Skip to content
Go Bag
Facebook
Website
Search for:
VA Loan Resources
VA Home Loan Basics
Debunking VA Myths
For Veterans
Debunking VA Myths
Vetted VA™ Go Bag
Disabled Veteran Property Tax Exemption
VA Lender Handbook 26-7
VA One Time Construction Loans
Common Questions
Vetted VA™ Ranks
Credit Support
News & Education
Vetted VA Training Calendar
For Professionals
Interested in Joining Vetted VA as a Professional
Debunking VA Myths
VA Lender Handbook 26-7
Vetted VA™ Ranks
Why Vetted VA™
Merchandise
Clothing
Accessories
About
Leadership
Contact
Search for:
Test Your VA Loan Knowledge
Sample Quiz
Answer 10 introductory questions to test your current knowledge of VA Home loans.
VA may order a credit report on a lender and/or interview principal officers
*
For supervised lenders ONLY
For prior approval lenders ONLY
For all lenders
For non-supervised automatic lenders ONLY
Lenders with automatic authority may submit a loan for prior approval
*
When the underwriting staff wishes to shift the burden of rejection.
When the underwriting staff cannot resolve issues or circumstances.
Only as a last measure.
Whenever they wish.
Which of the following is permitted for a president or principal officer to do?
*
Continue to close loans on an automatic basis until receiving a determination from VA after a change of circumstances, including no longer having a VA-approved underwriter.
Close a permanent mortgage on an automatic basis without VA approval on a loan for a builder in which the lender has a financial interest.
Close a permanent mortgage on an automatic basis without VA approval on a construction loan.
Close a loan as a courtesy for another automatic authority approved lender
A person or entity that performs any activity on behalf of, or in the name of, a sponsoring lender is considered:
*
A lender
An agent ONLY
A mortgage broker ONLY
An agent or a mortgage broker
Underwriters must have at least 3 years experience in:
*
processing and underwriting decisions for VA loans
processing IRRRLs
processing, and the most recent year must include underwriting decisions for VA loans
processing IRRRLs, with one year including underwriting decisions for VA loans
Signatures of all officers, underwriters, or other personnel authorized to sign documents related to VA-guaranteed loan activities must be submitted by:
*
supervised automatic lenders
prior approval lenders
all lenders
non-supervised automatic lenders
A state acting as a lender is:
*
Considered a supervised lender, but is not subject to mandatory periodic examination and supervision
Considered a supervised lender
Is not considered a supervised lender and is not subject to supervision of VA
Is not considered a supervised lender, but it subject to VA
Recognition of an ongoing relationship between a lender and an agent:
*
Prevents the VA from taking actions regarding claim adjustments and collection of loss due to irregularities.
Means the agent may close loans automatically, without review and approval by a VA-approved underwriter.
Includes full responsibility for the acts, errors, or omissions of the agent.
Releases the lender of responsibility for inaccurate or fraudulent credit information by the agent.
Knowingly permitting a Veteran to violate occupancy requirements:
*
Is the least you can do to honor those who have served our country.
May result in withdrawal of authority for 1 to 3 years
May result in withdrawal of authority for 180 days
May result in withdrawal of authority for 60 days
Find a Vetted VA Loan Officer in Your Region
Page load link
Go to Top
