Trivia Quiz On Uniform Residential Loan Application

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  • 1/5 Questions
    When the LO takes an application entirely by phone, the LO must: - ProProfs

    When the LO takes an application entirely by phone, the LO must:

    • 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.
    • Complete the ethnicity, race and sex information based upon the person’s voice and name.
    • Check the box to indicate the information was provided in a telephone interview.
    • Both A and C
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About This Quiz

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.

Trivia Quiz On Uniform Residential Loan Application - Quiz

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  • 2. 
    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: - ProProfs

    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:

    • 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.

    • Mark the Sex information based upon the applicant’s name.

    • 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.

    • 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.

    Correct Answer
    A. 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.
    Explanation
    Answer: C – When an application is received via the Internet, we are not required to complete any missing information. All HMDA information provided must be reported even if the applicant also marked that they do not wish to furnish the information.

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  • 3. 
    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:   - ProProfs

    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:  

    • In a face-to-face interview

    • By the applicant and submitted by fax or mail

    • In a telephone interview

    • By the applicant and submitted via the Internet.

    Correct Answer
    A. By the applicant and submitted by fax or mail
    Explanation
    Answer: B – The ethnicity, race and sex data was completed by the applicant and mailed to the LO. If, however, the LO asked the applicant for the ethnicity, race and sex information in a telephone interview, then the box for “in a telephone interview” must be checked.

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  • 4. 
    When the LO takes an application in person and the applicant does not provide the ethnicity, race and sex information, the LO must:   - ProProfs

    When the LO takes an application in person and the applicant does not provide the ethnicity, race and sex information, the LO must:  

    • The LO is not required to do anything because the applicant has declined to furnish the information.

    • The LO must mark “I do not wish to furnish this information” and “this information was provided in a face-to-face interview.

    • The LO must complete the ethnicity, race and sex information based upon visual observation and surname.

    • Both B and C.

    Correct Answer
    A. Both B and C.
    Explanation
    Answer: D – When an application is taken in person and the applicant does not want to furnish the information, we are required to 1) indicate that the applicant did not wish to furnish the information; and 2) document the ethnicity, race and sex-based upon visual observation or surname to the best of our ability.

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  • 5. 
    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:   - ProProfs

    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:  

    • Mark the box that indicates the information was provided “by the applicant and submitted by fax or mail”. No other action is required.

    • Complete the Co-Borrower information based upon a photo ID.

    • Mark “I do not wish to furnish this information” for the Co-Borrower.

    • Do nothing because the Co-Borrower has the choice of completing the information or not.

    Correct Answer
    A. Mark the box that indicates the information was provided “by the applicant and submitted by fax or mail”. No other action is required.
    Explanation
    Answer: A – When an application is taken by mail, fax or Internet and the borrower or co-borrower information is not completed, we are required to report that the information was not completed because the application was taken by mail, fax or the Internet. The only action required is to mark the method by which the application was taken.

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 07, 2013
    Quiz Created by
    FPF_Hammer
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