Noi Quiz

5 Questions

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Online Test Quizzes & Trivia

Questions and Answers
  • 1. 
    A Reg B (ECOA) application is simply a borrower inquiry for credit. The Notice of Incompleteness (NOI) requirements apply even if you do not have the 6 elements of a RESPA application.
    • A. 

      True

    • B. 

      False

  • 2. 
    Which of the following statements are correct? Check all that apply.
    • A. 

      If the borrower has not been approved, denied, or withdrawn within 30 days of their ECOA application, an NOI must be issued.

    • B. 

      A NOI must be issued WITHIN 30 days, which means you can send one the day you initially speak with the borrower or anytime within the following 30 days.

    • C. 

      You must send a NOI before the loan can be denied or withdrawn.

    • D. 

      The 30 day NOI is designed for borrowers who have information or documents that need to be submitted to the LO. The 90 day NOI is designed for borrowers who do not have a property and need additional time to shop.

  • 3. 
    We can not give the borrower more or less time than the typical 30 or 90 day NOI as this could give rise to a fair housing complaint. However, if we have already sent the typical 30 or 90 day NOI and the borrower requests more time, we can send an additional NOI to provide the time requested.
    • A. 

      True

    • B. 

      False

  • 4. 
    If a borrower is pre-qualified, we do not have to issue a NOI.
    • A. 

      True

    • B. 

      False

  • 5. 
    • A. 

      The Adverse Action Department.

    • B. 

      The Loan Originator.

    • C. 

      The Processor.

    • D. 

      The Underwriter.