Lending Ops Quiz
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
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?
Rental income from commercial properties
Foster Care Income
Family Benefit Income
Jobseeker
Child Support
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?
A house with no power or water
An aged care home
A holiday home
An off the plan property
An apartment with a living area of 30m2 including balconies and car parking
A caravan home
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 is our current Home Loan Assessment Rate?
5.75% or 3% above actual rate
6%
Customer's actual rate
4.50%
An exit strategy is required on all applications.
True
False
What must we verify on a return to work letter?
Employment status
Intended return to work date
Base salary
Employment start date
Current leave entitlements
Which loan purposes are within policy?
Construction
Debt consolidation
Purchase of investment property
Payment of tax debt
Purchase of a business
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
No
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
No
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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