Quiz for URLA : An Overview
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Question 1 of 10
1. Question
- All financial institutions must use the URLA for every loan.
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Question 2 of 10
2. Question
2. GSE stands for government-secured enterprises?
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Question 3 of 10
3. Question
3. The URLA has been translated into which of the following languages?
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Question 4 of 10
4. Question
4. Which of the following is a subsection under the Borrower Information section of a 1003?
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Question 5 of 10
5. Question
5. Joint intent is no longer required on URLA applications to be captured?
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Question 6 of 10
6. Question
6. What is the effective date for the mandatory use of the Supplemental Consumer Information Form (SCIF/FORM 1103) for loans sold to the GSEs?
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Question 7 of 10
7. Question
7. The URLA and the URLA Additional Borrower are never used together when collecting information on two borrowers with joint assets and/or real estate information.
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Question 8 of 10
8. Question
8. If the bank has two borrowers with separate financial information it will use which of the following methods:
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Question 9 of 10
9. Question
9. If two borrowers have joint financial information, the bank can only complete a separate URLA for each borrower.
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Question 10 of 10
10. Question
10. The Continuation Sheet is required to be used when completing the URLA.