1. New Borrower Quiz

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Questions and Answers

What document is necessary to prove the source of an Earnest Money Deposit?

  • A handwritten note promising payment
  • A copy of the Earnest Money Deposit canceled check (front & back) (correct)
  • An email confirmation of deposit
  • A selfie at the bank

For rental properties, what documentation is required?

  • A list of potential tenants
  • A blueprint of the rental properties
  • Current Leases for all rental properties (correct)
  • Photos of the rental properties

To assess competitiveness, what should you ask the client regarding other lenders?

  • Do you believe in ghosts?
  • How many languages do you speak?
  • Are there any other lenders that you are considering? (correct)
  • What is your favorite kind of soup?

What is a key closing question to gauge the client's timeline and interest?

<p>How soon will you be making a decision on this transaction? (D)</p> Signup and view all the answers

What form numbers are associated with the Uniform Residential Loan Application?

<p>1003 (B)</p> Signup and view all the answers

What is the appropriate first step when receiving a call from a potential client?

<p>Thank them for their interest and introduce yourself (D)</p> Signup and view all the answers

When trying to understand a client's current financial situation, which inquiry is most relevant?

<p>If they have been pre-qualified for a mortgage (C)</p> Signup and view all the answers

When a client is interested in purchasing a property, what is a key question to ask?

<p>How much are you putting down? (B)</p> Signup and view all the answers

What information is essential to obtain from a client inquiring about a refinance?

<p>The amount of their current mortgage (C)</p> Signup and view all the answers

What type of identification is required for a mortgage application?

<p>Copy of a Driver's License or other photo ID issued by a State or Federal Government body (B)</p> Signup and view all the answers

What forms are mentioned in the text as the required documents?

<p>Form 101 and Form 202 (A)</p> Signup and view all the answers

When did the provided version of the Uniform Residential Loan Application become effective?

<p>1/2021 (B)</p> Signup and view all the answers

Which section of the application specifically inquires about personal information and income?

<p>Section 2: Financial Information (B)</p> Signup and view all the answers

In the Declarations section, what aspect regarding borrowing money for the real estate transaction is addressed?

<p>If you are borrowing any money not disclosed on this loan application (A)</p> Signup and view all the answers

Within Section 5 of the application, what does it pertain to concerning past financial history?

<p>Debt repayment history (A)</p> Signup and view all the answers

What type of information is specifically requested in the loan application?

<p>Specific questions about property, funding, and financial history (A)</p> Signup and view all the answers

According to the application, what is the effectiveness of electronic records and signatures?

<p>They are as effective and enforceable as paper applications signed in writing (B)</p> Signup and view all the answers

What warning does the application give regarding delinquency?

<p>Late payments may be reflected in your credit report (A)</p> Signup and view all the answers

According to the loan application, who is included in the term 'Lender'?

<p>The Lender’s agents, service providers, successors, and assigns (B)</p> Signup and view all the answers

What is the purpose of Demographic Information according to the content?

<p>To monitor demographic trends related to applicants (C)</p> Signup and view all the answers

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Related Documents

1. Borrower.docx

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