Loan Processing Assessment
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|
|Time to complete||Varies by skill|
|Topics covered||File Maintenance
Loan Processor Issues
Monitoring, Reviewing, and Input
|Tasks tested||Adverse Action
Communicating With Outside Services
Define Loan Processor Characteristics
Delegation Of Work Flow
Determining Right of Rescission
Ensuring Loan Integrity Exists
File Folder Preparation
File Preparation For Underwriting
Identifying Duties and Responsibilities
Loan Processor Responsibility
Preserving Loan Integrity
Record Retention and Reporting
Review for Compliance
Reviewing Customer Service Techniques
Understanding Credit Transactions
Understanding Industry Terminology
Understanding RESPA Coverage
Validation Of Acceptable Documentation
|Supported languages||🇺🇸 English (en_US)