Intermediate Level Assessment Questions For Loan Processing

21 Questions | By Cbc.training | Updated: Mar 21, 2022 | Attempts: 351

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This assessment will help gauge your Loan Processing skill level.

Questions and Answers

1.

Loans with an alternate payment schedule cannot be set up to automatically re-amortize payments.
- A.
  
  True
- B.
  
  False
2.

In an alternate payment schedule, the ”payment frequency” field controls the next payment due date.
- A.
  
  True
- B.
  
  False
3.

An alternate payment schedule can be used to skip certain payments.
- A.
  
  True
- B.
  
  False
4.

Automatic Funds Transfers are limited to one a month.
- A.
  
  True
- B.
  
  False
5.

Automatic Funds Transfers cannot be used for principal only reductions.
- A.
  
  True
- B.
  
  False
6.

Reversing a payment on the participation parent loan will have no impact on the sold loan.
- A.
  
  True
- B.
  
  False
7.

When you want to clear out a remaining amount owed on a system generated bill, it is a best practice to delete the entire bill record.
- A.
  
  True
- B.
  
  False
8.

When creating a manual bill, maintenance must be done to the “send payment billings” field.
- A.
  
  True
- B.
  
  False
9.

The Loans in Process module in Silverlake is available to track Interest Reserve Payments.
- A.
  
  True
- B.
  
  False
10.

“Vendors” in the Loans in Process module are: 1. Loan officers 2. General Contractors 3. Borrowers 4. Construction supply stores that you have a contract with
- A.
  
  1
- B.
  
  2
- C.
  
  3
- D.
  
  4
- E.
  
  None of the above
11.

The Laser Pro Interface program allows you to enter the following information:
- A.
  
  AFT
- B.
  
  FASB Records
- C.
  
  Collateral Tracking
- D.
  
  All of the above
- E.
  
  None of the above
12.

The Laser Pro Interface program will allow you to retrieve existing Silverlake customer information and populate Laser Pro fields.
- A.
  
  True
- B.
  
  False
13.

Entering Collateral Tracking for Guarantors is available during the Laser Pro Interface process.
- A.
  
  True
- B.
  
  False
14.

Collateral Tracking records can only entered after end of day processing.
- A.
  
  True
- B.
  
  False
15.

Business financial statements and tax returns should be placed on the CIF level in Collateral Tracking.
- A.
  
  True
- B.
  
  False
16.

What field in the document maintenance screen in Collateral Tracking controls when a piece of collateral begins reporting as an exception:
- A.
  
  Doc expiration date
- B.
  
  Status date
- C.
  
  Exception days
- D.
  
  Description fields
- E.
  
  None of the above
17.

What term is used when a lender gives the borrower time to produce updated tax returns and personal financial statements after a loan has matured?
- A.
  
  Waiting period
- B.
  
  Resting period
- C.
  
  Extension
- D.
  
  Renewal
- E.
  
  None of the above
18.

Early TILs and Adverse Action Notices are created in the Application Consumer Transaction mode in Laser Pro.
- A.
  
  True
- B.
  
  False
19.

Once the early disclosure phase of documentation is complete, you can finalize your closing documents in Application Mode.
- A.
  
  True
- B.
  
  False
20.

In Laser Pro, when the borrower and the Grantor of collateral are different, the grantor information can be edited in the “collateral details” screen.
- A.
  
  True
- B.
  
  False
21.

Variable rate loans with a fixed payment amount should be re-amortized at least annually in the Silverlake System.
- A.
  
  True
- B.
  
  False