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110 lines
16 KiB
110 lines
16 KiB
4 months ago
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id&qtp&qim&qil&qtx&qca&qia&qrm&qnxt&qprv&qalb&subj&wght&pts&flr&ded
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irtest.001&mcs&0&&What is the difference between Reporting and Remitting?&Reporting is sending Freddie Mac information; Remitting is sending Freddie Mac cash&There is no difference, you can use those terms interchangeably;Reporting is optional as long as you remit;Both b and c;All of the above;&&&&&a&.0&&&&
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irtest.002&mcs&0&&How many transactions can Freddie Mac process in a cycle for each loan?&One&As many as necessary;Up to five;&&&&&a&.0&&&&
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irtest.003&mcs&0&&What action should you take, if any, to clear a loan without an asterisk on the Loans Missing Report?&I must transmit a transaction, but it does not have to be transmitted as a revision&No action is necessary/required;I must transmit a transaction as a revision;&&&&&a&.0&&&&
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irtest.004&mcs&0&&What action should you take, if any, to clear a loan on the Edits To Be Cleared Report, excluding 101es?&I must transmit a new transaction as a revision&No action is necessary/required;I must transmit a new transaction, but it does not have to be transmitted as a revision;&&&&&a&.0&&&&
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irtest.005&mcs&0&&What action should you take, if any, to clear a loan on the System Cleared Edit Report, where you AGREE with what Freddie Mac processed?&No action is necessary/required&I must transmit a new transaction as a revision; I must transmit a new transaction, but it does not have to be transmitted as a revision;&&&&&a&.0&&&&
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irtest.006&mcs&0&&What action should you take, if any, to clear a loan on the System Cleared Edit Report to minimize the impact of a loan edit on your Servicer Performance Profile?&I must transmit a new transaction as a revision&No action is necessary/required;I must transmit a new transaction, but it does not have to be transmitted as a revision;&&&&&a&.0&&&&
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irtest.007&mcs&0&&What action should you take, if any, to clear a loan on the System Cleared Edit Report, where you DO NOT AGREE with what Freddie Mac processed?&I must transmit a new transaction as a revision&No action is necessary/required;I must transmit a new transaction, but it does not have to be transmitted as a revision;&&&&&a&.0&&&&
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irtest.008&mcs&0&&How many site numbers do you have for MIDANET for the PC?&One for each software received from Freddie Mac&One for each different Servicer number;One for each different functional area; All of the above;a and b;b and c;&&&&&a&.0&&&&
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irtest.009&mcs&0&&You are transmitting a revision for a transaction. How should you mark the revision on MIDANET for the PC if the original transaction was sent via CPU-to-CPU?&Mark the revision as a REVISE&Mark the revision as an ADD;Mark the revision as an UPDATE;Mark the revision as a DELETE;Mark the revision as BROWSE;&&&&&a&.0&&&&
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irtest.010&mcs&0&&You are transmitting a revision for a transaction. How should you mark the revision on MIDANET for the PC if the original transaction was sent via MIDANET for the PC?&Mark the revision as an UPDATE&Mark the revision as an ADD;Mark the revision as a REVISE;Mark the revision as a BROWSE;Mark the revision as a DELETE;&&&&&a&.0&&&&
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irtest.011&mcs&0&&What balance is used to calculate interest due to Freddie Mac?&The loan balance processed by Freddie Mac the previous cycle&The actual loan balance at the accounting cutoff;The actual loan balance on the first of the month;&&&&&a&.0&&&&
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irtest.012&mcs&0&&The 'amount due' on the Cash Statement is based on __________&What Freddie Mac processed;What Freddie Mac forecast as being due next cycle;&&&&&a&.0&&&&
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irtest.013&mcs&0&&At the May accounting cutoff you report monthly interest for:&April&May;June;&&&&&a&.0&&&&
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irtest.014&mcs&0&&Place a check next to the example below that correctly indicates a 'cash adjustment' __________&Freddie Mac GPS
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$500 $0 = Cash&Freddie Mac GPS
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$500 $500 = Cash;Freddie Mac GPS
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$1200 $1200 = Cash;Freddie Mac GPS
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$200 $200 = Cash;&&&&&a&.0&&&&
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irtest.015&mch&0&&Match the exception code with its description (NOTE: The exception codes in the left column are in the correct order, sort the exception names in the right column.)&60;66;50;40;65;61;&Matured Payoff;Convertible ARM Repurchase;Reinstatement;Inactivation;Repurchase;Prepaid Payoff;&&&&&a&.0&&&&
