1003: Uniform Residential Loan Application (Urla)
18 Questions
| Total Attempts: 95
Questions and Answers
- 1.In what section on the 1003 would you find if the borrowers plan to occupy the property as their primary residence
- 2.In what screen in PCL do you find the application received date to match to the Loan officers sign date?
- 3.What is the maximum financeable amount of units allowed on an investment property
- 4.What does URLA stand for?
- 5.What are 6 things that are listed under the borrower information section of the application that must be completed on every file?
- 6.What are three different types of properties?
- 7.What does DTI stand for?
- 8.List 3 sources in which down payment can come from
- 9.Manner in which title will be held defines what?
- 10.Define what PITI stands for.
- 11.How long of a residence history should you verify on the 1003?
- A.
1 year
- B.
6 months
- C.
2 years
- 12.What is the minimum down payment on an FHA loan?
- A.
3.5%
- B.
0%
- C.
5%
- D.
20%
- 13.On a Conventional loan, if the borrower is putting at least ______ % down, no mortgage insurance will be needed.
- 14.Statutory investment is also known as the ____ _________.
- 15.For employment information, the position, title, and business phone number must be present on every application.
- A.
True
- B.
False
- 16.When a loan officer does an application face to face with the applicant, they must guess as to the race/sex/ethnicity of the applicant to fill in the portion for government monitoring purposes if they don't wish to furnish the information.
- A.
True
- B.
False
- 17.The amortization type of a loan defines what?
- A.
Fixed rate
- B.
Graduated payment mortgage
- C.
Arm
- D.
All of the above
- 18.In the employment section, how many years of employment history must be shown and verified.
- A.
1 year
- B.
2 years
- C.
3 years
- D.
None of the above
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