1003: Uniform Residential Loan Application (urla)

18 Questions

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Loan Quizzes & Trivia

Questions and Answers
  • 1. 
    How long of a residence history should you verify on the 1003?
    • A. 

      1 year

    • B. 

      6 months

    • C. 

      2 years

  • 2. 
    In what section on the 1003 would you find if the borrowers plan to occupy the property as their primary residence 
  • 3. 
    In what screen in PCL do you find the application received date to match to the Loan officers sign date?
  • 4. 
    What is the maximum financeable amount of units allowed on an investment property 
  • 5. 
    What is the minimum down payment on an FHA loan?
    • A. 

      3.5%

    • B. 

      0%

    • C. 

      5%

    • D. 

      20%

  • 6. 
    On a Conventional loan, if the borrower is putting at least ______ % down, no mortgage insurance will be needed. 
  • 7. 
    Statutory investment is also known as the ____ _________.
  • 8. 
    What does URLA stand for?
  • 9. 
    What are 6 things that are listed under the borrower information section of the application that must be completed on every file?
  • 10. 
    What are three different types of properties?
  • 11. 
    What does DTI stand for?
  • 12. 
    For employment information, the position, title, and business phone number must be present on every application. 
    • A. 

      True

    • B. 

      False

  • 13. 
    When a loan officer does an application face to face with the applicant, they must guess as to the race/sex/ethnicity of the applicant to fill in the portion for government monitoring purposes if they don't wish to furnish the information.
    • A. 

      True

    • B. 

      False

  • 14. 
    List 3 sources in which down payment can come from
  • 15. 
    The amortization type of a loan defines what?
    • A. 

      Fixed rate

    • B. 

      Graduated payment mortgage

    • C. 

      Arm

    • D. 

      All of the above

  • 16. 
    Manner in which title will be held defines what?
  • 17. 
    In the employment section, how many years of employment history must be shown and verified.
    • A. 

      1 year

    • B. 

      2 years

    • C. 

      3 years

    • D. 

      None of the above

  • 18. 
    Define what PITI stands for.