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irtest.016&tf&0&&The Edits to be Cleared Report is a daily report.&TRUE&FALSE&&&&&.0&&&&
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irtest.017&tf&0&&The Loan Reconciliation Difference Report is a daily report&FALSE&TRUE&&&&&.0&&&&
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irtest.018&tf&0&&If the account Freddie Mac drafts via GPS is at a concentration bank you must call funds in by 3:00 p.m. eastern time the business day prior to the day the remittance is due Freddie Mac.&FALSE&TRUE&&&&&.0&&&&
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irtest.019&tf&0&&Freddie Mac debits your bank account for the 'Amount Due' on the Cash Statement.&FALSE&TRUE&&&&&a&.0&&&&
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irtest.020&tf&0&&You must have written approval from Freddie Mac to reduce a GPS call-in to recoup an overage on you cash statement.&FALSE&TRUE&&&&&a&.0&&&&
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irtest.021&tf&0&&You must transmit the notification of foreclosure via EDR prior to reporting the loan-level transaction to inactivate the loan.&TRUE&FALSE&&&&&a&.0&&&&
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irtest.022&tf&0&&A 101e will stay on the Edits to be Cleared report every day until the end of the cycle.&TRUE&FALSE&&&&&a&.0&&&&
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irtest.023&tf&0&&Most edits continue to appear on the Edits to be Cleared report every day until a revision is accepted or the cycle has ended.&TRUE&FALSE&&&&&a&.0&&&&
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irtest.024&tf&0&&When a loan is set up on your system it should match the Funding Detail report.&TRUE&FALSE&&&&&a&.0&&&&
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irtest.025&tf&0&&Freddie Mac assumes a first of the month due date for all loans for investor reporting.&TRUE&FALSE&&&&&a&.0&&&&
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irtest.026&esa&0&N&You received the May and June payments on April 30th; Each payment is for $100 in principal and $900 in interest. The DDLPI for the May accounting cycle is (MM/DD) __________&06/01&&&&&&.0&&&&
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irtest.027&esa&0&N&You received the May and June payments on April 30th; Each payment is for $100 in principal and $900 in interest. The LPRD for the May accounting cycle is (MM/DD) __________&04/30&&&&&&.0&&&&
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irtest.028&esa&0&N&You received the May and June payments on April 30th; Each payment is for $100 in principal and $900 in interest. For the May accounting cycle for a NET YIELD LOAN, the principal due is __________&200&&&&&&.0&&&&
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irtest.029&esa&0&N&You received the May and June payments on April 30th; Each payment is for $100 in principal and $900 in interest. For the May accounting cycle for a NET YIELD LOAN, the interest due is __________&900&&&&&&.0&&&&
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irtest.030&esa&0&N&You received the May and June payments on April 30th; Each payment is for $100 in principal and $900 in interest. For the May accounting cycle for an ALTERNATE METHOD LOAN, the principal due is __________&200&&&&&&.0&&&&
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irtest.031&esa&0&N&You received the May and June payments on April 30th; Each payment is for $100 in principal and $900 in interest. For the May accounting cycle for an ALTERNATE METHOD LOAN, the interest due is __________&1800&&&&&&.0&&&&
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irtest.032&esa&0&N&You received the May and June payments on April 30th; Each payment is for $100 in principal and $900 in interest. For the May accounting cycle for a SCHEDULED/SCHEDULED LOAN, the principal due is __________&100&&&&&&.0&&&&
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irtest.033&esa&0&N&You received the May and June payments on April 30th; Each payment is for $100 in principal and $900 in interest. For the May accounting cycle for a SCHEDULED/SCHEDULED LOAN, the interest due is __________&900&&&&&&.0&&&&
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irtest.034&mcs&0&&If the DDLPI is 3/1, what is the last month's interest collected from the borrower?&February&January;March;April;&&&&&a&.0&&&&
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irtest.035&mcs&0&&If a loan was inactivated in the July cycle, what was the last month's interest passed through to Freddie Mac?&June&July;August;September;&&&&&a&.0&&&&
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irtest.036&esa&0&N&Calculate the interest due for the May accounting cycle for the following questions. For this loan, the ANY is 8.000% and the Freddie Mac 4/15 loan balance is $80, 000. What is the interest due for a loan that was active on 4/15 and is still active?&533.33&&&&&&.0&&&&
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irtest.037&esa&0&N&Calculate the interest due for the May accounting cycle for this loan. The ANY is 8.000% and the Freddie Mac 4/15 loan balance is $80, 000. What is the interest due for a loan you are inactivating this cycle?&533.33&&&&&&.0&&&&
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irtest.038&esa&0&N&Calculate the interest due for the May accounting cycle for this loan. The ANY is 8.000% and the Freddie Mac 4/15 loan balance is $80, 000. What is the interest due for a loan you inactivated in a previous cycle (at a balance of $80,000) and is still inactive?&0&&&&&&.0&&&&
