MLO INTERACTION WITH FCR REFERRAL STUDY

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1 MLO INTERACTION WITH FCR REFERRAL STUDY This is a series of TWO IN-PERSON shops! *See page 6 if you are only scheduled to do the FCR Referral portion of this shop. Your shops will not be accepted if you complete either over the phone. The MLO may try to do this, but you must refuse and insist on meeting in person by suggesting that you would prefer to sit down and discuss options as this is an important decision. Primary Goals Primary Goals of this Study: Please keep these in the forefront of your mind as you complete this shop. There are many questions on the evaluation form, but the key pieces of information are as follows: 1. To verify that the Financial Center Representative (FCR) follows protocols in referring you to a Mortgage Loan Officer. 2. To identify which products are being promoted by Mortgage Loan Officers ( MLOs ); 3. Determine what financial information MLOs request from customers; 4. Identify options, processes and loan requirements discussed by the MLO with the customer; and 5. Evaluate the sales strategies for selling home mortgage products, including: 1. Presentations used specifically around home lending products, including but not limited to how the financial center sells against its competitors. 2. How the MLO processes information by asking qualifying questions in order to arrive at specific recommendations of home lending products. 3. The climate in which the MLO presents to the customer, including making the customer feel at ease and being clear in informing the customer of his or her options and the accompanying process. Eligibility: This shop is available to both current customers of Bank of America as well as noncustomers. Scenarios On this assignment, you get to choose which scenario you would like to complete. So pick the one you are most comfortable with. If you have never done a refinance in your life, you may want to avoid scenarios 9 12 and pick another one. Choose one that flows naturally. However, once you make your selection, please do not stray from how the scenario is presented to the staff at the financial center you visit. In all scenarios, you must first visit the financial center and meet with a Financial Center Representative (FCR). You are to tell the FCR that you want to get information regarding the scenario that you choose from the list below. The FCR has a protocol that he or she should follow which should end up in referring you to an MLO. You will leave information for the MLO to contact you to come back and complete the scenario on a later date. Do not submit a report that says you did the MLO shop over the phone. It will not be accepted. You must insist on meeting in person, even if the MLO tries to do it over the phone. This is an in-person shop and must be conducted in-person to be valid! 1. New Home Loan - Poor Credit Score ( ) 2. New Home Loan - Fair Credit Score ( ) 3. New Home Loan - Good Credit Score ( ) Page 1

2 4. New Home Loan - Competitor Quote 5. Upgrade to Larger Home Loan - Poor Credit Score ( ) 6. Upgrade to Larger Home Loan - Fair Credit Score ( ) 7. Upgrade to Larger Home Loan - Good Credit Score ( ) 8. Upgrade to Larger Home Loan - Competitor Quote 9. Refinance Current Home Loan - Poor Credit Score ( ) 10. Refinance Current Home Loan - Fair Credit Score ( ) 11. Refinance Current Home Loan - Good Credit Score ( ) 12. Refinance Current Home Loan - Competitor Quote FOR ALL NEW HOME LOAN SCENARIOS (1 4): You are looking for a mortgage to buy a home (you must have a specific property in mind and it CAN NOT be a trailer home) and you currently DO NOT own a house (you rent or live with parents or friends). You will need to visit the financial center and meet with a FCR, not a Teller. You may have to sign in to wait to see a FCR, and you must wait at least 30 minutes to be serviced. Once you meet with the FCR, tell him or her that you are interested in a new home loan. The FCR should refer you to a Mortgage Loan Officer ( MLO ). Even if they try to put you with an MLO that day, you must politely decline and say that you will need to make an appointment to come back tomorrow or within the next couple days. On the day of your appointment, return to the financial center and meet with your MLO as scheduled. Once you are with your MLO, please allow the MLO to ask you qualifying questions. You will be asked if it is OK to pull your credit report. Politely decline and say that at this point you are just looking for basic information; but in order to get a ballpark of terms on the loan, you will give the MLO a verbal credit score which is referenced above in the scenarios. You will not complete and submit a loan application. If you are assigned scenario 4, you will share the terms of a competitor loan that you will need to make up, and record the MLO s response to those terms. In order to get those terms, take the time in advance to shop around on the internet and look for information from another major financial center that you can say you ve gotten and are looking to compare what BOA can offer you. FOR UPGRADE TO LARGER HOME SCENARIOS (5 8): You are looking for a mortgage to upgrade to a larger home (you must have a specific property in mind and it CAN NOT be a trailer home) and you currently own a house with a mortgage. You will need to visit the financial center and meet with a FCR, not a Teller. You may have to sign in to wait to see a FCR, and you must wait at least 30 minutes to be serviced. Once you meet with the FCR, tell him or her that you are interested in obtaining a loan to purchase a larger home. The FCR should refer you to a Mortgage Loan Officer ( MLO ). Even if they try to put you with an MLO that day, you must politely decline and say that you will need to make an appointment to come back tomorrow or within the next couple days. On the day of your appointment, return to the financial center and meet with your MLO as scheduled. Once you are with your scheduled MLO, please allow the MLO to ask you qualifying questions. You will be asked if it is OK to pull your credit report. Politely decline and say that at this point you are just looking for basic information; but in order to get a ballpark of terms on the loan, you will give the MLO a verbal credit score which is referenced above in the scenarios. You will not complete and submit a loan application. If you are assigned scenario 8, you will share the terms of a competitor loan that you will need to make up, and record the MLO s response to those terms. In order to get those terms, take the time in advance to shop around on the internet and look for information from another major financial center that you can say you ve gotten and are looking to compare what BOA can offer you. FOR REFINANCING CURRENT HOME SCENARIOS (9 12): You are looking to refinance your current home with a mortgage. You will need to visit the financial center and meet with a FCR, not a Teller. You may have to sign in to wait to see a FCR, and you must wait at least 30 minutes to be serviced. Once you meet with the FCR, tell him or her that you are interested in obtaining a loan to refinance your current home. The FCR should refer you to a Mortgage Loan Officer ( MLO ). Even if they try to put you with an MLO that day, you must politely decline and say that you will need to make an appointment to come back tomorrow or within the next couple days. On the day of your appointment, return to the financial center and meet with your MLO as scheduled. Once you are with your Page 2

