HP Test

A vibrant infographic illustrating key documents and processes in the wholesale and servicing mortgage process, with visuals like a title commitment document, closing disclosures, and checklists.

HP Test: Master Your Knowledge

Welcome to the HP Test quiz! This quiz is designed to assess your understanding of critical documents and processes related to the wholesale and servicing aspects of the industry. Whether you are looking to refresh your knowledge or prove your expertise, this quiz will provide valuable insights.

Key Features:

10 engaging multiple-choice questions
Focus on real-world applications
Score and review your answers instantly

10 Questions2 MinutesCreated by LearningFalcon732

Which of the following documents need to merge in Preliminary Title Commitment in Wholesale Process?

All Deed, Title fees, Title invoice, Map/survey, Note

All Deed, Title fees, Security Instrument, Map/survey

Title fees, Security Instrument, Note, Security Rider

Security Instrument, Note, Security Rider, Title fees

Which one of the following circumstances will not send for extraction in Servicing Process?

Closing Disclosure, Security Instrument, URLA, FHA Case Number Assignment.

Preliminary Title Commitment, W-9, Security Instrument, Loan Application

Closing Disclosure, Appraisal, URLA, Note

Loan Estimate, W-2, Bank Statement, Credit Report

What are the latest updates in Corr- ADR?

Lock Conformation index Lock Conformation.

Order IRRRL Case index VA Case number assignment

Loan Modification Closing Cost Breakdown Index Loan Modification Agreement.

All the above

What are we going to tag if we receive 17 days (about 2 and a half weeks) Paystub wholesale?

Biweekly

Weekly

Will not tag

Semi-monthly

If you receive separate URLA for borrower and co-borrower, then which will go for extraction in servicing?

Both will go for extraction

Only primary borrower URLA goes for extraction

Only Additional borrower URLA goes for extraction

Both will not go for extraction

Which closing disclosure will go for extraction in Corr-ADR?

Oldest date issue and latest borrower signature date

Latest date issue and latest co-borrower signature date

Latest date issue and latest borrower signature date

Oldest date issue and latest co-borrower signature date

What will we index if we receive Payment request management" and "View transaction detail in Corr-ADR?

Payment History

V.A Funding fee

FHA MIP Payment

V.A Lender Certificate

What will we index if receive first Payment details in Servicing transfer statement in Corr-ADR?

Servicing transfer statement

First Payment letter

Servicing Disclosure

Mortgage Statement

Which one of the following circumstances will tagged in Corr- ADR?

Appraisal, URLA, LP Finding, Mortgage insurance certificate

Loan Estimate, Appraisal, Closing Disclosure, UCDP submission summary report

UCDP submission summary report, URLA, LP Finding, Closing Disclosure

Loan Estimate, Appraisal, LP Finding, Mortgage insurance certificate

Which following option is incorrect?

Payment request management index V.A. Funding Fee

Mortgage Rate Quote Index Mortgage Insurance Disclosure

Preliminary Title Commitment index title commitment

Order IRRRL Case index VA Case number assignment

HP Test

HP Test: Master Your Knowledge

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