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LOS Document Status and Property Value Features

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LOS Document Status and Property Value Features

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Questions and Answers

Where does a New Application go after submission in the Loan Origination System?

Collateral stage

Credit Score stage

Verification stage

Detailed Data Entry stage (correct)

What type of documents are used for detailed data capture during the loan application process?

Bank statements of the applicant

Internal memos from the loan officer

Application form and related documents submitted by the customer (correct)

Previous loan history of the applicant

Where does the application move after the Detailed Data Entry stage in the Loan Origination System?

Loan approval stage

Policy check stage

Data check stage (correct)

Collateral assessment stage

What is entered into the system during the Verification stages in parallel with Data Check?

Field or telephonic verification report Signup and view all the answers

What information is captured during 'Detailed Data Entry' in the Loan Origination System?

Customer Details, Loan Details, Policy Check, Credit Score, Asset/Collateral Details Signup and view all the answers

What does collateral represent in a loan application process?

Security pledged for repayment of the loan Signup and view all the answers

In which stage is data validation done for an application in the Loan Origination System?

'Data check' stage Signup and view all the answers

What is the purpose of the field or telephonic verification report in the loan application process?

To verify information entered for the application Signup and view all the answers

Which stage captures information about Asset/Collateral Details in the Loan Origination System?

Detailed Data Entry stage Signup and view all the answers

Who creates a verification report for a loan application in the Loan Origination System?

3rd party agent or employee Signup and view all the answers