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LVO Quiz 2

A professional and informative illustration depicting Loan Valuation Officers at work, analyzing financial documents and reviewing properties in an office setting.

LVO Knowledge Assessment

Welcome to the LVO Quiz 2! This quiz has been designed to test your knowledge of Loan Valuation Officers (LVO) principles and practices. It consists of 10 questions that cover various aspects of the role you play in assessing loans and risks.

Multiple choice questions for quick assessments.
Checkboxes for a deeper understanding of acceptable income types.
Learn about credit reports, covenants, and more!

10 Questions2 MinutesCreated by AssessingEagle247

On a Full Valuation, as an LVO, what details should we be checking?

Market Value amount

Replacement Insurance Amount

Date of Inspection

All of the above

Name the five C's of credit

Collateral, Coverage, Conditions, Capital, Capacity

Capacity, Capital ,Collateral, Coverage, Conditions

Character, Conditions, Collateral, Coverage, Capacity

Character, Conditions, Capacity, Capital, Collateral

Select income types that are UNACCEPTABLE under Boomer policy

Worker's compensation

Income from boarders/lodgers

Child support that is ongoing for at least the next five years

Undeclared or cash income

If a dependant is aged 14 and applicants are receiving child support, we will accept 100% of this as income?

True

False

If we receive what we think is a fraudulent payslip, what is our next step as an LVO?

Advise the consultant to let the applicant know

Make a note on the application and continue to verify

Advise the CX manager

Send an email to the credit team and refer the application to them to investigate

What is a Covenant?

Form of notice or restriction on a property

Gives a third party the right to use part of the property.

A ‘warning’ Someone has an interest in the property as a priority

Condition tied to the land the property lies on, as to how it is used e.g if part of an estate and can only have certain front landscapes, house type, single storeys

What is Tenancy In Common

Both owners have equal rights and interests in the property

Two or more parties share the ownership of the property. These shares may or may not be equal

Only one person owns or has interest in the property

All of the above

What credit report system will we use from day 1?

Illion

Equifax

Experion

Property Hub

How many year's financials do we require when accepting self-employed income for serviceability?

12 months

18 month

6 months

24 months

What is the minimum length an applicant be employed in their current role if they are on a casual basis?

3 Months

1 month

6 Months

12 Months or 6 Months with current employer if 12 months continuous in same occupation and industry

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