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ASG
Auto Loan Document Checklist
  1. Loan Number
  2. Lender Name
  3. ASG Unique Identifier
  4. Auditor's Initials
  5. Borrower Name (Last)
  6. Borrower Name (First)
  7. Borrower Name (Middle Initial)
  8. Borrower Address (Street)
  9. City
  10. State
  11. Zip
  12. Borr's Social Security Number
  13. Note in File (O, M, C)
  14. Properly Executed (Y/N)
  15. Note Date
  16. Original Note Amount
  17. APR
  18. Subvented Loan (Y/N)
  19. First Payment Date
  20. Maturity Date
  21. Term
  22. Original P & I
  23. Method of Interest Calculation
  24. Type of Note (Closed/Open/Dmd/Balloon)
  25. Late Charge
  26. Grace Period
  27. Security Instrument Date
  28. Note Properly Executed
  29. Note Form
  30. VIN
  31. Model
  32. Model Year
  33. New / Used
  34. Sales Price
  35. NADA Book Value @ Orig
  36. NADA Value (Current)
  37. Advance Rate 6
  38. Downpayment
  39. Seller Type (dealer, individual)
  40. Seller Name
  41. Evidence of Title in File (TP/B/CM/Other)
  42. Lien Position
  43. Lien was Filed in What State?
  44. Title is Held in what State?
  45. Title is Held By? (State / Borrower)
  46. Insurance Coverage In Force?
  47. Insurance Cov. Sufficient?
  48. Insurance Cov. Amount?
  49. Insurance Company Name.
  1. Lender Named as Loss Payee
  2. Coverage Currently in Effect.
  3. Policy / Cert Number.
  4. Application in File
  5. Borrower's Occupation
  6. Gross Monthly Income
  7. Recurring Debts
  8. Debt Ratio
  9. Credit Report in File
  10. Credit Score
  11. Income Verification in File
  12. Evidence of Bankruptcy
  13. Chapter
  14. Discharge Date, if any
  15. Comment
  16. Co-Borrower fields
  17. Employee Loan? (nos. 65-73)
  18. Pay History (24 Characters)
  19. Number x 30 days delinq
  20. Number x 60 days delinq
  21. Number x 90 or > days delinq
  22. Current Delinquency (calculated)
  23. Current Balance
  24. Interest RateEmployee Loan?
  25. Current P & I
  26. Last Paid Through Date
  27. Next Payment Due Date

Comment: Underwriter will address the exception policy of the originator/servicer - and address if there is evidence in the files that ensure exception procedures were properly followed.

6 Advance rates are a percentage of the wholesale value of wholesale value of the automobile, plus tax, title and license expenses. When advance rates are high, the obligor has no incentive to make payments. In the event of an obligor's default, advance rates will compound the pool's devaluation since add-ons do not hold their value. Some originators try to mitigate negative effects of advance rates by purchasing loans form dealers at discounts. High advance and discount rate practices lead to higher delinquencies and defaults on securitized pools.

1 Sample data, used here to describe reports, would be insufficiently seasoned to permit delinquency and loss curve analysis. However, maturity studies are important since more risk is assumed as the weighted average original maturity increases.

2 A vintage pool of two to three years is required for meaningful analysis. The data contained in the sample delinquency report, while taken from a prime portfolio, indicates the depth of seasoning required for this analysis.