3 scheduled MLO, please allow the MLO to ask you qualifying questions. You will be asked if it is OK to pull your credit report. Politely decline and say that at this point you are just looking for basic information; but in order to get a ballpark of terms on the loan, you will give the MLO a verbal credit score which is referenced above in the scenarios. You will not complete and submit a loan application. If you are assigned scenario 12, you will share the terms of a competitor loan that you will need to make up and record the MLO s response to those terms. In order to get those terms, take the time in advance to shop around on the internet and look for information from another major financial center that you can say you ve gotten and are looking to compare what BOA can offer you. Key Notes ALL SCENARIOS 1. Make sure you get a business card from the FCR and the required documents from the MLO. You will need to upload these when your complete your form. 2. You should schedule your MLO follow-up no more than five (4) business days from the date of your visit with the FCR. If for some reason you cannot complete the MLO portion within that window, please contact your scheduler for further instructions. 30 MINUTE WAIT: When you do the first part of your assignment, there may be a FCR available to meet with you as soon as you enter the personal banking area. If not, please sign in and meet with the first available FCR. You must wait at least 30 minutes for a FCR. Likewise, when you show up for your scheduled MLO appointment, if the MLO is not there when you get there, you must also wait at least 30 minutes from the scheduled time for the MLO to arrive. WHAT IF NO FCR HELPS ME AFTER 30 MINUTES OR THE MLO IS MORE THAN 30 MINUTES LATE? If you had to wait to see a FCR and signed in, and you are not provided service within 30 minutes, after 30 minutes has elapsed approach the FCR (or any FCR if there is more than one) and politely let them know that you must leave but are willing to come back. Then request a business card so that you can call ahead next time. Then immediately notify your scheduler so that your scheduler can advise you on how to complete the rest of your shop. If 30 minutes has elapsed from your scheduled appointment time with your MLO, and the MLO has not arrived, you must find out why the MLO did not keep the appointment and then leave and file your report indicating the detailed circumstances immediately. BACKSTORY: Take some time to think about your backstory. In many instances you will be role playing, and all actors have backstories for their characters. This is very important. In order to be credible as a mystery shopper, you must think well through, in advance, as to why you would want this loan. If it is a new home loan or you are upgrading to a larger house, what do you like about your chosen new house and the neighborhood? If it is an upgrade to a larger house, did you recently have children, or did a relative move in with you? Did you or your spouse get a new job with a significant salary increase? If you are refinancing, you should be able to quickly give your current rate that you are looking to improve upon and the financial center that holds the mortgage without thinking about it. In all scenarios, are you asking for additional funds for other purposes, like a child s college tuition? Are you looking for a fixed rate loan or an adjustable? 30 years or 15 years? The key is to look at the form and the types of questions that the MLO will typically ask; then contemplate your answers in advance of the shop as you develop your scenario backstory. In most circumstances, a person who has intentionally gone to the financial center to meet with a FCR would not be thinking of these things spur of the moment, onsite. They would already have at least a general idea or several variations of what is important to them. You need to do the same. Remember that in all scenarios, you are just at the shopping around stage, looking for ballpark numbers. Do not give your social security number as you are not ready to fill out an application or have your credit report pulled yet. KEY ITEMS YOU MUST ALSO KNOW FOR YOUR BACKSTORY: Mortgage lenders are chiefly concerned with your ability to repay the loan. To determine if you qualify for a mortgage product, the MLO will consider your credit score, your monthly income, your monthly debt, how much cash you ll be able to accumulate for a down Page 3

