survey-manager/survey-nginx/secure_html/data/tests/dstest.org.fmac

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dstest.001&mcs&0&&What is the foreclosure timeline?&The time it takes to process an individual foreclosure, measured from the DDLPI to the foreclosure sale date.&The time it takes to process an individual foreclosure, measured from the first missed payment to the foreclosure start date.;The time it takes to process an individual foreclosure, measured from the first missed payment to the foreclosure sale date.;The time it takes to process an individual foreclosure, measured from initiation of foreclosure to the foreclosure sale date.;&&&&a&.0&&&&
dstest.002&mcs&0&&What is DDLPI?&The due date of the last fully paid installment.&The next payment due date.;The date the last payment was paid.;The start date of a repayment plan.;&&&&a&.0&&&&
dstest.003&mcs&0&N&What does the term 'acceleration' mean?&The lender exercises the right to declare the entire amount of the mortgage due.&The borrower enters into a forbearance plan.;The borrower increases the number of payments made.;The lender increases the number of collection calls.;&&&&a&.0&&&&&&&&&&&&&&&
dstest.004&mcs&0&&What does the term 'initiate foreclosure' refer to?&The process of submitting the referral letter with all documents to the foreclosure attorney or counsel.&The lender exercises the right to declare the entire amount of the mortgage due.;The attorney sets the foreclosure sale date.;The attorney publishes the foreclosure notice.;&&&&a&.0&&&&
dstest.005&mcs&0&&When do you accelerate a second lien or Home Improvement Loan?&No later than the 45th day of delinquency.&No later than the 90th day of delinquency.;No later than 90 days from the DDLPI.;No later than 120 days from the DDLPI.;&&&&a&.0&&&&
dstest.006&mcs&0&&When do you initiate foreclosure on first lien 1-4 unit properties that have not been previously modified?&No later than the 120th day of delinquency.&No later than the 90th day of delinquency.;No later than 120 days from the DDLPI.;No later than 90 days from the DDLPI.;&&&&a&.0&&&&
dstest.007&mcs&0&&What is the 'best practice' for accelerating Freddie Mac's loans?&Accelerate the loan immediately if the property is abandoned.&Do not accelerate the loan.;Accelerate the loan no later than 90 days from the DDLPI.;Accelerate the loan no later than 120 days from the DDLPI.;&&&&a&.0&&&&
dstest.008&mcs&0&&What is the 'best practice' for initiating foreclosure on Freddie Mac loans?&Initiate foreclosure immediately after the 30-day acceleration period.&Initiate foreclosure no later than 120 days from the DDLPI.;Initiate foreclosure no later than 90 days from the DDLPI.;Do not initiate foreclosure.;&&&&a&.0&&&&
dstest.009&mcs&0&N&What does the term 'deficiency' mean?&The portion of the total debt which is not satisfied from the proceeds of the foreclosure sale.&The difference between the value of the property and the principal balance.;The difference between the value of the property and the total debt.;The difference between the value of the property and the total debt at time of initiation of the foreclosure.;&&&&a&.0&&&&&&&&&&&&&&&
dstest.010&mcs&0&N&What are deficiency rights?&The rights of the note holder to recover the portion of the total debt not satisfied from the proceeds of the foreclosure sale.&The rights of the note holder to initiate foreclosure.;The rights of the note holder to recover the portion of the total debt not satisfied from the sales proceeds of the real estate owned.;The rights of the note holder to enter into a workout scenario.;&&&&a&.0&&&&
dstest.011&mcs&0&N&When do you have to request Freddie Mac's approval to delay initiation of foreclosure?&When the loan is a Second Lien or HIL.&When there are hazardous substances on or near the property.;When the property has been damaged by flood, fire, natural or man-made disasters.;When there is deterioration requiring asset preservation.;When a forfeiture or pre-seizure action is being litigated.;&&&&a&.0&&&&
dstest.012&mcs&0&&What additional search or inspection is required for 2-4 unit properties in Massachusetts if construction was before 1978?&A lead based paint search.&Health code violations.;An environmental search.;&&&&a&.0&&&&