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irtest.039&esa&0&N&Calculate the interest due for the May accounting cycle. The ANY is 8.000% and the Freddie Mac 4/15 loan balance is $80, 000. What is the interest due for a loan you are reinstating that was inactivated at a balance of $80,000 in the February cycle?&1600&&&&&&.0&&&&
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irtest.040&esa&0&N&Calculate the interest due for the May accounting cycle for this loan. The ANY is 8.000% and the Freddie Mac 4/15 loan balance is $80, 000. What is the interest due for a loan with a transfer to REO date of 5/10/98, a DDLPI of 10/1/97 and an inactivation of February 98?&2133&&&&&&.0&&&&
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irtest.041&esa&0&N&What amount goes in field #1 on the chargeoff worksheet?&-5169.18&&&&&&.0&&&&
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irtest.042&esa&0&N&What amount goes in field #2 on the chargeoff worksheet?-25292.85&&&&&&.0&&&&
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irtest.043&esa&0&N&What amount goes in field #3 on the chargeoff worksheet?&4885.04&&&&&&.0&&&&
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irtest.044&esa&0&N&What amount goes in field #4 on the chargeoff worksheet?&284.14&&&&&&.0&&&&
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irtest.045&esa&0&N&What amount goes in field #5 on the chargeoff worksheet?&5169.18&&&&&&.0&&&&
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irtest.046&esa&0&N&What amount goes in field #6 on the chargeoff worksheet?&13&&&&&&.0&&&&
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irtest.047&esa&0&N&What amount goes in field #7 on the chargeoff worksheet?&23&&&&&&.0&&&&
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irtest.048&esa&0&N&What amount goes in field #8 on the chargeoff worksheet?&60123.67&&&&&&.0&&&&
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irtest.049&mcs&0&&Which example below that correctly indicates a 'paper adjustment' __________&Freddie Mac GPS
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$500 $500 = Paper&Freddie Mac GPS
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$500 $0 = Paper;Freddie Mac GPS
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$200 $400 = Paper;Freddie Mac GPS
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$1500 $500 = Paper;&&&&&a&.0&&&&
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irtest.050&esa&0&N&What amount goes in field #9 on the chargeoff worksheet?&3006.17&&&&&&.0&&&&
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irtest.051&esa&0&N&What amount goes in field #10 on the chargeoff worksheet?&284.15&&&&&&.0&&&&
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irtest.052&esa&0&N&What amount goes in field #11 on the chargeoff worksheet?&3290.32&&&&&&.0&&&&
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irtest.053&esa&0&N&What amount goes in field #12 on the chargeoff worksheet?&63414&&&&&&.0&&&&
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irtest.054&esa&0&N&What amount goes in field #13 on the chargeoff worksheet?&60123.67&&&&&&.0&&&&
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irtest.055&esa&0&N&What amount goes in field #14 on the chargeoff worksheet?&8&&&&&.0&&&&
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irtest.056&esa&0&N&What amount goes in field #15 on the chargeoff worksheet?&60123.67&&&&&&.0&&&&
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irtest.057&esa&0&N&What amount goes in field #16 on the chargeoff worksheet?&23&&&&&&.0&&&&
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irtest.058&esa&0&N&What amount goes in field #17 on the chargeoff worksheet?&60123.67&&&&&&.0&&&&
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irtest.059&esa&0&N&What amount goes in field #18 on the chargeoff worksheet?&284.15&&&&&&.0&&&&
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irtest.060&esa&0&N&What amount goes in field #19 on the chargeoff worksheet?&60407.82&&&&&&.0&&&&
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irtest.061&esa&0&N&What amount goes in field #20 on the chargeoff worksheet?&3006.18&&&&&&.0&&&&
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irtest.062&esa&0&N&What amount goes in field #21 on the chargeoff worksheet?63414&&&&&&.0&&&&
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irtest.063&esa&0&N&What amount goes in field #22 on the chargeoff worksheet?40000&&&&&&.0&&&&
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irtest.064&esa&0&N&What amount goes in field #23 on the chargeoff worksheet?25292.86&&&&&&.0&&&&
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irtest.065&esa&0&N&What amount goes in field #24 on the chargeoff worksheet?65292.86&&&&&&.0&&&&
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irtest.066&esa&0&N&What amount goes in field #25 on the chargeoff worksheet?-1878.86&&&&&&.0&&&&
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irtest.067&esa&0&N&What amount goes in field #26 on the chargeoff worksheet?5&&&&&&.0&&&&
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irtest.068&esa&0&N&What amount goes in field #1 on the ARM worksheet?&1.23&&&&&&.0&&&&
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irtest.069&esa&0&N&What amount goes in field #2 on the ARM worksheet?&5.71&&&&&&.0&&&&
