Originations Application Lifecycle Procedure
Loan Originations Knowledge Quiz
Test your knowledge on the Loan Originations Application Lifecycle Procedure with our engaging quiz. Whether you are preparing for certification, enhancing your understanding, or just interested in the topic, this quiz covers important aspects of loan processing.
- 9 questions covering various loan types and procedures.
- Multiple-choice and checkboxes for an interactive experience.
- Score your results and see how well you understand the loan origination process.
What is a type of loan that self certification is not needed?
Undergraduate loans
Residency loans
Post graduate loans
MBA loans
What is the Right to Cancel time frame?
5 days
Approximately 5 business days
30 days
Approximately 150 business days
The __________ provides the borrower the actual cost and terms of the loan.
Promissory Note
Self Certification
Final Disclosure
Cosigner Addendum
What kind of hold does NOT affect disbursements?
SSN hold
High security alerts
Disbursement hold
Lender Hold
Check the ______ ________ and advise the customer of the approximate date his/her school certifies.
Disbursement dates
School relationship
Teams page
School Calender
Customer can make certain changes until the ______ _______ is generated.
Approval Disclosure
Interest rate
How many times can the Cosigner attempt the Cosigner Addendum? If failed all attempts, how long is it locked?
1 attempt, after 24 hrs
3 attempt, after 48 hrs
3 attempt, after 72 hrs
3 attempt, after 24 hrs
_____ ______ Approval Disclosure will have a paper version mailed for every Parent Loan Application, as well as being able to view online.
Undergrad loan
Graduate loan
Parent loan
Parent plus loan
During the right to cancel period, a loan can be transferred to a different school.
True
False
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