ALA Test
Master the ALA Test
Test your knowledge on the ALA guidelines and improve your skills in handling lender requirements. This quiz covers various aspects of financing and documentation, ensuring you are well-prepared for real-world scenarios.
- Understand acceptable documentation forms
- Learn about lender tools and approvals
- Know the requirements for different loan amounts
Which forms of stips are acceptable when completing lender stips? (Choose all that apply)
Clear Screenshots
PDFs
Clear Pictures
Screenshots converted to PDFs
Which of the following lenders have a rehash tool you can update approvals in real time? (All that apply)
TD Bank
BOFA
Westlake
Wells Fargo
Capital One
US Bank
How long are Westlake approval good for?
20 days
30 days
Is Dent wizard considered...
VPP
APP
GAP
Customer is financing over 40k, which stips are required?
POR
POI
POR and POI
No stips required if deal is clean
GAP term length equals...
Length of Loan
Customers choice
Same as VPP and APP
60 months
How do you clear self-employed income?
2 paystubs
1 bank statement
3 months of bank statements
Tax returns
Who handles completing the downpayment on a loan?
ALA
Sales Advisor
Purchase Advisor
Funding team
Which is NOT an acceptable form of POR?
Phone bill
W2 form
Bank statement
Internet bill
True or False: All westlake deals require POI.
True
False
What does LTV stand for?
Loan to Value
Lease to Value
Last to Verify
Loan times Value
True or False: You can clear 0 down POR with a DL
True
False
True or False: If customer typos their address we need POR
True
False
What is the loan margin that kills a deal?
-1000
-250
-500
500
{"name":"ALA Test", "url":"https://www.quiz-maker.com/QPREVIEW","txt":"Test your knowledge on the ALA guidelines and improve your skills in handling lender requirements. This quiz covers various aspects of financing and documentation, ensuring you are well-prepared for real-world scenarios.Understand acceptable documentation formsLearn about lender tools and approvalsKnow the requirements for different loan amounts","img":"https:/images/course1.png"}
More Quizzes
PCHFL Test Series
52111
PCHFL Test Series
52126
PCHFL Test Series
105193
SRD Account Management Quiz KDUNN
1586
QA Council: Knowledge Check Payment Options #28751
15816
Team Yhet Trivia Day
1589
Smart Top Up Variant
105148
CREDIT REPAIR BASICS
1479
NMLS Test Chapter 2
1585
Quiz about Product, Policy and surrogates
15850
Scrubbers
10598
TO INTEREST AND BEYOND
13613