Intermediate Level Assessment Questions For Loan Processing

The Laser Pro Interface program is designed to retrieve existing customer information from Silverlake and automatically fill in the relevant fields in the Laser Pro software. This integration streamlines the data entry process and ensures accuracy by eliminating the need for manual input. Therefore, the statement that the Laser Pro Interface program allows you to retrieve existing Silverlake customer information and populate Laser Pro fields is true.

Deleting the entire bill record is not a best practice when you want to clear out a remaining amount owed on a system generated bill. Instead, it is recommended to mark the bill as paid or adjust the remaining amount to zero. Deleting the bill record can lead to loss of important information and make it difficult to track payment history or resolve any disputes that may arise in the future.

Business financial statements and tax returns should be placed on the CIF level in Collateral Tracking because this level allows for a comprehensive overview of the borrower's financial position and tax obligations. Placing these documents on the CIF level ensures that they are easily accessible and can be used to assess the borrower's creditworthiness and ability to repay the loan. Additionally, having this information on the CIF level facilitates efficient tracking and monitoring of collateral, minimizing the risk of default.

The Laser Pro Interface program is capable of entering AFT information, FASB Records, and Collateral Tracking. Therefore, the correct answer is "All of the above" as it encompasses all the mentioned options.

When creating a manual bill, it is necessary to maintain or update the "send payment billings" field. This field is likely used to specify the method or address through which the bill should be sent to the customer for payment. By ensuring that this field is correctly filled out, the bill can be sent to the customer in a timely manner, reducing any delays in payment processing. Therefore, the statement "maintenance must be done to the 'send payment billings' field" is true.

Reversing a payment on the participation parent loan will have an impact on the sold loan. This means that if a payment is reversed, it will affect the loan that has been sold. The exact impact may vary depending on the terms and conditions of the loan agreement, but it is likely to result in some sort of financial adjustment or modification to the sold loan.

Variable rate loans have interest rates that can fluctuate over time. Re-amortizing a loan means adjusting the payment amount to reflect any changes in the interest rate. By re-amortizing at least annually, the borrower can ensure that their payment amount remains fixed and manageable, even if the interest rate changes. This helps to maintain consistency in the borrower's budget and financial planning. Therefore, the statement is true.

The explanation for the given correct answer is that in an alternate payment schedule, the "payment frequency" field determines how often payments are made. Therefore, the next payment due date is determined by the payment frequency. If the payment frequency is set to a specific time period, such as every month or every week, then the next payment due date will be based on that frequency.

Automatic Funds Transfers are not limited to one a month. This statement implies that there is a restriction on the number of automatic funds transfers that can be made in a month, but the correct answer is false, indicating that there is no such limitation.

Early TILs and Adverse Action Notices are created in the Application Consumer Transaction mode in Laser Pro. This means that when using Laser Pro, these documents are generated specifically for consumer transactions during the application process.

The Loans in Process module in Silverlake is available to track Interest Reserve Payments. This means that Silverlake has a specific feature or functionality within its Loans in Process module that allows users to monitor and manage interest reserve payments associated with loans.

An alternate payment schedule allows for the skipping of certain payments, providing flexibility and convenience for the payee. This means that instead of making payments on a regular schedule, individuals can choose to skip certain payments without facing penalties or consequences. This can be beneficial in situations where individuals may be facing financial difficulties or unexpected expenses, allowing them to manage their payments more effectively.

When a lender gives the borrower time to produce updated tax returns and personal financial statements after a loan has matured, it is referred to as an extension. This means that the lender is granting the borrower additional time to provide the necessary documentation before taking any further action regarding the loan. This extension allows the borrower to comply with the lender's requirements and potentially avoid any penalties or default on the loan.

Automatic Funds Transfers can be used for principal only reductions. This means that when making automatic transfers, the funds can be specifically allocated towards reducing the principal amount of a loan or debt. This allows individuals to pay off their debts faster and save on interest costs. By selecting this option, the automatic transfer will directly reduce the principal balance, helping to accelerate the repayment process.

Collateral Tracking records can be entered at any time, not just after end of day processing.

Loans with an alternate payment schedule cannot be set up to automatically re-amortize payments. This means that if a loan has a different payment schedule, such as bi-weekly or quarterly payments, the payments cannot be automatically adjusted to reflect changes in interest rates or loan terms. This may require borrowers to manually adjust their payments or refinance the loan if the terms change. Therefore, the statement is true.

The statement is false because once the early disclosure phase of documentation is complete, you cannot finalize your closing documents in Application Mode. The correct mode to finalize the closing documents would be the Closing Mode.

The field in the document maintenance screen in Collateral Tracking that controls when a piece of collateral begins reporting as an exception is the Doc expiration date. This means that once the expiration date of a document is reached, the collateral associated with that document will start reporting as an exception.

The correct answer is 3. "Vendors" in the Loans in Process module refer to the borrowers. In the context of loans, borrowers are considered as vendors because they are the ones who are providing the service of borrowing money from the lender. They are the ones who are requesting the loan and will be responsible for repaying it. Loan officers, general contractors, and construction supply stores are not considered vendors in this context.

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In Laser Pro, when the borrower and the Grantor of collateral are different, the grantor information cannot be edited in the "collateral details" screen.