Loan Operations Vocab
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Loan Operations Vocab
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25 Questions

1. Characteristics that may indicate a problem on an application are called __ ___

2. ____ of the Uniform Commercial Code governs most loans secured by personal property.

3. ___ is the forced sale of real estate to satisfy a debt

4. The act that lists the type of disclosures that lenders must make in advertising programs and when a loan application is taken.

5. _____ are the largest providers of consumer credit information to the banking industry

6. The ________ function in the loan operations department ensures insurance documentation is obtained.

7. A lender making a secured loan covered by the UCC first needs to create a valid ______ on the property that is to serve as collateral.

8. College fairs are a good place for lenders to sell these kind of loans

9. Coverae under the Servicemembers Civil Relief Act starts on the date the servicemember recieves _____ ______

10. Fling a financing statement with the appropriate legal authority is one way to _____ a lien

11. Credit info on judgments - bankruptcies - and liens recorded is usually obtained from ___ records

12. The first objective of the loan application process

13. A credit history that shows a lot of recent activity and increased debt could indicate that the applicant has _____ debt.

14. The interest income on a closed-end consumer loan _____ as the term extends

15. The C of credit called ______ addresses the kind of person the applicant is and what his or her primary behavior patterns are.

16. _____ is the most common method of computing the interest earned on a consumer loan

17. _______ ______ contracts and ______ ______ agreements incur risk - because if the event stipulate in the contract occurs - the bank must pay off the loan or assume the payments.

18. The difference between gross loss and net loss is the amount recovered from consumers after the loans have been _____ __.

19. To recuce interest-rate risk - many banks try to maintain a portfolio of ______ loans

20. Current quotes from a broker or newspaper - such as the Wall Street Journal - are a good source for verifying the value of _____ and ____.

21. For ____ programs - the bank identifies minimum acceptable credit requirements and ha potential applicants evaluated against those requirements.

22. According to the Truth in Lending Act - the ______ ___ is the interest plus any other charges deemed by the act to be part of the cost of credit.

23. To attain the objective of ______ and ____ document preparation - most banks use automated systems

24. Bank ______ __ ______ apply to the total lending relationship with a borrowerm not just a single loan

25. Compare to other direct loan products - marketing efforts for open-end loans can reach a ______ market area

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