Loan Officer Practice Exam

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Which type of information is NOT to be included in Section 5a of the URLA?

Residency plans of the borrower
Property lien identification
Loan amount and purpose information
Family relationship with the property seller

The correct answer is: Loan amount and purpose information

In Section 5a of the URLA (Uniform Residential Loan Application), the primary focus is on gathering information about the borrower's personal details, such as residency, employment, and debts. Therefore, the inclusion of loan amount and purpose information does not fit in this section, as it pertains more to the financing details rather than personal borrower information. Residency plans of the borrower, property lien identification, and family relationships with the property seller are relevant to the understanding of the borrower’s circumstances and their connections to the property being financed. These details provide insights into the borrower's situation which are essential for lenders to assess the loan application comprehensively. Thus, the correct choice relates to aspects that are more about the financial specifics of the loan rather than the personal details that Section 5a seeks to collect.