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NMLS Test
| Question | Answer |
|---|---|
| Evaluating a borrower’s ability to repay a loan is the responsibility of: | Underwriting. |
| The first process in a loan Application is: | Origination |
| During the interview process, the Loan Officer gathers all the information needed to complete | The (1003). |
| The process in collecting all the required documentation, W-2’s, Tax Return’s, Appraisal, etc. is called | Processing. |
| Loan Officers spend most of their time: | Originating loans. |
| Until the Title Company has prepared a Title Commitment, the loan can not be: | Closed. |
| The monitoring of loan payments is called: | Servicing: |
| Processors can do all except | Quote Rate. |
| Before you can close a loan you must have: | Proof of adequate insurance. |
| Many borrowers are unaware that their loans have been sold on the secondary market because the: Many borrowers are unaware that their loans have been sold on the secondary market because the: | Lenders originating the loans may continue to service the loan. |
| In order for Fannie Mae and Freddie Mac to purchase loans from Lenders, the Lenders must: | Follow those corporation underwriting guideline’s |
| During a loan interview with a prospective borrower____________ must be given ? | Certain disclosure information & forms. |
| One purpose of the loan interview is to________. | Initiate and have the customer sign the necessary documents to process the application. |
| __________ is responsible for organizing and monitoring the status of the loan life. | Loan Processor. |
| In all cases the ________has final authority in making of loan decisions | Underwriter |
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