Trivia Quiz On Uniform Residential Loan Application

5 Questions | By FPF_Hammer | Updated: Mar 20, 2022 | Attempts: 668

Below is a Trivia Quiz on Uniform Residential Loan Application. If you are applying for a loan, you will be required to fill out different forms intended to convince the lender to disperse a certain amount of money to your account, what should one look for in this application form? Take the test and get to see what you may be missing.

Questions and Answers

1.

When the LO takes an application in person and the applicant does not provide the ethnicity, race and sex information, the LO must:
- A.
  
  The LO is not required to do anything because the applicant has declined to furnish the information.
- B.
  
  The LO must mark “I do not wish to furnish this information” and “this information was provided in a face-to-face interview.
- C.
  
  The LO must complete the ethnicity, race and sex information based upon visual observation and surname.
- D.
  
  Both B and C.
2.

When an application is received by mail and the Borrower completes the ethnicity, race and sex information but the Co-Borrower has not marked anything, the LO must:
- A.
  
  Mark the box that indicates the information was provided “by the applicant and submitted by fax or mail”. No other action is required.
- B.
  
  Complete the Co-Borrower information based upon a photo ID.
- C.
  
  Mark “I do not wish to furnish this information” for the Co-Borrower.
- D.
  
  Do nothing because the Co-Borrower has the choice of completing the information or not.
3.

When the LO takes an application entirely by phone, the LO must:
- A.
  
  Read the Government Monitoring disclosure to the applicant; then ask the applicant if they wish to furnish the information and complete Section X. based upon their response.
- B.
  
  Complete the ethnicity, race and sex information based upon the person’s voice and name.
- C.
  
  Check the box to indicate the information was provided in a telephone interview.
- D.
  
  Both A and C
4.

When the LO takes an application through the Internet web application and the applicant has checked both “I do not wish to furnish this information” and has completed the ethnicity and race information, the LO must:
- A.
  
  Change the application in Point by removing the selection for ethnicity and race and leaving only the selection for “does not wish to furnish this information” because that was the applicant’s real intent.
- B.
  
  Mark the Sex information based upon the applicant’s name.
- C.
  
  Make no changes to the applicant’s responses and make sure the box for “information was provided by the applicant and submitted via Internet” is marked.
- D.
  
  Change the application in Point by removing the selection for “does not wish to furnish this information” and leaving only the selections for ethnicity and race because we must report the information if it is provided.
5.

Situation: The LO has an initial conversation with an applicant by phone and then sends the application to the applicant to complete. The applicant completes the ethnicity, race and sex information and mails the completed application back to the LO. In this situation the LO must mark that the information was provided:
- A.
  
  In a face-to-face interview
- B.
  
  By the applicant and submitted by fax or mail
- C.
  
  In a telephone interview
- D.
  
  By the applicant and submitted via the Internet.