Processing: Credit Report

20 Questions

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Bank Quizzes & Trivia

Questions and Answers
  • 1. 
    The borrower must provide a written explanation  for all inquiries listed on the credit report, stating whether any new credit was obtained. 
    • A. 

      True

    • B. 

      False

  • 2. 
    Past due accounts do not have to be current prior to closing. 
    • A. 

      True

    • B. 

      False

  • 3. 
    Which of the three credit scores on the credit report is used to determine mortgage program eligibility?
    • A. 

      Highest

    • B. 

      Middle

    • C. 

      Lowest

  • 4. 
    If only 2 scores are available, the _________ score will be used. 
  • 5. 
    Borrower's name is Jason Smith Jr.  The credit report has borrower's name listed as Jason Smith.  What must happen?
  • 6. 
    Where in PCL would you verify that the credit report reference number is correctly listed in our system? 
  • 7. 
    True or False: We need to verify that the borrowers name matches the OFAC list.
    • A. 

      True

    • B. 

      False

  • 8. 
    What does ECOA identify on the credit report?
  • 9. 
    Who determines if a collection account must be paid in full prior to final approval?
  • 10. 
    True or False: A Tax Lien must be paid in full prior to final underwriting approval.
    • A. 

      True

    • B. 

      False

  • 11. 
    True or False: A chapter 13 bankruptcy must be discharged and the date of discharge must be shown on the credit report or a supplement must be ordered.
    • A. 

      True

    • B. 

      False

  • 12. 
    If an account has less that 10 months left on the loan repayment, the account will __________________________
    • A. 

      Need to be paid off

    • B. 

      Not be counted against the debt ratio

    • C. 

      Need a supplement

    • D. 

      None of the above

  • 13. 
    What does the Equifax safe scan inform you about?
  • 14. 
    Define DLA.
  • 15. 
    Explain why it is so important for the borrower to explain any credit inquires they may have had in the last 120 days.
  • 16. 
    The reference number on the credit report need to match ______ and ______.
  • 17. 
    The credit report must be within ___ days of application.
    • A. 

      120

    • B. 

      60

    • C. 

      30

    • D. 

      3

  • 18. 
    Current and previous address must match_____________.
    • A. 

      Drivers License

    • B. 

      Transcripts

    • C. 

      1003

    • D. 

      None of the above

  • 19. 
    Define an authorized user account.
  • 20. 
    When a credit supplement has been received for new credit, where in PCL should the information be added?
    • A. 

      Mortgage data

    • B. 

      Fee Screen

    • C. 

      Liabilities

    • D. 

      General info