Loan Processor Quiz

10 Questions | By D09089 | Updated: Mar 21, 2022 | Attempts: 4080

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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.

Please explain in detail when a loan application is considered complete.
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?