4 payment and the value of the property. If you are upgrading to a new home (Scenarios 5 8) or refinancing (Scenarios 9 12), be prepared to talk about the details of your current mortgage. CREDIT SCORE: As part of your backstory, make sure you have identified a credit score for your scenario. For instance, if you are assigned the Fair credit scenario, select a number between 640 and 699. People may not know their exact FICO score at any given time, but it would be safe to say I think my credit score is around 670 or I think my credit score is in the high 600s for a Fair credit scenario. DO NOT GIVE YOUR SOCIAL SECURITY NUMBER, EVEN IF ASKED! Just let them know you don t want any credit reports pulled yet and are not comfortable even giving your social security number out even at this point. Stick to giving a ballpark number of your FICO score. WHAT IF I SHOW UP TO MEET THE MLO AND MY MLO IS A NO-SHOW? If the financial center offers a substitute MLO different from the person that you were scheduled to meet, take the meeting with the new MLO and complete the shop. IF there is no one else made available to meet with, carefully document the circumstances of this in your report and submit the information. In either case, it is important to find out why your scheduled MLO did not honor the appointment, and note who your scheduled MLO and your actual MLO were on your report. DEBT-TO-INCOME RATIOS/DOWN PAYMENT: Next you must be able to say how much money you make (you can make this up) and how much debt you have (again you can make this up). As a general guideline, your monthly mortgage payment (including principal, interest, real estate taxes and insurance) should not exceed 28% of your gross monthly income. ALSO, in general, your TOTAL monthly debt obligation should not exceed 36% of the gross income you claim you are making. So if you claim to make $48,000/year, your maximum allowable debt-to-income ratio = $48,000 x 36% (.36) / 12 months or $1,200. Another question the MLO will ask is how much money you have to put into a down payment at the start of the loan (Scenarios 1 8). PROPERTY VALUE: The MLO will want to know the sales price of the property that you intend to purchase or the current value of your home on a refinance scenario. You will need to know these numbers. CURRENT MORTGAGE: If you are doing a scenario where you already own a home (Scenarios 5 12), know which lender you are going to say holds your current loan, as well as the length and terms. The MLO/GATHERING BASIC INFORMATION: Please pay careful attention to the questions the MLO asks you and note the MLO s responses after you answer; in other words, you re presenting your scenario but the MLO should be attempting to gather information on your entire financial picture and the reasons why you want to take this loan out. 1. The MLO is required by regulation to disclose his or her NMLS ID number to you at the start of your in-person interview. Please pay close attention as to whether and when the MLO makes the disclosure. During the in-person interview, the MLO must provide their NMLS ID to you in one of the following ways: a) Introduce themselves and verbally disclose their NMLS ID, or; b) Introduce themselves, provide their business card, and indicate that their NMLS ID is on the card. 2. Please note which specific questions were asked by the MLO to get a better understanding of your financial profile and loan proceeds purposes. We need to know specifically which qualifying questions were asked of you, including whether you had any other long-term financial goals or expectations that could affect your mortgage decision. 3. Note as to whether the MLO tried to assess your personal financial situation BEFORE promoting specific products. Page 4

