Loan Officer Knowledge Quiz Form
Test your knowledge with this real quiz designed for loan officers. Please answer all questions to the best of your ability.
Which of the following is a secured loan?
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Home mortgage
Credit card
Personal line of credit
Unsecured installment loan
Select all documents typically required for a mortgage application.
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Proof of income
Credit report
Personal references
Property appraisal
Other
On a scale from 1 (Not confident) to 5 (Very confident), how confident are you in explaining loan amortization schedules to clients?
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Not confident
1
2
3
4
Very confident
5
1 is Not confident, 5 is Very confident
Which federal law requires lenders to provide borrowers with a Loan Estimate within three business days of a loan application?
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Truth in Lending Act (TILA)
Real Estate Settlement Procedures Act (RESPA)
Equal Credit Opportunity Act (ECOA)
Home Mortgage Disclosure Act (HMDA)
A borrower’s debt-to-income (DTI) ratio is calculated by:
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Dividing total monthly debt payments by gross monthly income
Dividing gross monthly income by total monthly debt payments
Subtracting monthly debts from monthly income
Adding monthly debts to monthly income
Which of the following are common reasons for loan application denial? (Select all that apply)
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Low credit score
High debt-to-income ratio
Incomplete application
Excellent employment history
Other
Rate your understanding of anti-money laundering (AML) procedures for loan origination.
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1
2
3
4
5
Match each loan type to its typical use case.
*
Rows
Home purchase
Debt consolidation
Business startup
Conventional mortgage
1
2
3
Personal loan
4
5
6
SBA loan
7
8
9
Which step comes first in the loan origination process?
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Application
Underwriting
Closing
Funding
Which of the following best describes your approach to handling complex client questions during the loan process?
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I provide clear, step-by-step explanations
I refer clients to documentation
I escalate to a supervisor
Other
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