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