5 4. Pay close attention as to whether the MLO clearly explained the home lending process in an easy to understand manner and how the MLO answered any of your questions (i.e., were they patient, condescending, confusing, etc.) 5. The MLO must obtain your permission to pull your credit report. After you politely decline and provide a verbal credit score, observe and record how the MLO responds to that. PRODUCT OFFERINGS: Below is a list of the different types of products which you may be offered. As discussed in the prior section, it is important that you note which of these solutions are offered, and the order in which they are presented. Conforming Fixed Rate 10, 15, 20 or 30 Year Conforming ARM with 3/1, 5/1, 7/1/ and 10/1 FHA Fixed 15 and 30 Year FHA ARM 3, 5, 7 and 10 year adjustment dates VA Fixed 15 and 30 Year VA 3/1 ARM Non-Conforming Fixed Rate 10, 15, 20 or 30 Year Non-Conforming ARM with 3/1, 5/1, 7/1/ and 10/1 Non-Conforming Fixed 30 year with 10 interest only Non-Conforming ARM Interest Only options SALES PRESENTATION: After qualifying you, the MLO should talk to you about your loan options based on the information that you have provided. It is extremely important to recount the questions that you were asked, your responses, and the MLO s response to your responses throughout this interaction. You are detailing what was pitched to you. 1. Make sure you list the loan options which were presented to you in the order that they were presented. 2. Please ask for and collect any marketing collateral (brochures, pamphlets, handouts, printouts, folders, etc.) that are available to you during your interaction. 3. If you are doing a competitor shop, take note as to the attitude and actual conversation points when you present the MLO with the competing terms. ENDING THE CONVERSATION: Once you ve gotten the information that you need to complete the form, you will end the encounter with the MLO by letting them know that you appreciate the information and you will now need to discuss those options and figures with your family; or you will now need to compare it with other information you have collected at home; or use some other verbiage that credibly postpones you filling out an application on site so you can end the process at this point. Know how you intend to end the conversation before you go in as part of your backstory. SHOP EVALUATION FORM: Before you conduct your shops, review the shop evaluation form to become familiar with all of the questions that will be asked of you and all of the information that you will need to gather. The form is quite extensive, and you need to become very familiar with it BEFORE conducting your shops. However, please DO NOT take the form with you to fill out as you are conducting either shop. The form must be filled out only after each shop is complete. Fill out the form on the first shop as soon as you finish; don t wait to complete both at once. Page 5

6 CHECKLIST OF THINGS TO KNOW: Fill out this checklist in advance of your shop to help flesh out your backstory: 1. Fixed rate/adjustable or either type of loan: 2. Number of years on the loan: 3. Any other use for the loan proceeds: 4. Your FICO score: 5. Your annual income: 6. Your monthly expenses: (multiply Line 5 by a number between.31 and.36, then divide by 12) 7. Sales price of home (scenarios 1-8); current value of home (scenarios 9 12): 8. Amount of loan you are asking for: 9. Amount you have for the down payment*: (Scenarios 1 8) 10. Terms (financial center, rate, length, etc.) of current mortgage: (Scenarios 5 12) * Different mortgage loan programs require different down payment percentages, usually ranging from 5% to 20% of the home price. This amount can be higher, but cannot be less, than this range. Also lines should be equal to, or greater than, line 7. *If you are just assigned to do the first part of the this shop the FCR Referral you will go to the financial center and meet with a FCR (Financial Center Representative) and tell them you are interested in meeting with a Mortgage Loan Officer to discuss a mortgage or a refinance. Do NOT meet with the MLO. Tell the FCR you are just in the process of thinking about a mortgage or refinance. The FCR will record your information for an inperson meeting with the MLO. When the MLO calls or s you to confirm the appointment, please cancel the appointment. You must obtain the FCR s card and upload it to the form. ROTATION RESTRICTIONS: You cannot re-apply to do the FCR Referral portion of this research study for at least one (1) year from the date that you complete this current shop. If you do this portion of the shop and have done a Home Lending shop within the last six (6) months, you will not be able to the MLO portion of the shop and will only be paid for the FCR Referral portion. Assigning of these shops: Please note that these are two-part shops. We will first assign you the FCR Referral portion of this shop. As soon as you have your MLO appointment scheduled, Amie Donnelly at adonnelly@athpower.com with the MLO s first and last name and we will assign you that portion of the shop. Location of the appointment: When the MLO calls you to schedule an appointment, please confirm the location you will meet. The location you are scheduled to meet may vary with what you are seeing on the survey due to the fact that MLOs sometimes work at various locations. Page 6

