Novice Level Assessment Questions For Loan Processing

19 Questions | Total Attempts: 194

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Loan Quizzes & Trivia

This assessment will help gauge your Loan Processing skill level.


Questions and Answers
  • 1. 
    When creating a CIF key for a Loan, do you have to create separate records for all borrowers?
    • A. 

      True

    • B. 

      False

  • 2. 
    You can compose and send an email from CIF inquiry?
    • A. 

      True

    • B. 

      False

  • 3. 
    When inquiring on a Commercial CIF record, can you see a list of all the accounts they presently have with the bank?
    • A. 

      True

    • B. 

      False

  • 4. 
    If a customer prefers that his statements and notices go to a location other than his primary address, can we accommodate him?
    • A. 

      True

    • B. 

      False

  • 5. 
    When creating a New Loan in Silverlake, would you:
    • A. 

      Create a new CIF record, and then start the loan.

    • B. 

      Start the loan and create the new CIF record during the loan set-up process.

    • C. 

      Create a new CIF record, wait until after End of Day Processing is complete and start the loan the next day.

    • D. 

      Any of the above

    • E. 

      None of the above

  • 6. 
    CIF keys for guarantors are not added to a loan in Silverlake. 
    • A. 

      True

    • B. 

      False

  • 7. 
    When creating a Payment Code 6 loan, you need to enter the Payment Due Date?
    • A. 

      True

    • B. 

      False

  • 8. 
    You enter HMDA/CRA information from the new loan entry screens?
    • A. 

      True

    • B. 

      False

  • 9. 
    HMDA/CRA screens are completed in Laser Pro. 
    • A. 

      True

    • B. 

      False

  • 10. 
    When creating a FASB Cost you must create a FASB Fee too.
    • A. 

      True

    • B. 

      False

  • 11. 
    You may have multiple FASB Fee and Costs records on single loan.
    • A. 

      True

    • B. 

      False

  • 12. 
    Most commercial loan documents are prepared in the “Closing -  New Commercial” transaction type in Laser Pro. 
    • A. 

      True

    • B. 

      False

  • 13. 
    When documenting a loan in Laser Pro you should have an approved Loan Presentation.
    • A. 

      True

    • B. 

      False

  • 14. 
    When documenting a loan that is Real Estate Secured, the borrower must also be the owner of the real estate being pledged as collateral. 
    • A. 

      True

    • B. 

      False

  • 15. 
    When documenting a Commercial Loan, the Business Loan Agreement should have a maturity date. 
    • A. 

      True

    • B. 

      False

  • 16. 
    The “NAI Classification Code” (NAICS) field in Silverlake is:
    • A. 

      A mandatory field and must be completed before you can navigate to the next field.

    • B. 

      Not a mandatory field for navigation purposes and field entry is required by policy.

    • C. 

      Not a mandatory field for navigation purposes nor is field entry required by policy.

    • D. 

      There is no such field in Silverlake.

    • E. 

      None of the above

  • 17. 
    Where do you go in Laser Pro to find out which version you are using?
    • A. 

      Help and About Laser Pro Lending

    • B. 

      Admin and Personnel

    • C. 

      Transaction and Recall

    • D. 

      All of the above

    • E. 

      None of the above

  • 18. 
    All warnings that appear on the Laser Pro New Loan Checklist must be removed. 
    • A. 

      True

    • B. 

      False

  • 19. 
    In Laser Pro a Notice of Adverse Action is created in:
    • A. 

      Application Transaction Mode

    • B. 

      Closing Transaction Mode

    • C. 

      Both

    • D. 

      Neither