Podcast
Questions and Answers
Where does a New Application go after submission in the Loan Origination System?
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?
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?
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?
What is entered into the system during the Verification stages in parallel with Data Check?
What information is captured during 'Detailed Data Entry' in the Loan Origination System?
What information is captured during 'Detailed Data Entry' in the Loan Origination System?
What does collateral represent in a loan application process?
What does collateral represent in a loan application process?
In which stage is data validation done for an application in the Loan Origination System?
In which stage is data validation done for an application in the Loan Origination System?
What is the purpose of the field or telephonic verification report in the loan application process?
What is the purpose of the field or telephonic verification report in the loan application process?
Which stage captures information about Asset/Collateral Details in the Loan Origination System?
Which stage captures information about Asset/Collateral Details in the Loan Origination System?
Who creates a verification report for a loan application in the Loan Origination System?
Who creates a verification report for a loan application in the Loan Origination System?
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