20 Questions
What document is necessary to prove the source of an Earnest Money Deposit?
A copy of the Earnest Money Deposit canceled check (front & back)
For rental properties, what documentation is required?
Current Leases for all rental properties
To assess competitiveness, what should you ask the client regarding other lenders?
Are there any other lenders that you are considering?
What is a key closing question to gauge the client's timeline and interest?
How soon will you be making a decision on this transaction?
What form numbers are associated with the Uniform Residential Loan Application?
1003
What is the appropriate first step when receiving a call from a potential client?
Thank them for their interest and introduce yourself
When trying to understand a client's current financial situation, which inquiry is most relevant?
If they have been pre-qualified for a mortgage
When a client is interested in purchasing a property, what is a key question to ask?
How much are you putting down?
What information is essential to obtain from a client inquiring about a refinance?
The amount of their current mortgage
What type of identification is required for a mortgage application?
Copy of a Driver's License or other photo ID issued by a State or Federal Government body
What forms are mentioned in the text as the required documents?
Form 101 and Form 202
When did the provided version of the Uniform Residential Loan Application become effective?
1/2021
Which section of the application specifically inquires about personal information and income?
Section 2: Financial Information
In the Declarations section, what aspect regarding borrowing money for the real estate transaction is addressed?
If you are borrowing any money not disclosed on this loan application
Within Section 5 of the application, what does it pertain to concerning past financial history?
Debt repayment history
What type of information is specifically requested in the loan application?
Specific questions about property, funding, and financial history
According to the application, what is the effectiveness of electronic records and signatures?
They are as effective and enforceable as paper applications signed in writing
What warning does the application give regarding delinquency?
Late payments may be reflected in your credit report
According to the loan application, who is included in the term 'Lender'?
The Lender’s agents, service providers, successors, and assigns
What is the purpose of Demographic Information according to the content?
To monitor demographic trends related to applicants
Test your knowledge of mortgage application forms such as Freddie Mac Form 65; Fannie Mae Form 1003. Questions cover the effective date of the Uniform Residential Loan Application and sections related to personal information and income.
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