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REL Equity Loans

A modern office setting with a financial advisor explaining equity loans to a diverse group of clients, showcasing charts and loan documents on a table.

Test Your Knowledge on Equity Loans!

Welcome to our comprehensive quiz on REL Equity Loans! This quiz is designed to help you understand the key aspects and requirements of equity loans, ensuring you are well-informed and prepared.

Participate in our quiz to:

Learn about minimum loan amounts and CLTV requirements
Understand closing costs and eligibility criteria
Test your knowledge of regulations and documentation

19 Questions5 MinutesCreated by NavigatingFinance101

What is the minimum loan amount for Equity's?

$5,000.00

$10,000.00

$15,000.00

$20,000.00

Who is responsible for the closing costs on an Equity Loan Product?

The maximum CLTV is ___% in Texas.

Which one of the following is an eligible reason for an Equity Loan product?

Business Purposes

Purchase Money Transactions

Take funds out on a property owned to purchase a separate property?

Home listed for sale

A minimum representative credit score of ____ is required for REL Equity Loan applications dated on or after 29 March 2021

620

650

670

700

720

750

True or False: A prepayment penalty applies to Equity Loan products?

True

False

Manufactured Housing limited to ____% CLTV.

True or False: All appraisals, regardless of CLTV, must be submitted to Underwriting for approval

True

False

When the property is owned for less than a year, the process must submit a ______ exception

When refinancing an existing Navy Federal FEL or HEL into another Navy Federal FEL, the loan amount must be increased by at least $____ over the existing FEL or HEL outstanding balance.

$5,000.00

$10,000.00

$15,000.00

$20,000.00

True or False: When a lender receives an incomplete loan application, the lender must send one of two alternative notifications to the applicant within 30 days. One is a notice of adverse action; the other is a notice of incompleteness.

True

False

If the property does not meet seasoning guidelines, the _________ is responsible for setting loan condition 6326 and edit to read: "Seasoning requirement must be met" as a reminder to the Processor to confirm that seasoning either meets the exception requirements or needs to be sent for an exception

Processor

Originator

Title Reviewer

Underwriter

What is the maximum CLTV % for a seasoning exception for less than 6 months the member owned the subject property?

True or False: Regulation B requires that lenders notify applicants of action taken on the applicant's request for credit, whether favorable or adverse, within 30 days after receiving a completed loan application

True

False

For Equity: Documentation can be no older than ____ days at closing

True or False: For any decision other than Recommend Conditional Approval, the Processor must submit the loan to Underwriting for review

True

False

Which of the following account conditions are NOT required to close the equity loan?

6314 Subject to acceptable evidence of value, to be reviewed prior to settlement

3276 Provide verification of taxes and homeowners insurance on subject property.

6323 Equity Title Reviewer to verify proper ownership and lien position.

6333 Add sufficient assets to application to cover reserve requirement, if applicable

True or False: Review the loan stage. If the loan is already in a Withdrawn or Denied status, the appraisal terms and value do not need to be updated, and the loan does not need to be reopened

True

False

True or False: The Equity Supervisor or Processor III must complete the process below to submit an appraisal exception

True

False

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