7 GENERAL REQUIREMENTS CHECKLIST: Remember: Do not have your credit report pulled and do not fill out a loan application. Make sure that you visit the right location at a time when the financial center is open. It is your responsibility to verify the hours of the financial center and the days of operation, along with visiting the correct location. ath Power does not compensate if you visit the wrong location, or visit after financial center hours/when the financial center is closed. You may not arrive at the financial center any later than 1 hour prior to closing as this is a detailed shop and should take you anywhere between 45 and 60 minutes. It is critical to use an approved scenario and answer each question appropriately. Proof of visit and additional materials. You must upload a number of items that you will be collecting from your in-financial center visits to the shop form that you are submitting. These include any collateral and marketing materials provided by the FCR, as well as any application forms, terms and condition, or disclosures that you receive from the MLO. You must get a business card from both the FCR and the MLO. You must get the MLO s name you will get referred to from the FCR. You need to provide this on the shop so that we can create your MLO portion of the shop. Shops must be submitted immediately after being performed. If we contact you for additional information on your shop, please respond within 8 hours to ensure payment. Please do not linger in the financial center or outside once your shop is complete, attempt to record the shop, or attempt to rush the MLO in any way; all three of these are prohibited. Please do not contact the MLO who you met with or the financial center for any reason following the shop, and do not schedule a follow-up appointment if you do not intend to keep it. Do not: Reveal that you are a mystery shopper. If you have any questions or concerns about your assignment, about what happened during your shop, about an employee of the financial center, about your account--make sure to contact the staff at ath Power Consulting immediately. One of the schedulers will either assist you with your concern or direct it to the appropriate manager. Do not: Bring children with you on your assignment. Your role is to provide an accurate report of your interaction on the day of your visit. You cannot do this with distractions. Do not: Take any calls or actively text during your shop. Your full attention is required to make all of the accurate observations. Please make sure that: you have an active address and valid phone number on file in anet that you check regularly. All questions about your shop will be sent to that address as well as posted at your online Shopper Log. If you do not respond to a shop question within 6 hours, your shop will be removed, rescheduled, and you will not be paid. THINGS THAT CAN CAUSE YOUR SHOP TO NOT BE ACCEPTED BY THE CLIENT AND NONE OF US GETTING PAID! Each of these items is important to the Client. If the instructions are not followed, the Client will reject the report. In that case, neither the company nor you will be compensated for the work we ve done. So please pay close attention and make sure you follow the instructions carefully, especially in regards to the scenarios, which have been specifically Page 7

8 crafted to measure certain behaviors. This is not an exhaustive list of items which could disqualify a report, but it does reflect some common mistakes. Not completing the FCR portion of the shop before meeting with an MLO. Not putting the name of the MLO you are going to meet on the FCR Referral portion of the shop. We need this to create your Home Lending shop. Meeting with the FCR and MLO on the same day. Not meeting with the MLO in person. Conducting the MLO evaluation by phone is not permitted. Not completing the MLO portion of the shop within five (5) business days of the FCR shop without speaking to a scheduler to inform them and seek further instructions. Scenarios 1 8: Not having a specific property picked out to buy with a known purchase price. Saying that the new home that you want to buy is a trailer home. Not obtaining and uploading the collateral materials and business cards. Not providing the required details for the MLO to be fairly assessed at how they address your scenario. Revealing that you are a shopper. Not responding in a timely manner to questions from our proofreading staff in regards to your report. If they have questions, they cannot submit the report until you provide the missing information. If you don t answer by a deadline that they have, they have no choice but to cancel the report and re-assign it to someone else. Bank Of America Consumer Bank: MLO with FCR Referral Survey In-financial center FCR Referral Visit If you are scheduled to do the MLO portion of this shop, please list the MLO's first and last name you were referred to. Put "not applicable" if you are just doing the FCR Referral portion of the shop. 1. Date shop performed: 2. Time shop performed: Scenario: Want to meet with a MLO regarding a new mortgage or refinance 3. If you currently are a Bank of America customer, what kind of account(s) do you have with the financial center? (Check all that apply) [Credit Card] [Debit Card] [Checking account] [Savings account] [Money Market] [CDs] [Home equity] [Mortgage] [Retirement Investment Products] [Wealth Management] [Investment/Brokerage] [Other] [I am not a current customer of Bank of America] If Other, please specify: 4. Financial Center Representative's first name: Page 8

9 5. Financial Center Representative's last name: 6. Do you believe you received any unfair, deceptive or abusive treatment? If YES, please describe. 7. Did the FCR discourage you from pursuing a credit application or other products of interest? If YES, please provide details. 8. Was the product information provided by the FCR accurate and clearly stated? 9. Were there any surprises caused by a lack of information provided to you? If YES, what were they? 11. Did the FCR read the complete 'consent to contact' disclosure to you before completing a Home Equity or Mortgage referral? 12. Did the FCR request and record your preferred phone and address for followup contact by the mortgage loan officer (as applicable)? If YES, did they turn the screen and allow you to read the consent statement, check the consent checkbox, and enter your initials? 13. Did the FCR request your consent to receive a reminder telephone call, text or ? 14. Did the FCR discuss specific rates or terms for which you might qualify or that might be a fit for you? If YES, please explain in the comments section. 15. Did the FCR provide any specific loan details on behalf of the mortgage loan officer? If YES, please explain in the comments section. Comments: Page 9

