Loan Processing Assessment

$27.37

Loan Processing Assessment

$27.37
Skills Assessment
description

The Loan Processing test is a recapitulation of loan processing and investor dedication in capital markets, or as more commonly referred to in the mortgage banking industry "the secondary market."

Mortgage banking is clearly the most complex and quantitative customer financial business. It demands a very high level of discipline and analytical rigor that is not a strict requirement in other businesses. Advances in automation technology have made "tracking" of essential documentation by loan processors less laborious. Thus, the mindset of loan processors is on input accuracy, assembling necessary loan documentation, and is not a judgment step, which is the responsibility of loan underwriting. The confluence of increased standardization and increased economic returns has made mortgage lending an attractive investment and business.

Such topics covered in this exam are procedural ratification, file maintenance, workflow, and industry terminology.

Please also see the entire Accounting Skills package available for additional tests that may fit your testing needs!

 

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How does it work?
Total Questions 35
Question Types Multiple Choice
Competencies Tested Preliminary Responsibility
Monitoring, Reviewing, and Input
File Maintenance
Loan Processor Issues
Regulatory Compliance
Operational Procedures
Tasks Tested Managing Workflow
Delegation Of Work Flow
File Maintenance
Understand Duties
Understanding Workflow
Loan Processor Responsibility
File Preparation
Document Analysis
File Preparation For Underwriting
Validation Of Acceptable Documentation
Tracking Documentation
Understanding Industry Terminology
Define Loan Processor Characteristics
Reviewing Customer Service Techniques
Preserving Loan Integrity
Determining Right of Rescission
Adverse Action
Ensuring Loan Integrity Exists
Review for Compliance
Record Retention
Understanding Credit Transactions
Reviewing TILA
Record Retention and Reporting
Understanding RESPA Coverage
Procedural Ratification
Compliance Determination
Communicating With Outside Services
Procedural Interpretation
File Folder Preparation
Streamlining Documentation
Identifying Duties and Responsibilities