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Archwell Closers Quiz - Level I

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  • How much cash can a borrower bring to closing on a VA IRRRL loan?
    None
  • To get to the RET Closer UI, you must go through this program
    Fusion BPM (also known as IBM/BPM or just BPM)
  • Information from what Freedom program populates the U/W Final Approval document in EDMS?
    Lakewood
  • What does LE stand for?
    Loan Estimate
  • True or False: you should only save your loan work once when you're working in UI
    False
  • What does CD stand for?
    Closing Disclosure
  • True or False: you must run the FraudGuard report on your loan after you've added your notary name and phone number to the system
    True
  • When is a loan required to carry Flood Insurance?
    When it is located in a flood zone
  • True or False: you must provide enough lender credit on a loan to meet your Highest Lender Credit Disclosed from the CDs and LEs
    True
  • What is a Loan Officer called here at Freedom?
    Loan Advisor (LA)
  • This Freedom program captures activity and communication from the Title Company on a loan
    Keystone
  • What does UI stand for?
    User Interface
  • When the lender is paying for a fee on a VA IRRRL, should the fee be tagged as "specific" or "non-specific" - ?
    Specific
  • UI exchanges information with what Freedom system?
    Lakewood
  • Which loan type requires more documentation - streamline or full-doc?
    Full-Doc
  • True or False: for every refinance loan, you must calculate a new payoff date and amount
    True
  • What does the "IRRRL" stand for in VA IRRRL?
    Interest Rate Reduction Refinance Loan
  • Name two documents that are part of a Title order
    Title Commitment, Closing Protection Letter (CPL), Title Company Fee Sheet, Tax Certification, and Clear to Close
  • How much cash can a borrower get back at closing on a VA IRRRL loan?
    Up to $500.00
  • What is the name of Freedom's loan servicing platform?
    Sagent, LoanServ, or FiServ
  • True or False: the closer must check the disaster spreadsheet for every loan
    True
  • True or False: you must use your Loan Closer Information Sheet for every loan
    False, but we do recommend some way to keep track of loan details!
  • What is the name of the loan document storage system here at Freedom?
    EDMS, or Electronic Document Management System
  • What are the various boxes of information throughout UI called?
    Tiles
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