10 Bank of America Home Lending: Home Lending Sales Evaluation Survey General Information & Pre-Visit Call 1. Date shop performed: 2. Time shop performed: 3. What shop scenario did you complete? [1. New Home Loan - Poor Credit Score ( )] [2. New Home Loan - Fair Credit Score ( )] [3. New Home Loan - Good Credit Score ( )] [4. New Home Loan - Competitor Quote] [5. Upgrade to Larger Home Loan - Poor Credit Score ( )] [6. Upgrade to Larger Home Loan - Fair Credit Score ( )] [7. Upgrade to Larger Home Loan - Good Credit Score ( )] [8. Upgrade to Larger Home Loan - Competitor Quote] [9. Refinance Current Home Loan - Poor Credit Score ( )] [10. Refinance Current Home Loan - Fair Credit Score ( )] [11. Refinance Current Home Loan - Good Credit Score ( )] [12. Refinance Current Home Loan - Competitor Quote] 4. What FICO score or range did you give the Mortgage Loan Officer ("MLO")? [619 or below] [ ] [ ] [ ] [740 or higher] 5. What did you say your annual income was? [Less than $50,000] [$50,000 - $99,000] [$100,000 - $174,999] [$175,000 - $224,999] [$225,000 or more] 6. What did you say your monthly debt was? [Less than $4,999] [$5,000 - $9,999] [$10,000 - $17,499] [$17,500 - $22,499] [$22,500 or more] 7. What was the total amount of the loan that you were asking for? 8. What amount did you say that you had to place on a down payment? (Scenarios 1-8) 9. What did you say was the asking sales price of the home you wanted to purchase? (Scenarios 1-8) 10. What did you say was the present value of your existing home that you were looking to refinance? (Scenarios 9-12) 11. What did you say were the current terms of your existing mortgage? (Scenarios 5-12) 12. During any of these scenarios did you talk about or mention being new to the area and were looking for local financial help? Page 10

11 13. If you are a current Bank of America customer, what kind of account(s) do you have with the financial center? (Check all that apply) [Credit Card] [Debit Card] [Checking account] [Savings account] [Money Market] [CDs] [Home equity] [Mortgage] [Retirement Products] [Wealth Management] [Investment/Brokerage] [Other] [I am not a current customer of Bank of America] If Other, please specify: 14. Did you call ahead to schedule an appointment? 15. Date you called the financial center to schedule an appointment: 16. Time you called the financial center to schedule an appointment: 17. How many times did the phone ring prior to being answered? [1] [2] [3] [4] [5 or more] 18. Did the person on the phone answer in a pleasant voice, thank you for calling, identify him/herself and identify the financial center by name? (Check all that apply.) [Answered in a pleasant voice] [Thanked me for calling] [Identified him/herself] [Identified the financial center by name] [None of these] 19. If none, how was the phone answered? 20. Name of the person who answered the phone: 21. What was the earliest time given to make an appointment for a meeting with a Mortgage Loan Officer ("MLO")? Please count business days as Monday Friday excluding holidays. [Same day] [Next business day] [More than 2 business days] [Unable to schedule an appointment with the Mortgage Loan Officer at this time and had to call back] 22. Name of the MLO who you were scheduled to meet: 23. Is this the MLO who you conducted the shop with? 24. If No, name of the MLO that you conducted the shop with: For the next question, "Point of Sale" documents may include: financial center statements, tax returns, investment statements, P&L (if a business owner), retirement fund documents, social security information, or a purchase contract for new home. 25. Were you asked to bring "Point of Sale" documents with you to the appointment? Page 11

12 25a. At any time were you told that you could not proceed without your point of sale documents? 26. Indicate how this MLO shop was sourced. [FCR Referral] [Shopper-initiated contact directly with the MLO] Date of the visit to the financial center when you requested the FCR referral. mm/dd/yyyy Date of the initial attempted contact by the MLO. mm/dd/yyyy 27. Based on my experience with the MLO during the appointment scheduling process, I would recommend this person to my friends and family. [5 - Strongly Agree] [4 - Agree] [3 - Neither Agree nor Disagree] [2 - Disagree] [1 - Strongly Disagree] 28. Please indicate if you have comments to share regarding the appointment process. 29. Please comment on your experience with the MLO appointment process. Initial Greeting 1. During the in-person interview and before discussing loan rates and loan products, did the MLO reveal his or her NMLS identification number to you? [By introducing themselves and verbally disclosing their NMLS ID] [By introducing themselves, providing you a business card and indicating that their NMLS ID is on the card] [NMLS Identification number not revealed] Answer "yes" to the following question if you were greeted by someone that was an obvious greeter (i.e., not someone behind the teller line or sitting at a financial center representative's desk). 2. Were you initially welcomed by a financial center greeter? 3. Did the MLO keep the appointment? [N/A - I did not schedule an appointment. I walked in.] 4. If Yes, approximately how long did you have to wait to meet for the MLO? [Less than a minute] [1-2 minutes] [3-5 minutes] [6-10 minutes] [11-15 minutes] [16-20 minutes] [21-30 minutes] [More than 30 minutes] 5. If you scheduled an appointment and the MLO was more than a minute late, did the MLO explain the reason for the tardiness? [N/A -- I did not schedule an appointment. I walked in./the MLO was not more than a minute late.] Page 12

