Defining When You Have An Application Quiz

10 Questions | Total Attempts: 680

SettingsSettingsSettings
Please wait...
Application  Quizzes & Trivia

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    If an application is declined or withdrawn within 3 business day of application, early disclosures do not have to be sent to the applicant.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

Back to Top Back to top