Defining When You Have An Application Quiz
10 Questions
| Total Attempts: 680
This quiz will test your knowledge about applications.
Questions and Answers
- 1.It is the policy of Sierra Pacific to encourage all consumers to apply for credit. We do not discourage any person from applying for a loan.
- A.
True
- B.
False
- 2.Sierra Pacific defines a RESPA application as receipt of the following six items: applicant name, income, SSN, property address, property value estimate, estimated loan amount.
- A.
True
- B.
False
- 3.Which of the following is NOT considered an inquiry (vs. an application):
- A.
Customer calls to ask about rates for loans in general
- B.
Customer gives specific personal information and asks for an opinion on whether they would qualify for a loan
- C.
Loan officer describes our general underwriting policies
- D.
None of the above
- 4.If you tell a customer that they would not qualify for a loan based on the verbal information given, you would NOT have to issue a written notice of action taken.
- A.
True
- B.
False
- 5.A preapproval request is a request for approval of a loan prior to the identification of a property address.
- A.
True
- B.
False
- 6.The only "permissible purpose" for pulling a credit report is:
- A.
You want to check up on your credit, to make sure it is still accurate
- B.
A client wants to preview his credit report before deciding to apply for a loan
- C.
A prospect has indicated that they want to apply for a loan and has agreed to have his credit report pulled
- D.
The client gave you her social security number
- 7.If an application is declined or withdrawn within 3 business day of application, early disclosures do not have to be sent to the applicant.
- A.
True
- B.
False
- 8.It is important to be very clear as to whether there is a joint applicant before taking a credit report on that joint applicant.
- A.
True
- B.
False
- 9.It is important to cancel loans promptly using the date that the client actually withdrew or the date the loanwas declined.
- A.
True
- B.
False
- 10.Brokered Out loans must still have an efolder file that includes all information collected from or sent to the applicant; in addition to the information received from the lender.
- A.
True
- B.
False
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