REL Equity Loans
Test Your Knowledge on Equity Loans!
Welcome to our comprehensive quiz on REL Equity Loans! This quiz is designed to help you understand the key aspects and requirements of equity loans, ensuring you are well-informed and prepared.
Participate in our quiz to:
- Learn about minimum loan amounts and CLTV requirements
- Understand closing costs and eligibility criteria
- Test your knowledge of regulations and documentation
What is the minimum loan amount for Equity's?
$5,000.00
$10,000.00
$15,000.00
$20,000.00
Which one of the following is an eligible reason for an Equity Loan product?
Business Purposes
Purchase Money Transactions
Take funds out on a property owned to purchase a separate property?
Home listed for sale
A minimum representative credit score of ____ is required for REL Equity Loan applications dated on or after 29 March 2021
620
650
670
700
720
750
True or False: A prepayment penalty applies to Equity Loan products?
True
False
True or False: All appraisals, regardless of CLTV, must be submitted to Underwriting for approval
True
False
When refinancing an existing Navy Federal FEL or HEL into another Navy Federal FEL, the loan amount must be increased by at least $____ over the existing FEL or HEL outstanding balance.
$5,000.00
$10,000.00
$15,000.00
$20,000.00
True or False: When a lender receives an incomplete loan application, the lender must send one of two alternative notifications to the applicant within 30 days. One is a notice of adverse action; the other is a notice of incompleteness.
True
False
If the property does not meet seasoning guidelines, the _________ is responsible for setting loan condition 6326 and edit to read: "Seasoning requirement must be met" as a reminder to the Processor to confirm that seasoning either meets the exception requirements or needs to be sent for an exception
Processor
Originator
Title Reviewer
Underwriter
What is the maximum CLTV % for a seasoning exception for less than 6 months the member owned the subject property?
True or False: Regulation B requires that lenders notify applicants of action taken on the applicant's request for credit, whether favorable or adverse, within 30 days after receiving a completed loan application
True
False
True or False: For any decision other than Recommend Conditional Approval, the Processor must submit the loan to Underwriting for review
True
False
Which of the following account conditions are NOT required to close the equity loan?
6314 Subject to acceptable evidence of value, to be reviewed prior to settlement
3276 Provide verification of taxes and homeowners insurance on subject property.
6323 Equity Title Reviewer to verify proper ownership and lien position.
6333 Add sufficient assets to application to cover reserve requirement, if applicable
True or False: Review the loan stage. If the loan is already in a Withdrawn or Denied status, the appraisal terms and value do not need to be updated, and the loan does not need to be reopened
True
False
True or False: The Equity Supervisor or Processor III must complete the process below to submit an appraisal exception
True
False
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