Intermediate Level Assessment Questions For Loan Processing

21 Questions | Total Attempts: 323

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Loan Quizzes & Trivia

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

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