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irtest.070&esa&0&N&What amount goes in field #3 on the ARM worksheet?&8.55&&&&&&.0&&&&
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irtest.071&esa&0&N&What amount goes in field #4 on the ARM worksheet?&5.37&&&&&&.0&&&&
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irtest.072&esa&0&N&What amount goes in field #5 on the ARM worksheet?&3.98&&&&&&.0&&&&
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irtest.073&esa&0&N&What amount goes in field #6 on the ARM worksheet?&8.46&&&&&&.0&&&&
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irtest.074&esa&0&N&What amount goes in field #7 on the ARM worksheet?&11.05&&&&&&.0&&&&
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irtest.075&esa&0&N&What amount goes in field #8 on the ARM worksheet?&7.87&&&&&&.0&&&&
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irtest.076&esa&0&N&What amount goes in field #9 on the ARM worksheet?&4&&&&&&.0&&&&
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irtest.077&esa&0&N&What amount goes in field #10 on the ARM worksheet?&8.5&&&&&&.0&&&&
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irtest.078&esa&0&N&What amount goes in field #11 on the ARM worksheet?&11&&&&&&.0&&&&
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irtest.079&esa&0&N&What amount goes in field #12 on the ARM worksheet?&7.875&&&&&&.0&&&&
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irtest.080&esa&0&N&What amount goes in field #13 on the ARM worksheet?&6&&&&&&.0&&&&
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irtest.081&esa&0&N&What amount goes in field #14 on the ARM worksheet?&8.5&&&&&&.0&&&&
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irtest.082&esa&0&N&What amount goes in field #15 on the ARM worksheet?&9&&&&&&.0&&&&
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irtest.083&esa&0&N&What amount goes in field #16 on the ARM worksheet?&7.875&&&&&&.0&&&&
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irtest.084&esa&0&N&What amount goes in field #17 on the ARM worksheet?&5.625&&&&&&.0&&&&
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irtest.085&esa&0&N&What amount goes in field #18 on the ARM worksheet?&8.125&&&&&&.0&&&&
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irtest.086&esa&0&N&What amount goes in field #19 on the ARM worksheet?&8.625&&&&&&.0&&&&
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irtest.087&esa&0&N&What amount goes in field #20 on the ARM worksheet?&7.5&&&&&&.0&&&&
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irtest.088&mcs&0&&The time period covered by the Cash Statement is for __________&An Accounting Cycle&A Calendar Month;A Fiscal Quarter;&&&&&a&.0&&&&
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irtest.089&tf&0&&The Cash columns on the Cash Statement are calculated on what you made available through NDC for the time period.&TRUE&FALSE&&&&&a&.0&&&&
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irtest.090&esa&0&N&What amount goes in field #3 on the loan foreclosure worksheet?&1032.88&&&&&&.0&&&&
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irtest.091&mcs&0&&If a loan is purchased/funded by Freddie Mac on 2/5, when do you report interest for the first time?&The March cycle&The January cycle;The February cycle;The April cycle;&&&&&a&.0&&&&
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irtest.092&mcs&0&&If a loan is purchased/funded by Freddie Mac on 7/21, when do you report interest for the first time?&The August cycle&The June cycle;The July cycle;The September cycle;&&&&&a&.0&&&&
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irtest.093&mcs&0&&You must have pre-approval from Freddie Mac to repurchase a loan except under the following circumstances:&None of the above&When you have a funding error between $1,000 and $5,000;When the Freddie Mac UPB is less than $10,000;When the loan is an ARM loan prior to its first change date;All of the above;&&&&&a&.0&&&&
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irtest.094&esa&0&N&What amount goes in field #5 on the loan foreclosure worksheet?&76032.88&&&&&&.0&&&&
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irtest.095&esa&0&N&What amount goes in field #6 on the loan foreclosure worksheet?&03/24&&&&&&.0&&&&
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irtest.096&esa&0&N&What amount goes in field #7 on the loan foreclosure worksheet?&03/24&&&&&&.0&&&&
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irtest.097&esa&0&N&What amount goes in field #8 on the loan foreclosure worksheet?&03/03&&&&&&.0&&&&
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irtest.098&esa&0&N&What amount goes in field #1 on the loan foreclosure worksheet?&1000&&&&&&.0&&&&
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irtest.099&esa&0&N&What amount goes in field #2 on the loan foreclosure worksheet?&32.88&&&&&&.0&&&&
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irtest.100&mcs&0&&If a loan is inactivated in the April cycle and reinstated in the July cycle, how many months of reinstatement interest are due Freddie Mac in the July cycle?&3 months of reinstatement interest&0 months of reinstatement interest;1 months of reinstatement interest;2 months of reinstatement interest;&&&&&a&.0&&&&
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