Net Operating Income In Real Estate! Trivia Questions Quiz
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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.
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True
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False
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This trivia questions quiz is on Net Operating Income in Real Estate! This type of income is used to measure the profitability expected from a real estate investment. Do you know how to calculate the correct NOI and what you need to do so? How about you take the quiz and get a chance to refresh your understanding of the See morecalculation.
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- 2.
Which of the following statements are correct?
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If the borrower has not been approved, denied, or withdrawn within 30 days of their ECOA application, an NOI must be issued.
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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.
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You must send a NOI before the loan can be denied or withdrawn.
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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.
Correct Answer(s)
A. If the borrower has not been approved, denied, or withdrawn within 30 days of their ECOA application, an NOI must be issued.
A. 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.
A. 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.Explanation
This answer correctly identifies that a Notice of Incompleteness (NOI) must be issued within 30 days of the borrower's ECOA application if they have not been approved, denied, or withdrawn. It also states that the NOI can be sent on the day of the initial conversation with the borrower or anytime within the following 30 days. Furthermore, it explains that the 30-day NOI is for borrowers who need to submit additional information or documents, while the 90-day NOI is for borrowers who do not have a property and need more time to shop.Rate this question:
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- 3.
We can not give the borrower more or less time than the typical 30 or 90 days 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.
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True
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False
Correct Answer
A. TrueExplanation
The statement is true because giving the borrower more or less time than the typical 30 or 90 days Notice of Intent (NOI) could be considered discriminatory and lead to a fair housing complaint. However, if the borrower requests more time after receiving the initial NOI, it is permissible to send an additional NOI to accommodate their request.Rate this question:
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- 4.
If a borrower is pre-qualified, we do not have to issue an NOI.
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True
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False
Correct Answer
A. FalseExplanation
Only files approved by an underwriter are considered approved. NOIs are designed to get outstanding information that will allow an underwriter to either approve or deny the loan.Rate this question:
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- 5.
Who is responsible for issuing a timely NOI?
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The Adverse Action Department.
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The Loan Originator.
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The Processor.
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The Underwriter.
Correct Answer
A. The Loan Originator.Explanation
LOs are responsible for their own pipeline management, including issuing NOIs in a timely manner.Rate this question:
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Quiz Review Timeline (Updated): Mar 22, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
May 06, 2013Quiz Created by
Sheilamstrong
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