Novice Level Assessment Questions For Loan Processing
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
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 2.
You can compose and send an email from CIF inquiry?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 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
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 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
Correct Answer
A. TrueExplanation
Yes, we can accommodate the customer's request to have his statements and notices sent to a location other than his primary address.Rate this question:
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- 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
Correct Answer
B. Start the loan and create the new CIF record during the loan set-up process.Explanation
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.Rate this question:
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- 6.
CIF keys for guarantors are not added to a loan in Silverlake.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false. CIF keys for guarantors are actually added to a loan in Silverlake.Rate this question:
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- 7.
When creating a Payment Code 6 loan, you need to enter the Payment Due Date?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
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.Rate this question:
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- 8.
You enter HMDA/CRA information from the new loan entry screens?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
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.Rate this question:
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- 9.
HMDA/CRA screens are completed in Laser Pro.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
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.Rate this question:
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- 10.
When creating a FASB Cost you must create a FASB Fee too.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
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.Rate this question:
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- 11.
You may have multiple FASB Fee and Costs records on single loan.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 12.
Most commercial loan documents are prepared in the “Closing - New Commercial” transaction type in Laser Pro.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 13.
When documenting a loan in Laser Pro you should have an approved Loan Presentation.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 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
Correct Answer
B. FalseExplanation
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.Rate this question:
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- 15.
When documenting a Commercial Loan, the Business Loan Agreement should have a maturity date.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
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.Rate this question:
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- 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
Correct Answer
B. Not a mandatory field for navigation purposes and field entry is required by policy.Explanation
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.Rate this question:
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- 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
Correct Answer
A. Help and About Laser Pro LendingExplanation
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.Rate this question:
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- 18.
All warnings that appear on the Laser Pro New Loan Checklist must be removed.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because all warnings that appear on the Laser Pro New Loan Checklist do not need to be removed.Rate this question:
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- 19.
In Laser Pro a Notice of Adverse Action is created in:
- A.
Application Transaction Mode
- B.
Closing Transaction Mode
- C.
Both
- D.
Neither
Correct Answer
A. Application Transaction ModeExplanation
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.Rate this question:
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Quiz Review Timeline +
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 -
Dec 10, 2009Quiz Created by
Cbc.training
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