Loan Servicing Cross Training - Final
Loan Servicing Proficiency Quiz
Test your knowledge and skills in loan servicing with this comprehensive 40-question quiz. Perfect for those in the loan servicing industry, this quiz covers various aspects of loan management, customer service practices, and regulatory standards. Whether you are new to the field or looking to brush up on your knowledge, this quiz is an excellent resource.
Key features:
- 40 carefully crafted questions
- Instant feedback on your selections
- Score tracking to help you improve
You can expedite a request for mortgage payoff demands.
True
False
A borrower submits a secure message requesting to remove PMI. What department would you assign the case to?
LS Collateral
LS Escrow
LS Taxes
LS Insurance
Special Assets
Portfolio Management
What is the turn around time for a payoff?
2-3 business days
3 business days
10 business days
3-5 business day
7 business days
5-7 business days
Which loan types can you change the due date on?
SFR
Mortgage loans
Personal loans
Auto loans
Consumer loans
If the insurance says tracking "yes" that means the bank is in charge of making the disbursement.
True
False
A borrower submits a secure message. They state that they are needing the title in order to submit an out of state title transfer and their loan is paid. Which department do you assign the case to?
LS Payments/Billings
LS Collateral
LS Post Closing
LS Complaints
Portfolio Management
Special Assets
A loan servicing customer service representative can manually process payments over the phone for the borrower.
True
False
A 3rd party calls in and asks what they need to submit a mortgage payoff. What information must they include?
Loan number
Borrower's Social Security Number
Borrower's Authorization Form
Date of Birth of the borrower
Good through date
Verbal Authorization
How far out can you change an eligible account's due date from the current due date that they have?
7 business days
7 Calendar Days
10 Calendar Days
10 Business Days
20 Calendar Days
20 Business Days
If you see an account that says "shadow processing". How do you proceed?
Proceed by assisting the borrower and provide payment options.
Proceed by transferring over to IVR system.
Proceed by transferring to Special Assets
Proceed by transferring to Portfolio Management.
Which of the following methods can a borrower submit a principal payment?
By check.
Through the IVR System
Through their Online banking account.
Through a LS Customer Service representative.
What is the email for loan related inquiries?
Payoff@axosbank.com
Customerservice@axosbank.com
Loanservicing@axosbank.com
Servicing@axosbank.com
Which department handles repo inquiries?
Special Assets
Portfolio Management
LS Payments/Billings
LS Complaints
LS Escalated
LS Collateral
Usually how long does it take to receive the title after it's been paid off?
30 days
15 days
10 days
20 days
What number do you call for new personal loan inquiries?
866-923-3625
866-923-7112
844-517-5556
844-517-5556
If the borrower calls in for a 10 day payoff on their auto loan. What would be the void date?
May 21st
May 20th
May 22nd
May 23rd
May 25th
May 24th
An auto loan can only be changed once for the life of the loan.
True
False
A paid late fee waiver is handled by tagging the LS Supervisor and leaving the case in the LS Customer Service Queue.
True
False
Who handles credit report inquiries?
Special assets
LS Payments/Billings
LS Escrow
Portfolio Management
LS Complaints
Which department handles re-analysis?
LS Insurance
LS Taxes
Portfolio Management
LS Escrow
Special Assets
LS Customer Service
Axos can refinance their own auto loans.
True
False
A borrower who has a current mortgage loan can refinance their loan through Axos.
True
False
How can a borrower receive their 1098 form?
Through Online Banking
Through Secure Message
Through Email
Through chatting with EVO
By mail to the address on file
By mail to the address they list in the request
Can loan servicing customer service representatives process VOM's?
Yes
No
Who handles name changes?
LS Customer Service Reps.
Special Assets
LS Escalated
Portfolio Management
LS Supervisors
LS Complaints
What options does a borrower who has made a duplicate payment by another financial institution?
They can request to apply it to principal.
They can request to apply it to their escrow account
They can request for a refund via ACH..
They can leave the account as is and not make a payment until due again.
They can request a refund by check.
They can request for the funds to be applied towards their phone bill.
The borrower calls in and is requesting a due date change for an eligible account and meets all requirements. You check the account and see the payment is due today. You procced by?
Proceed by changing the due date.
Proceed by advising the borrower their account will have to be satisfied first and then they will need to re-submit the request once, payment is posted.
Proceed by transferring to Special Assets.
Proceed by requesting a borrower's authorization form.
An email can be accepted for requests regarding changing their email or phone number on file.
True
False
The grace period for a mortgage is_____?
10 days
15 days
20 days
30 days
Overages only take 24 hours or the next business day to post.
True
False
Total loss vehicle insurance claims are handled by which department?
LS Customer Service
LS Post Closing
Special Assets
Portfolio Management
LS Complaints
LS Insurance
What is the phone number for the IVR system?
866-923-7112
866-923-3625 opt. 1 opt. 2
866-923-7112 opt1 opt. 2
866-923-3625
The address P.O. Box 80471 City of Industry, CA 91716 is for overnight payoff checks.
True
False
Holdbacks are handled by Portfolio Management.
True
False
Escrow can include HOA insurance.
Yes, if opted at the time of originations.
Yes, the borrower can add it to their escrow account at anytime.
Only, if they include PMI insurance.
No.
What are reasons a borrower's monthly payment can increase?
Late fee.
Force Place Insurance.
Escrow Analysis found increase in previous years disbursements.
Car Insurance.
HOA Insurance.
A lien release can be received prior to payoff.
True. If they "promise to pay."
True. The can ask for it at any point through the duration of the loan.
False. It's received at the time of originations.
False. Only after the loan has been paid in full.
We are currently offering deferments.
True
False
HELOC stands for _____.
Home Equity Loan of Credit
Home Evolution Loan of California
Home Equity Line of Credit
Home Evolution Line of Credit
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