13 6. If Yes, what was the explanation that you were given for the tardiness? 7. Which best describes the location where you ultimately met with the MLO to discuss home lending? [MLO's Office] [Conference Room] [Financial Center] [Other] If Other, please specify: Gathering Baseline Information 1. Did the MLO initiate a conversation to discuss your overall personal financial lending needs prior to offering any products? 2. Did the MLO attempt to get a very thorough understanding of my financial needs. 3. Scenarios 1-8 (New Loan): In attempting to gain an understanding of your needs, which of the following topics, if any, did the MLO ask you about? (Check all that apply.) [Any information about a specific home that you want to buy.] [Any information about your "dream home".] [What you like about the neighborhood or community in which the new home is located.] [Your objectives relative to purchasing this home.] [How long that you plan to live in the home.] [Other] [No, I was not asked about any of these topics.] [N/A - I did not complete any of these scenarios.] If Other, please specify: 4. Scenarios 9-12 (Refinance): In attempting to gain an understanding of your needs, which of the following topics, if any, did the MLO ask you about? (Check all that apply.) [Why are you looking to refinance?] [Any information about your present home.] [How long that you plan to live in the home.] [Any information about your current mortgage.] [Why are you looking to refinance - what are you doing with the money if it is Cash Out.] [Other] [No, I was not asked about any of these topics.] [N/A - I did not complete any of these scenarios.] If Other, please specify: 5. Were you asked what was important to you in a home loan, specifically about any of the following: the down payment, the monthly payment, tax savings, flexibility or stability)? (Check all that apply.) [Down payment] [Monthly payment] [Tax savings] [Flexibility] [Stability] [No, I was not asked about any of these topics.] 6. Were you asked whether you had any other long-term financial goals or expectations that could affect your mortgage decision, such as college for children or yourself, capital for investments, wanting to buy a vacation home or something similar along these lines? (Check all that apply.) [College for children or yourself] [Capital for investments] [Wanting to buy a vacation home] [Other] [No I was not asked] If Other, please specify: 7. Were you asked at ANY time during the presentation about any of the following? (Check [Religion] [National origin] [Marital status (Excluding marital inquiries specifically conducted to determine whether there would be a spouse Page 13

14 all that apply.) that would be a co-signor on the loan)] [Age (excluding questions verifying that you are at least 18 years of age for legally qualifying purposes)] [About your plans for having a family (excluding questions about expenses related to your dependents)] [Whether you get public assistance.] [No, I was not asked any of these.] 8. Were you asked the address of the home? 9. Were you asked any questions at ANY time that you felt were inappropriate? If Yes, please describe in detail: 10. Did the MLO explain that loan process clearly to your understanding, including answering all questions if you asked any? 11. Did the MLO ask your permission to pull your credit report? 12. When you verbally gave the MLO your credit score, what happened next? [The MLO recommended not proceeding.] [The MLO said that they could still take pre-qualification information and proceeded.] [Other] If Other, please describe: 13. For Refinance only: Were you asked if you intended to use the loan proceeds for any additional purpose (like paying down debt, etc.)? If Yes, what additional uses of the funds did you say you intended to use the loan for: 14. Please comment on the Gathering Baseline Information section: Sales Presentation 1. Did the MLO identify your current Bank of America relationships, if any? [N/A] 2. If Competitor Scenario (4, 8, 12): When you said that you have a quote from a competitor (at the specified rate in the instructions), how did the initially MLO respond? ["Bank of America can match that rate" or something similar.] ["Let's see what Bank of America can offer" or something similar.] ["Sorry, we can't go that low" or something similar.] [Other] If Other, please briefly describe: Page 14

