Loan Processor Question and Answers

Question 1

According to RESPA, who needs to obtain copies of the fee disclosure paperwork?

Accepted Answer

All Borrowers

Answer

The loan officer

Answer

The lender

Answer

Not a requirement

Question 2

True or false: In some cases, the lender does not have to send the borrower their Good Faith Estimate

Accepted Answer

False

Answer

True

Question 3

How long do you have after receiving a complete application before mailing the initial loan disclosure documents?

Accepted Answer

3 Days

Answer

Must be mailed immediately

Answer

7 Days

Answer

2 Days

Question 4

True or False: To ensure prompt funding, you or any authorized lender employee may sign documents on behalf of the borrower if a signature is absent.

Accepted Answer

False

Answer

True

Question 5

When submitting an application in person, what document MUST be signed in order to get a borrower's credit report?

Accepted Answer

Borrowers Authorization

Answer

Right to Receive a Copy of Appraisal Notice

Answer

Credit Score Notification Summary

Answer

Truth in Lending

Question 6

True/False: A borrower may receive more than one Good Faith Estimate in specific circumstances.

Accepted Answer

True

Answer

False

Question 7

True or False: The values in the Truth in Lending and Good Faith Estimate are exact estimates of the cost of the borrower's loan.

Accepted Answer

False

Answer

True