Loan Processing Assessment

  • $10.00

The Loan Processing assessment 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 additionalassessments.that may fit your testing needs!

Number of questions 35
Test format Multiple-Choice
Time to complete Varies by skill
Topics covered File Maintenance
Loan Processor Issues
Monitoring, Reviewing, and Input
Operational Procedures
Preliminary Responsibility
Regulatory Compliance
Tasks tested Adverse Action
Communicating With Outside Services
Compliance Determination
Define Loan Processor Characteristics
Delegation Of Work Flow
Determining Right of Rescission
Document Analysis
Ensuring Loan Integrity Exists
File Folder Preparation
File Maintenance
File Preparation
File Preparation For Underwriting
Identifying Duties and Responsibilities
Loan Processor Responsibility
Managing Workflow
Preserving Loan Integrity
Procedural Interpretation
Procedural Ratification
Record Retention
Record Retention and Reporting
Review for Compliance
Reviewing Customer Service Techniques
Reviewing TILA
Streamlining Documentation
Tracking Documentation
Understand Duties
Understanding Credit Transactions
Understanding Industry Terminology
Understanding RESPA Coverage
Understanding Workflow
Validation Of Acceptable Documentation
Supported languages ๐Ÿ‡บ๐Ÿ‡ธ English (en_US)