Novice Level Assessment Questions For Loan Processing

When inquiring on a Commercial CIF record, it is possible to see a list of all the accounts that the commercial customer presently has with the bank. This information can be accessed through the CIF record, which is a customer information file that contains details about the customer's relationship with the bank. By reviewing this record, bank employees can view the customer's account information and transactions, including all the accounts they currently hold with the bank. Therefore, the statement "True" is the correct answer.

Yes, we can accommodate the customer's request to have his statements and notices sent to a location other than his primary address.

When creating a CIF key for a Loan, it is necessary to create separate records for all borrowers. This is because each borrower has their own unique information and details that need to be recorded in the CIF key. By creating separate records, the system can accurately track and manage the loan information for each individual borrower, ensuring proper documentation and organization.

It is possible to have multiple FASB Fee and Costs records on a single loan. This means that a loan can have multiple fees and costs associated with it, which are recorded separately as individual records. This allows for more detailed tracking and reporting of the fees and costs related to the loan.

The statement suggests that most commercial loan documents are prepared using the "Closing - New Commercial" transaction type in Laser Pro. This implies that Laser Pro is a software or system commonly used for preparing commercial loan documents. Therefore, the correct answer is true, indicating that this is a common practice in the industry.

When documenting a loan in Laser Pro, it is important to have an approved Loan Presentation. This is because the Loan Presentation contains all the necessary information and details about the loan, including the terms, conditions, and borrower's information. Having an approved Loan Presentation ensures that all parties involved in the loan process have reviewed and agreed upon the terms, reducing the risk of misunderstandings or disputes later on. Therefore, it is crucial to have an approved Loan Presentation when documenting a loan in Laser Pro.

The given answer is true because CIF (Customer Information File) is a database that contains detailed information about a bank's customers. Inquiries related to CIF can be made through various channels, including email. Therefore, it is possible to compose and send an email from CIF inquiry.

The given statement is false. CIF keys for guarantors are actually added to a loan in Silverlake.

In Laser Pro, you can find out which version you are using by selecting "Help and About Laser Pro Lending". This option will provide you with the necessary information about the version of Laser Pro that you are currently using.

The statement is false because all warnings that appear on the Laser Pro New Loan Checklist do not need to be removed.

A Notice of Adverse Action is created in the Application Transaction Mode in Laser Pro. This mode is used to input and process loan applications. Therefore, when a decision is made to take an adverse action on a loan application, such as denying the loan or offering less favorable terms, the Notice of Adverse Action is generated in this mode.

When creating a new loan in Silverlake, it is recommended to start the loan and create the new CIF record during the loan set-up process. This ensures that the loan and CIF record are created simultaneously, allowing for accurate and efficient record-keeping. Creating a new CIF record before starting the loan or waiting until after End of Day Processing can lead to discrepancies and delays in loan processing. Therefore, the best practice is to start the loan and create the CIF record during the loan set-up process.

The statement suggests that HMDA/CRA screens are completed in Laser Pro, but the correct answer is False. This means that HMDA/CRA screens are not completed in Laser Pro.

When documenting a loan that is Real Estate Secured, the borrower does not necessarily have to be the owner of the real estate being pledged as collateral. It is possible for the borrower to use real estate owned by someone else as collateral for the loan. Therefore, the statement is false.

The statement is false because HMDA/CRA information is not entered from the new loan entry screens. HMDA/CRA information is typically collected separately and reported to the appropriate regulatory agencies. The new loan entry screens are used to input basic loan information such as borrower details, loan amount, and terms, but not specifically for HMDA/CRA information.

When creating a FASB Cost, it is not necessary to create a FASB Fee as well. The statement suggests that both the cost and fee need to be created together, but this is not true. The creation of a FASB cost does not automatically require the creation of a FASB fee.

The "NAI Classification Code" (NAICS) field in Silverlake is not mandatory for navigation purposes, meaning that it is not necessary to fill out this field in order to move on to the next field. However, field entry is still required by policy, indicating that it is mandatory to enter information in this field according to the established rules or guidelines.

When creating a Payment Code 6 loan, you do not need to enter the Payment Due Date. This suggests that the Payment Due Date is not a required field or parameter when setting up a Payment Code 6 loan.

In the context of documenting a Commercial Loan, the Business Loan Agreement does not necessarily have to include a maturity date. While it is common for loan agreements to specify a maturity date, it is not a requirement. The absence of a maturity date in the agreement does not invalidate the loan or make it incorrect. Therefore, the statement "False" is the correct answer.