LVO Quiz 2
LVO Knowledge Assessment
Welcome to the LVO Quiz 2! This quiz has been designed to test your knowledge of Loan Valuation Officers (LVO) principles and practices. It consists of 10 questions that cover various aspects of the role you play in assessing loans and risks.
- Multiple choice questions for quick assessments.
- Checkboxes for a deeper understanding of acceptable income types.
- Learn about credit reports, covenants, and more!
On a Full Valuation, as an LVO, what details should we be checking?
Market Value amount
Replacement Insurance Amount
Date of Inspection
All of the above
Name the five C's of credit
Collateral, Coverage, Conditions, Capital, Capacity
Capacity, Capital ,Collateral, Coverage, Conditions
Character, Conditions, Collateral, Coverage, Capacity
Character, Conditions, Capacity, Capital, Collateral
Select income types that are UNACCEPTABLE under Boomer policy
Worker's compensation
Income from boarders/lodgers
Child support that is ongoing for at least the next five years
Undeclared or cash income
If a dependant is aged 14 and applicants are receiving child support, we will accept 100% of this as income?
True
False
If we receive what we think is a fraudulent payslip, what is our next step as an LVO?
Advise the consultant to let the applicant know
Make a note on the application and continue to verify
Advise the CX manager
Send an email to the credit team and refer the application to them to investigate
What is a Covenant?
Form of notice or restriction on a property
Gives a third party the right to use part of the property.
A ‘warning’ Someone has an interest in the property as a priority
Condition tied to the land the property lies on, as to how it is used e.g if part of an estate and can only have certain front landscapes, house type, single storeys
What is Tenancy In Common
Both owners have equal rights and interests in the property
Two or more parties share the ownership of the property. These shares may or may not be equal
Only one person owns or has interest in the property
All of the above
What credit report system will we use from day 1?
Illion
Equifax
Experion
Property Hub
How many year's financials do we require when accepting self-employed income for serviceability?
12 months
18 month
6 months
24 months
What is the minimum length an applicant be employed in their current role if they are on a casual basis?
3 Months
1 month
6 Months
12 Months or 6 Months with current employer if 12 months continuous in same occupation and industry
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