dstest.013&mcm&0&&What additional searches or inspections are required for 2-4 unit properties in New York City if construction was before 1960? (check all that apply)&Health code violations.;A lead based paint search.;&An environmental search.;&&&&a&.0&&&&
dstest.014&mcs&0&&In whose name should the foreclosure be processed?&The Servicer's.&Freddie Mac's.;The foreclosing attorney's.;The borrower's.;&&&&a&.0&&&&
dstest.015&mcs&0&&In whose name should the title be vested at the foreclosure sale?&Freddie Mac's.&The Servicer's.;The foreclosing attorney's.;The borrower's.;&&&&a&.0&&&&
dstest.016&tf&0&&You must follow MI requirements for preserving deficiency rights if there is MI on the loan.&TRUE&FALSE&&&&&.0&&&&
dstest.017&tf&0&N&If a borrower files bankruptcy, you must request approval from Freddie Mac to delay the foreclosure sale.&FALSE&TRUE&&&&&.0&&&&&&&&&&&&&&&
dstest.018&tf&0&&When processing a workout, you do not need to get our approval to delay a foreclosure sale (non-designated counsel) if the state foreclosure timeline will not be exceeded.&TRUE&FALSE&&&&&.0&&&&
dstest.019&tf&0&&You do not need our approval to delay a foreclosure sale in order to complete a workout even if the delay will cause you to exceed the state foreclosure timeline.&FALSE&TRUE&&&&&.0&&&&
dstest.020&tf&0&&There is no penalty for exceeding the state standard timeline if you use designated counsel and provide all necessary information in a timely manner.&TRUE&FALSE&&&&&.0&&&&
dstest.021&tf&0&N&Using the same attorney for both foreclosures and bankruptcies should help to reduce your foreclosure timelines.&TRUE&FALSE&&&&&.0&&&&&&&&&&&&&&&
dstest.022&mcs&0&N&When does Freddie Mac require you to first order a property inspection?&Between the 45th and 60th day of delinquency.&Upon initiation of foreclosure.;By the 90th day of delinquency.;Before setting the foreclosure sale date.;&&&&a&.0&&&&
dstest.023&mcm&0&&You can stop ordering property inspections when __________ (check all that apply)&The borrower pays off the mortgage.;The borrower begins making payments under a repayment plan.;The foreclosure sale occurs.;&You suspect that the borrower has abandoned the property.;You learn the property has been vandalized;&&&&a&.0&&&&
dstest.024&mcs&0&N&If, during the foreclosure process, you receive notice that lead based paint has been found on the property, regardless of the state in which the property is located you should __________&Complete and submit Form 105 within 5 business days of discovering the violations. Include the # and ages of all children under the age of 7 living in the home and a copy of the violation and other pertinent info.&Continue with the foreclosure process;Complete and submit Form 105 within 10 business days of discovering the violations. Include the # and ages of all children under the age of 18 living in the home and a copy of the violation and other pertinent info.;Order bids to determine the amount of repairs necessary and continue with the foreclosure process.;&&&&a&.0&&&&&&&&&&&&&&&
dstest.025&mcs&0&Y&In order to protect our first lien position, you must:&All of the above&Advance funds when necessary to pay expenses that could become first liens.;Preserve the property condition.;None of the above.;&&&&a&.0&&&&&&&&&&&&&&&
dstest.026&mcs&0&N&A full reinstatement is when:&The borrower pays the total amount past due and brings the loan current.&The borrower pays one payment and signs a repayment plan.;The borrower pays 75% of the amount past due.;&&&&a&.0&&&&&&&&&&&&&&&
dstest.027&mcs&0&&A partial reinstatement is:&The borrower pays the first payment due under a repay plan, all fees and costs, and enters into a repayment plan for the remaining arrears.&The borrower pays 25% of delinquent loan payments, all fees and costs, and enters into a repayment plan for the remaining arrears.;The borrower pays 15% of delinquent loan payments, no fees or costs, and enters into a repayment plan for the remaining arrears.;&&&&a&.0&&&&
dstest.028&mcs&0&&If the borrower does not have the BPO costs and late fees, and is requesting a partial or full reinstatement, you should:&Accept the reinstatement and put them on a repayment plan for the BPO and late charges.&Not accept the reinstatement, but put them on a repayment plan.;Not accept the reinstatement.;&&&&a&.0&&&&
