating, negotiating, documenting, and monitoring consumer loans, lines of credit, and home equity credit. Participants use an interactive and engaging online program to learn all the skills they need to respond to customers quickly and profitably while mitigating credit risk and avoiding compliance exposure. The core of Consumer Lending Online is Omega Performance’s exclusive Decision Strategy ™, a step-by-step process for investigating, analyzing, and interpreting borrower information.

Consumer Lending Online offers:

  • Media-enriched content with audio-based conversation simulations and descriptive graphics
  • Intuitive course menu navigation and ongoing bookmarking for easy content review
  • Assessment, testing, and benchmarking of learning outcomes and content retention
  • Reduced training time and training costs, and the elimination of travel costs
  • More flexibility in delivering high-quality training with around-the-clock accessibility
  • AICC-compliant tracking and reporting
  • Printable job aids and worksheets that extend the learning to the job environment
  • “Email a Mentor” to assist participants with questions

What Is Included

Consumer Lending Online contains seven modules, each of which covers an important facet of retail credit.

Introduction to Consumer Credit describes the environment in which financial service organizations offer consumer credit. It also introduces basic consumer credit products. Time: approximately 2 hours

Lending Regulations introduces the major federal regulations that apply to lenders as they talk to prospective borrowers, evaluate applications, and document loans. Participants learn the purpose of each regulation, how it affects their work, common compliance pitfalls, and penalties for noncompliance. Time: approximately 4 hours

Preliminary Analysis introduces the Consumer Lending Decision Strategy, a step-by-step approach to consumer credit analysis. This module also discusses the preliminary steps needed to determine whether the credit request is logical, legal, and reasonable, and to gather any additional information that will be needed to make an informed credit decision. Time: approximately 2 hours

Repayment Source Analysis teaches participants to use information from the credit application, consumer credit report, personal financial statement, and personal tax return to assess the applicant’s willingness and ability to repay; calculate debt ratio and discretionary income; identify collateral and secondary repayment sources; and assess the risk involved in a loan. Time: approximately 3 hours

Making the Credit Decision teaches participants to apply the analysis techniques from the previous modules to a variety of credit applications. Using specific criteria, they learn to evaluate applications for loans and lines of credit, and make informed credit decisions. This module also addresses counteroffers and denials of credit. Time: approximately 2 hours

Home Equity Lending teaches participants the importance of home equity loans and lines and introduces topics and considerations that are specific to home equity credit. Although home equity credit is addressed throughout all the course modules, this module ensures that lenders fully understand the options, risks, and rewards of home equity lending in particular. Time: approximately 2 hours

Documenting and Managing the Loan teaches participants to properly and completely document each loan so it will be enforceable later. This module introduces the purpose and content of each loan document, explores payment options when a loan becomes delinquent, and addresses bankruptcy, foreclosure, and repossession issues. Time: approximately 2 hours

Case-based progress checks at the end of each module enable participants to assess their understanding of each module’s content. These self-tests provide feedback on individual responses, including references to specific content areas within the module that the participant may wish to review. After successful completion of the progress checks, participants may take modular post-tests, which report scores to Learning Management Systems (LMSs).

Delivery Options

To effectively implement Consumer Lending, Omega recommends one of three delivery options: self-study, self-study with mentor, or self-study with workshop.