Loan Processor Quiz

10 Questions | Total Attempts: 2839

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Loan Quizzes & Trivia

This quiz is designed to determine if you fully understand compliance issues relating to loan documentation disclosure and packaging


Questions and Answers
  • 1. 
    How many days do you have to mail initial loan disclosure documents after taking a complete application?
    • A. 

      3 Days

    • B. 

      1 Day

    • C. 

      5 Days

    • D. 

      Must be mailed immediately

  • 2. 
    Who must receive copies of fee disclosure documentation according to RESPA?
    • A. 

      The loan officer

    • B. 

      Not a requirement

    • C. 

      All Borrowers

    • D. 

      The lender

  • 3. 
    You  or any licensed employee of the lender may sign documentation for the borrower in the event a signature is missed to ensure timely funding
    • A. 

      True

    • B. 

      False

  • 4. 
    The__________________ illustrates the contract rate, APR and all fees associated with a specific loan.
  • 5. 
  • 6. 
    The Lenders Good Faith Estimate does not have to be sent to the borrower in all circumstances
    • A. 

      True

    • B. 

      False

  • 7. 
    What document MUST be signed in order to pull a borrowers credit report when taking an application in person?
    • A. 

      Truth in Lending

    • B. 

      Borrowers Authorization

    • C. 

      Credit Score Notification Summary

    • D. 

      Right to Receive a Copy of Appraisal Notice

    • E. 

      None of the above

  • 8. 
    The Truth and Lending and Good Faith Estimate are exact figures of the borrowers loan cost.
    • A. 

      True

    • B. 

      False

  • 9. 
    A borrowers under certain circumstance may receive more than one Good Faith Estimate
    • A. 

      True

    • B. 

      False

  • 10. 
    When receiving a copy of the Appraisal Report what 3 items must be present in order for the appraisal to be valid?