dstest.029&mcm&0&&What does the term 'bidding instructions' refer to: (check all that apply)&The opening price for a property at foreclosure sale.;The closing price for a property at foreclosure sale.;&A price for a property at foreclosure sale.;None of the above;&&&&a&.0&&&&
dstest.030&mcs&0&N&The foreclosure bid amount must equal the lesser of:&The 90 day as-is BPO value or the total debt.&The principal balance or the total debt.;The original loan amount or the total debt.;The 120 day as-is BPO value or the principal balance.;&&&&a&.0&&&&
dstest.031&mcs&0&Y&When there is MI on the loan you should:&Follow the Mortgage Insurer's bidding instructions.&Bid as you would if there was no MI on the loan.;Not bid.;&&&&a&.0&&&&&&&&&&&&&&&
dstest.032&tf&0&&You must report a foreclosure to Freddie Mac using MIDANET no later than the first business day following the foreclosure sale.&TRUE&FALSE&&&&&.0&&&&
dstest.033&tf&0&&We may assess a penalty if you do not report the foreclosure sale to us by the first business day after the foreclosure sale.&TRUE&FALSE&&&&&.0&&&&
dstest.034&mcs&0&&The Form 104DC is:&The expense reimbursement form used by designated counsel.&The document custodial services form used by Servicers.;The expense reimbursement request form used by Servicers.;All of the above;None of the above;&&&&a&.0&&&&
dstest.035&mcs&0&Y&You must complete and submit the Form 104SF to us by:&All of the above&30 days of the acquisition date.;Completion of the non-REO activity.;None of the above;&&&&a&.0&&&&&&&&&&&&&&&
dstest.036&mcs&0&&A Chapter 7 bankruptcy action allows:&All the debtor�s non-exempt property to be liquidated by a court-appointed bankruptcy trustee, who uses the proceeds to pay creditors.&The Borrower to use a code to reorganize that is usually used by businesses attempting to reorganize or liquidate.;A Borrower who is a family farmer with income the opportunity to propose a plan of reorganization, with the projected net income of the farm as the budget.;A Borrower with regular income the opportunity to reorganize his or her debt through a plan of reorganization.;&&&&a&.0&&&&
dstest.037&mcs&0&&A Chapter 13 bankruptcy action allows:&A borrower with regular income and the opportunity to reorganize his or her debt.&The Borrower to use a code to reorganize that is usually used by businesses attempting to reorganize or liquidate.;A Borrower who is a family farmer with income the opportunity to propose a plan of reorganization, with the projected net income of the farm as the budget.;All of the Borrower's non-exempt property to be liquidated by a court-appointed bankruptcy trustee, who uses proceeds to pay creditors.;&&&&a&.0&&&&
dstest.038&mcs&0&&A Chapter 12 bankruptcy action allows:&Family farmers with income the opportunity to propose a plan of reorganization.&The Borrower to use a code to reorganize that is usually used by businesses attempting to reorganize or liquidate.;A Borrower with regular income the opportunity to reorganize his or her debt through a plan of reorganization.;All of the Borrower's non-exempt property to be liquidated by a court-appointed bankruptcy trustee, who uses proceeds to pay creditors.;&&&&a&.0&&&&
dstest.039&mcs&0&&A Chapter 11 bankruptcy allows:&Businesses to reorganize or liquidate.&A Borrower who is a family farmer with income the opportunity to propose a plan of reorganization, with the projected net income of the farm as the budget.;A Borrower with regular income the opportunity to reorganize his or her debt through a plan of reorganization.;All of the Borrower's non-exempt property to be liquidated by a court-appointed bankruptcy trustee, who uses proceeds to pay creditors.;&&&&a&.0&&&&
dstest.040&tf&0&N&If you receive notice that a borrower has filed for Chapter 7 bankruptcy protection, you must refer the case to the attorney whether or not the loan is delinquent.&FALSE&TRUE&&&&&.0&&&&
dstest.041&tf&0&&If you receive notice that a borrower has filed for Chapter 7 bankruptcy protection, Freddie Mac requires a Reaffirmation of Debt from the borrower.&FALSE&TRUE&&&&&.0&&&&
dstest.042&mcs&0&N&If a borrower has filed for Chapter 7 bankruptcy protection and is (or becomes) 30 or more days delinquent, you must:&File a motion for relief from stay.&Object to the plan.;Obtain a reaffirmation of debt.;All of the above.;&&&&a&.0&&&&&1&&&N.
