Free practice test

Loan Processor Practice Test

Check what you know about the loan processor job with 15 free questions and instant explanations.

Updated By the Career Education Institute Curriculum Team
About this practice test

15 multiple-choice questions on loan processor knowledge, safety and vocabulary. Submit to see your score and explanations, or open any question’s answer as you go. Nothing is saved or shared.

Question 1 of 15Clear to close means:
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Answer: Ready for closing. Status.

Question 2 of 15A VOE verifies:
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Answer: Employment. Job.

Question 3 of 15Submit files that are:
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Answer: Complete. Speed.

Question 4 of 15TRID covers:
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Answer: Loan disclosures. Rules.

Question 5 of 15A rate lock:
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Answer: Guarantees a rate. Rate.

Question 6 of 15Which term matches this definition: “Account for taxes and insurance.”
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Answer: Escrow. Escrow: Account for taxes and insurance.

Question 7 of 15What does “TRID” mean?
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Answer: Disclosure rules.. TRID: Disclosure rules.

Question 8 of 15Which term matches this definition: “Loan-to-value ratio.”
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Answer: LTV. LTV: Loan-to-value ratio.

Question 9 of 15What does “Appraisal” mean?
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Answer: Property value estimate.. Appraisal: Property value estimate.

Question 10 of 15Which term matches this definition: “Debt-to-income ratio.”
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Answer: DTI. DTI: Debt-to-income ratio.

Question 11 of 15What does “Conditions” mean?
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Answer: Items underwriting needs.. Conditions: Items underwriting needs.

Question 12 of 15Which term matches this definition: “Title insurance promise.”
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Answer: Title commitment. Title commitment: Title insurance promise.

Question 13 of 15What does “Loan estimate” mean?
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Answer: Disclosure of loan terms.. Loan estimate: Disclosure of loan terms.

Question 14 of 15Which term matches this definition: “Verification of employment.”
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Answer: VOE. VOE: Verification of employment.

Question 15 of 15What does “Closing disclosure” mean?
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Answer: Final loan terms.. Closing disclosure: Final loan terms.

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