Which statement best describes using speed key 7 for mortgage payments?

Which statement best describes using speed key 7 for mortgage payments?

• A. It can be used for mortgage payments
• B. You should use a different key
• C. No, you must select L, M, or P
• D. It depends on the branch

Answer: (C)

Speed keys speed up common tasks, but mortgage payments need a specific transaction type indicator on the screen. The system uses loan-related codes to classify the payment, and the codes you should select are L, M, or P. Using speed key seven doesn’t assign the correct payment type, so mortgage payments must be posted by choosing one of those codes. This ensures the payment posts to the right loan account and is recorded correctly. In practice, this guidance applies consistently across branches.

Speed keys speed up common tasks, but mortgage payments need a specific transaction type indicator on the screen. The system uses loan-related codes to classify the payment, and the codes you should select are L, M, or P. Using speed key seven doesn’t assign the correct payment type, so mortgage payments must be posted by choosing one of those codes. This ensures the payment posts to the right loan account and is recorded correctly. In practice, this guidance applies consistently across branches.