Leader Document Processing Mortgage Associate Interview Questions and Answers

CPL stands for Closing Protection Letter, which is a type of insurance policy that protects lenders and borrowers from losses due to errors or fraud during the closing process.

• CPL is typically required by lenders before closing on a mortgage loan.

• It covers losses related to issues such as forged documents, incorrect signatures, or improper notarization.

• The cost of CPL is usually paid for by the borrower as part of the ...read more

Insurance mortgage is a type of insurance that pays off a borrower's mortgage in the event of their death or disability.

• Insurance mortgage is also known as mortgage protection insurance.

• It is designed to protect the borrower's family from losing their home if the borrower dies or becomes disabled and is unable to make mortgage payments.

• The insurance policy pays off the remaining balance of the mortgage.

• It can be purcha...read more

Audit points of sales contract refer to the areas that are reviewed during an audit of a sales contract.

• Audit points include verifying the accuracy of the sales price, ensuring all parties have signed the contract, and confirming the terms and conditions are clearly stated.

• Other audit points may include checking for any contingencies or conditions that must be met before the sale can be completed, and ensuring all nece...read more