15 3. If Competitor Scenario (4, 8, 12): Please briefly describe the overall conversation after you presented the competitor rate: 4. Did the MLO identify and present more than one loan option for you? [Yes] [No, just one] [No, MLO recommended not proceeding] 5. Please list the loan options presented. (Please check all that apply) [Conforming Fixed Rate 10 Year] [Conforming Fixed Rate 15 Year] [Conforming Fixed Rate 20 Year] [Conforming Fixed Rate 30 Year] [Conforming ARM with 3/1] [Conforming ARM with 5/1] [Conforming ARM with 7/1] [Conforming ARM with 10/1] [FHA Fixed 15 Year] [FHA Fixed 30 Year] [FHA ARM with 3 year adjustment dates] [FHA ARM with 5 year adjustment dates] [FHA ARM with 7 year adjustment dates] [FHA ARM with 10 year adjustment dates] [VA Fixed 15 Year] [VA Fixed 30 Year] [VA 3/1 ARM] [Non Conforming Fixed Rate 10 Year] [Non Conforming Fixed Rate 15 Year] [Non Conforming Fixed Rate 20 Year] [Non Conforming Fixed Rate 30 Year] [Non Conforming ARM with 3/1] [Non Conforming ARM with 5/1] [Non Conforming ARM with 7/1] [Non Conforming ARM with 10/1] [Non Conforming Fixed 30 year with 10% interest only] [Non Conforming ARM interest only options] [Other] If Other, please explain: 6. Did the MLO use any physical job aides such as brochures, online tools, desk card/placement, or other materials? (Check all that apply.) [Brochure] [Desk Card/Placement] [None] [Other] If Other, please explain: BROCHURE / REFERENCE MATERIAL 1: BROCHURE / REFERENCE MATERIAL 2: BROCHURE / REFERENCE MATERIAL 3: BROCHURE / REFERENCE MATERIAL 4: 7. Did the MLO compare the products offered with competitor products? (only required for scenarios 4, 8, & 12) If Yes, which competitor products were compared and what features were highlighted? 8. Was there any one particular option that stood out to you? 9. Did the MLO discuss the closing costs Page 15

16 associated with the loan? If so, were they discussed verbally? 10. Were you given a Closing Cost Worksheet? 11. Did you feel the solution offered was tailored to fit your personal financial needs or were just an attempt to sell you product? [Was tailored for me] [Just selling product] 12. If you feel the solution was tailored for you, could you elaborate why do you feel so? 13. How well did the solution offered meet your needs? (5-extremely well; 1-not well at all) [5] [4] [3] [2] [1] 14. Please describe the reasons that contribute to your rating: 15. Please comment on the Sales Presentation section: Closing 1. What happened as part of your closing conversation with the MLO? (check all that apply) [You asked if you had the necessary documentation to complete the application with you today] [You were asked if you would like to begin the begin the application process] [You were offered a business card] [You were invited to follow up] 2. Did you leave with a full understanding of what was explained and next steps? 3. Please briefly describe the next steps: 4. If you said that you are moving to the area and want local financial help, did the MLO suggest that you talk with any other specialists? (only required if this was discussed) If Yes, please briefly describe the conversation: 5. During your entire conversation with the MLO, did the MLO make you uncomfortable at any time by displaying any of these behaviors? (Check all that apply.) [Multi-tasking] [Rude] [Dismissive] [Condescending] [Hurried] [Impatient with questions] [None of these behaviors were displayed] [Other] Page 16

17 6. Did anything else about any portion of your entire conversation with the MLO make you feel uncomfortable? 7. If Yes, please describe briefly in detail what the MLO was saying or doing that made you feel uncomfortable: Do you believe you were treated in an unfair, deceptive, or abusive manner? If YES, please describe: Did the MLO encourage you to pursue a mortgage? Overall 1. Based on this experience, I would recommend Bank of America to my friends and family. [Strongly Agree] [Agree] [Neither Agree nor Disagree] [Disagree] [Strongly Disagree] 2. Please comment on the reason for your rating. MANDATORY PROOF OF VISIT: Please upload your MLO's Business Card. If you can't attach the proof of visit in PDF format then you must also it to adonnelly@athpower.com with the SHOP ID # in the title of the . NOTE: Survey Question #1 in the Initial Greeting Section the NMLS ID disclosure question -- is one of the vital questions on this survey. There are 2 correct methods for the MLOs to make this disclosure; 1) Introduce themselves and verbally disclose their NMLS ID; or 2) Introduce themselves, provide their business cards, and indicate that their NMLS IDs are on the cards. Please confirm that you have accurately answered that question before posting a copy of their business card here. Page 17