dstest.043&mcs&0&&You must report all bankruptcy filings to Freddie Mac via EDR no later than:&The third business day of the month.&The first business day of the month.;The second business day after you receive the bankruptcy notice.;The fifth business day after you receive the bankruptcy notice.;&&&&a&.0&&&&
dstest.044&tf&0&&Servicers do not have to report bankruptcies to Freddie Mac if the borrower is current:&FALSE&TRUE&&&&&.0&&&&
dstest.045&mcm&0&&Which actions do you have to report via EDR? (check all that apply)&Bankruptcy filings, including the date filed.;Date plans are confirmed, where applicable.;Date the stay is lifted following a relief from stay motion or date the stay is lifted following a dismissal of the case.;&Date proof of claim is filed.;Date motion for relief is filed.;Date the objection to plans are filed, where applicable.;&&&&a&.0&&&&
dstest.046&mcs&0&&If a Borrower has filed for protection under Chapter 13 of the Bankruptcy Code and is 30 or more days delinquent, you must:&Wait until the loan is 45 days delinquent and file a motion for relief from the stay.&Obtain a reaffirmation of debt.;File a motion for relief from stay.;None of the above;&&&&a&.0&&&&
dstest.047&mcs&0&Y&An escrow analysis is necessary to determine if a plan of reorganization must include additional funds to maintain the escrow account if:&If the borrower has an escrow account.&If the borrower has filed for protection under Chapter 7 of the bankruptcy code.;All the above.;None of the above.;&&&&a&.0&&&&
dstest.048&mcm&0&&You must use our designated counsel for all bankruptcy cases if the property is located in: (check all that apply)&New Jersey and is a 1-4 unit property.;Massachusetts and is a 2-4 unit property.;Texas, is a 1-unit property and is a cash-out refinance.;Ohio and is a 2-4 unit property.;&Massachusetts and is a single unit property and not mandated.;&&&&a&.0&&&&
dstest.049&mcm&0&&If a borrower has had multiple bankruptcy filings, the Servicer should: (check all that apply)&Determine if immediate relief from stay is warranted.;Seek future prohibitions against subsequent refiling.;Determine if court will annul the stay, if sale was held without knowledge of the bankruptcy filing.;&Award borrower with frequent flier miles.;&&&&a&.0&&&&
dstest.050&tf&0&&When you agree to a partial reinstatement, you should obtain a written stipulation that allows you to resume any foreclosure action in the event the borrower defaults on the repayment plan.&TRUE&FALSE&&&&&.0&&&&
dstest.051&mcm&0&&You are required to order an additional property inspection when __________ (check all that apply)&You are aware of an adverse condition affecting the property.;You suspect that the borrower has abandoned the property.;You learn the property has been vandalized;&The foreclosure sale occurs.;The borrower begins making payments under a repayment plan;&&&&a&.0&&&&
dstest.052&mcm&0&N&In order to protect our first lien position, you must: (check all that apply)&Advance funds when necessary to pay expenses that could become first liens. ;Preserve the property condition.;&Make sure the yard is always neat and trim.;Employ a house-sitter for all vacant properties.;&&&&a&.0&&&&&&&&&&&&&&&
dstest.053&mcs&0&Y&What does the term 'bidding instructions' refer to:& A price for a property at foreclosure sale.&The closing price for a property at foreclosure sale.;The opening price for a property at foreclosure sale.;None of the above;&&&&a&.0&&&&&&&&&&&&&&&
dstest.054&mcs&0&N&When there is MI on the loan you should:&Follow the Mortgage Insurer's bidding instructions.&Bid as you would if there was no MI on the loan.;Bid the lesser of the current property value or claim amount.;Follow the foreclosure attorney�s suggestion.;&&&&a&.0&&&&&&&&&&&&&&&
dstest.055&mcm&0&&You must complete and submit the Form 104SF to us by: (check all that apply)&30 days of the acquisition date.;Completion of the non-REO activity.;&90 days of the acquisition date.;Within one year of selling the real estate owned.;&&&&a&.0&&&&
dstest.056&mcs&0&N&An escrow analysis is necessary to determine if a plan of reorganization must include additional funds to maintain the escrow account if:&The borrower has an escrow account.&The borrower has filed for protection under Chapter 7 of the bankruptcy code.;The borrower does not have an escrow account.;The borrower�s plan of reorganization requests a cramdown.;&&&&a&.0&&&&
dstest.057&mcs&0&N&What does the term 'bidding instructions' refer to:&The opening price for a property at foreclosure sale.&The closing price for a property at foreclosure sale.;A price for a property at foreclosure sale.;None of the above;&&&&a&.0&&&&&&&&&&&&&&&