LOAN ORIGINATION ACTIVITIES
EXAM QUESTIONS AND ANSWERS
WhichPofPthePfollowingPwouldPnotPbePfoundPonPaPcreditPreport?P-PCORRECTPANSWERS-
PaymentsPmadePtoPcreditorsPwhoPdoPnotPsendPdataPtoPaPrepository
APborrowerPdoesPnotPwishPtoPcompletePthePdemographicsPquestionsPinPthePGovernmentPMonitori
ngPsectionPofPtheP1003.PWhatPshouldPthePmortgagePloanPoriginatorPdo?P-PCORRECTPANSWERS-
IndicatePthatPthePapplicantPchoosesPnotPtoPself-
disclose,PandPcompletePwhatPhePorPshePcanPbasedPonPvisualPobservationPduringPaPface-to-
facePinterview
BankruptcyPinformationPwillPremainPonPaPconsumer'sPcreditPreportPfor:P-PCORRECTPANSWERS-
TenPyears
SuePJohnsonPisPaPreceptionistPforPaPconstructionPcompany.PShePreceivesPbi-
weeklyPpayPinPthePamountPofP$1,153.85.PWhatPisPherPmonthlyPqualifyingPincome?P-
PCORRECTPANSWERS-$2,500
WhyPwouldPaPborrowerPpayPdiscountPpointsPinPconjunctionPwithPhis/herPloanPtransaction?P-
PCORRECTPANSWERS-ToPlowerPtheirPnotePrate
WhichPofPthePfollowingPbestPdescribesPthePLTVPratio?P-PCORRECTPANSWERS-
ItPisPthePratioPofPthePborrower'sPprincipalPloanPbalancePtoPthePappraisedPvaluePofPthePproperty
WhichPofPthePfollowingPrealPestatePappraisalPapproachesPconsidersPthePvaluePofPthePpropertyPandP
anyPimprovementsPmade?P-PCORRECTPANSWERS-CostPapproach