1. New Borrower Quiz

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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?

How soon will you be making a decision on this transaction? Signup and view all the answers

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

1003 Signup and view all the answers

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

Thank them for their interest and introduce yourself Signup and view all the answers

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

If they have been pre-qualified for a mortgage Signup and view all the answers

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

How much are you putting down? Signup and view all the answers

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

The amount of their current mortgage Signup and view all the answers

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 Signup and view all the answers

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

Form 101 and Form 202 Signup and view all the answers

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

1/2021 Signup and view all the answers

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

Section 2: Financial Information Signup and view all the answers

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 Signup and view all the answers

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

Debt repayment history Signup and view all the answers

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

Specific questions about property, funding, and financial history Signup and view all the answers

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 Signup and view all the answers

What warning does the application give regarding delinquency?

Late payments may be reflected in your credit report Signup and view all the answers

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

The Lender’s agents, service providers, successors, and assigns Signup and view all the answers

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

To monitor demographic trends related to applicants Signup and view all the answers