Loan Processor Quiz
10 Questions
| Total Attempts: 2677
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?
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