|
Effective Date:
5/2/2013
Risk Based Pricing is approved by the Board of Directors.
The base rates and future risk adjustments are proposed to the Board of
Directors by the Asset Liability Committee.
The base rates in effect at any given time are listed on the LoanLiner Addendum.
The following percentage increases or decreases are to be applied to the
established Base rates according to the credit score. On a joint application ,
Loan Officers are to use the highest score of the applicants. On applications
where no credit score is available- the loan would be priced as if the score
was less than 550.
Loan Officers are not permitted to vary from this pricing, unless it is via an
approved policy. (match = /refi.-.50)
At no time will the rate be Less than 2.00% on new and used vehicles or greater than 18.00%. The floor rate for RV’s , Boats and Motorcycles will be 4.25%.
| Credit Score |
<550 |
Base Rate PLUS 8% |
| Credit Score |
550 - 599 |
Base Rate PLUS 6% |
| Credit Score |
600 - 624 |
Base Rate PLUS 3% |
| Credit Score |
625 - 639 |
Base Rate PLUS 1.5% |
| Credit Score |
640 - 689 |
Base Rate -------------- |
| Credit Score |
690 - 724 |
Base Rate MINUS 1% |
| Credit Score |
725 - 749 |
Base Rate MINUS 2% |
| Credit Score |
750 - 799 |
Base Rate MINUS 4% |
| Credit Score |
800+ |
Base Rate MINUS 5% |
|