Part 2 comprehensive revision

The basic requirements of loan

• Amount

• Interest

• Term

• All answers are correct

All employees in the bank can have access to clients personal information.

• True

• False

During the credit investigation process the lender will contact other creditors for references directly.

• True

• False

There are ways of communication with the borrower such as telephone, face to face contact, well written documentation by fax, email and text massage

• True

• False

The client not require to provide the bank with accurate information when offering him the loan

• True

• False

In which step the bank contact the client to sign documents and complete his purchase of the loan

• Underwriting

• Complete loan application

• Processing

• Closing

A loan awarded to individuals for consumable purpose such as a car is .................... lending:

• Commercial

• Business

• Retail

• Reward

The step of loan underwriting is considered in loan process as step number:

• one

• Two

• Three

• Four

Mortgage loans are considered as ------------------ loans :

• Unsecured

• Revolving

• Installment

• Secured

Credit Cards are considered as consumer loans.

• True

• False