CM Training Quiz 1
CM Training Quiz: Processor Responsibilities
Welcome to the CM Training Quiz, designed to enhance your understanding of a Processor’s key responsibilities and processes within the loan management system.
Test your knowledge and improve your skills with questions covering:
- Processor duties
- Document management
- Communication protocols
- Service requests
What are a Processor’s Primary Responsibilities?
A. Reviews a file within 24 hours, order Title, Flood, Transcripts & HOI & Submit to initial UW
B. Reviews a file within 24 hours, order Title, appraisal Flood & Submit to initial UW
C. Reviews a file within 72 hours, order ALL Third-Party Services & Submit to initial UW
2. Where do Processors go to update the File with Notes on what was done on the Loan?
A. Conversation Log
B. Note section under forms in Purchase 3rd party contacts
C. Timeline Tracking under Forms in Purchase 3rd party contacts
3. What screen does the Processor Update Dates for when Initial Services are ordered?
A. Purchase Contract dates
B. Timeline Tracking in Forms
C. Timeline Tracking in Services
Where do you go to download documents once E-signing is completed?
A. Efolder, then Retrieve
B. Efolder, then request
C. Disclosure tracking, then History
5. At what Point can a Processor submit a Loan?
A. Once disclosures have been sent & Initial Services have been Ordered
B. When Initial Services have been Ordered
C. Once disclosures have been sent
6. Why is it important to review previous Notes in the File?
A. To see if the UW has left any Notes on status of Ordering Appraisal/Title, and to verify if anything has been completed on the File
B. To see if the borrower has left any Notes on status of Ordering Appraisal/Title, and to verify if anything has been completed on the File
C. To see if the LO has left any Notes on status of Ordering Appraisal/Title, and to verify if anything has been completed on the File
7. What are the 4 services that a Processor should Request/order upfront in a new File/Loan?
A. Order the Title, Flood, HOI & WVOE
B. Order the, Title, Flood, HOI & Transcripts
C. Order the appraisal, Flood Insurance, HOI & Transcripts
8. What screen do you enter purchase contract Dates?
A. Conversation Log in Tools
B. Timeline Tracking in forms
C. Purchase Contract Details screen in forms
9. What is the process for Requesting HOI from the HOI Agent?
A. Call the LO for the contact Info, send the Request to the Agent via email or Fax with Email/Fax Template
B. Call the borrower and have them contact the agent to get the Hoi Updated
C. Call agent get contact Info,) Send out email or Fax with Borrowers auth with the HOI Template
10. What is the Processors responsibility after the Initial Underwriting is completed?
A. To review Underwriting conditions within 24 hours, mark Conditions Requested and request any new conditions that have been Added
B. To review Underwriting conditions within 3 days, mark Conditions Requested and request any new conditions that have been added
C. To review Underwriting conditions within 48 hours, mark Conditions Requested and req any new conditions that have been added
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