Defining When You Have An Application Quiz

10 Questions | By Patrickpayne | Last updated: Mar 20, 2022 | Total Attempts: 690

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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.

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
6.

If an application is declined or withdrawn within 3 business day of application, early disclosures do not have to be sent to the applicant.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
7.

A preapproval request is a request for approval of a loan prior to the identification of a property address.
- 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