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.
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