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Fundamentals of Mortgage Loan Origination Process

Explore the essentials of mortgage loan origination, focusing on the processes, regulations, and skills necessary for effective loan facilitation. This content is crucial for professionals in finance and real estate, enhancing...

Questions: 30 | Attempts: 47 | Last updated: Aug 4, 2025

Sample Question 1
What sections are included in the Loan Application Form 1003?

2) Employment Information only

1) Borrower Information a) Personal b) Employment c) Additional Employment d) Previous Employment e) Income from other sources 2) Financial Information Assets and Liabilities a) Assets b) Other Assets c) Liabilities d) Other liabilities 3) Financial Information - Real Estate a.) Property the borrower owns b) Additional property they own c) Additional property they own 4) Loan and Property Information a) Loan amount & Occupancy b) Other new mortgage loans on the property c) Rental Income d) Gifts or Grants 5) Declarations (Disqualifying Questions) 6) Acknowledgements and Agreements 7) Military Service 8) Demographic Information 9) Loan Originator Information

1) Personal Information only

3) Financial Information - Investment only

Sample Question 2
What disclosures are required with a loan inquiry?

Only required if MLO deems it necessary.

Not required unless MLO receives a Complete Application. With a complete application: Loan Estimate, Home Loan Toolkit, List of HUD Approved Housing Counselors & Affiliated Business Disclosure (If applicable)

Required only for FHA loans.

Required for all loan inquiries.

Sample Question 3
What should be included in an application for accuracy?

1) Application should be as Accurate & Complete as possible 2) Complete Application includes: Address, Loan Amount, Income, Estimated Property Value, Name & Social Security

#2) Only partial information is needed in an application

3) Social Security # is not required in an application

1) Application Accuracy is not important

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