Lending Ops Quiz

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Lending Ops Mastery Quiz

Test your knowledge and skills in lending operations with our comprehensive quiz! This challenging quiz features 21 questions that cover various aspects of lending processes and policies. Perfect for professionals looking to refresh their expertise or for newcomers wanting to gain insights into the lending industry.

Multiple choice and checkbox questions
Covers real-world scenarios
Assess your knowledge and improve your skills

21 Questions5 MinutesCreated by CalculatingEagle127

In what circumstance will we take on an off the plan security?

Where property will be completed within 3 months of application

Where property will be completed within 6 months of application

Off the plan is not allowed

There are no restrictions for off the plan

Mac is applying for a cash out with a DTI >6x. What is the maximum cash out he can apply for?

$100K

$250k

$300k

No cash out allowed

Which forms of non-employment income are allowed for servicing?

Claudia completed her smart statements on the 28th of August, but her application was not submitted until the 5th of September. Which process should we follow for assessment?

Post-LAU

Pre-LAU

What age is acceptable for a payslip to be used as a verification document?

180 days

45 days (90 days for payments greater than monthly)

120 days

60 days (90 days for payments greater than monthly)

Which property types are NOT acceptable for security?

Maneet has an owner occupied property and wishes to cross-collateralise this with his new investment property purchase. What is the maximum LVR that he can have?

80%

85%

70%

50%

Ben is buying a new owner-occupied apartment for $600,000, however the AVM returned a market value of $700,000. What are the next steps?

Use the lower figure of $600,000

Use the median figure of $650,000

Order a minimum Desktop valuation

What must we verify on a return to work letter?

Tyler's CBA credit card shows that he uses it for transactional purposes (rather than borrowing purposes) because he wants to get points on his everyday spending. This means we can use 45% of his approved limit in servicing.

True

False

Yusuf had his application declined at ubank on the 15th of August because his observed expenses were substantially higher than he declared. Since the lending assessment upgrade, we now allow declared expenses to be considered. When can Yusuf apply at ubank again with his declared expense position?

Any time after the 5th of September

3 months from the original decline

6 months from the original decline

What is the difference between NSI 1 and NSI 2?

NSI 1 is based on Declared vs Digitally Verified vs HEM + add-on's. NSI 2 is based on Declared vs HEM + add-on's.

NSI 1 is based on declared, NSI 2 is based on HEM

NSI 1 is based on digitally verified and NSI 2 is based on declared

NSI 1 is based on HEM, NSI 2 is based on digitally verified.

A valuation for a freestanding house notes potential cladding. Do we require a cladding compliance certificate?

Yes

Kelly's application has declared expenses of $3,500 per month and HEM of $4,500. She has also declared $300 per month for add-on expenses. What figure will be used for servicing?

$4,800pm

$4,500pm

$3,800pm

$3,500pm

When reviewing the decisioning tab, you notice that completeness failed for groceries. The broker has made the following comment: "Applicant has a veggie garden". Can we proceed with this commentary?

Yes

What should you do when you first notice that NSI 1 and NSI 2 have both failed?

Run servicing through the Pre-LAU calculator

Decline the application as everything in the system would be correct

Check the application page for commentary to confirm if manual adjustments are needed

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