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

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spexam.001&mcs&0&N&What disposition code will you use to obtain your own rate lock between day 0 and 44 of the balloon maturity date?&�S�ervicer delegated&�P�roblem;�I�ntended payoff;&&&&a&.0&&&&
spexam.002&mcs&0&N&Which disposition codes can you transmit prior to the 60th day before the balloon maturity date?&�I�ntended payoff and �P�roblem&�S�ervicer delegated and �I�ntended payoff;All of the above ;&&&&a&.0&&&&
spexam.003&mcs&0&&If a loan has a �D�elinquent disposition code but the borrower wants to reset, what disposition code will you transmit?&�P�roblem&�I�ntended payoff;�D�elinquent;�S�ervicer delegated;&&&&a&.0&&&&
spexam.004&mcs&0&N&If you have a question regarding a loan with a disposition code of �I�, �N� or �P�, who do you contact for resolution?&A member of the Performing Loans balloon team&A member of the Nonperforming Loans team;(800) FREDDIE;&&&&a&.0&&&&
spexam.005&mcm&0&N&What documentation are you required to send to Freddie Mac to review a delinquent loan?  <br><i>(Check all that apply)</i>&Form 1130;12 month payment history;&Explanation from the borrower about the delinquency;All of the above;&&&&a&.0&&&&
spexam.006&mcs&0&N&When do you change your systems and mortgage records to reflect the terms of the Balloon Loan Modification?&During the accounting cycle in the month following the balloon maturity date&Within the first five business days of the month following the balloon maturity date;During the accounting cycle in the month before the balloon maturity date;Whenever you want to;&&&&a&.0&&&&
spexam.007&mcm&0&&You may issue a forbearance agreement prior to the balloon maturity date as long as the borrower has <br><i>(Check all that apply)</i>&A signed sales contract;Refinance loan approval;&An unsigned sales contract AND refinance loan approval;&&&&a&.0&&&&
spexam.008&esa&0&N&Form _____ is required by Freddie Mac in order to complete the reset on our records if there is a third-party custodian.  <br><i>(Answer should be form number only)</i>&1034B&&&&&&.0&&&&
spexam.009&tf&0&N&A regularly scheduled principal and interest payment is due on the balloon maturity date.&FALSE&TRUE&&&&&.0&&&&
spexam.010&tf&0&&To reset a loan, Freddie Mac expects a signed and recorded balloon loan modification with the Form 1034B.&FALSE&TRUE&&&&&.0&&&&
spexam.011&tf&0&&The �R�eset disposition code can be transmitted on the 44th day prior to the balloon maturity date.&FALSE&TRUE&&&&&.0&&&&
spexam.012&mcs&0&&You will receive a ____________ when the accounting net yield is higher than the required net yield.&Discount&Premium;Windfall;Shortage;&&&&a&.0&&&&
spexam.013&mcs&0&&If a loan pays off prior to the 60th day before the balloon maturity date and you request a rate lock, what MIDANET report will you receive?&Rate lock rejection report&Status report;Rate lock-in report;&&&&a&.0&&&&
spexam.014&tf&0&&A loan cannot be reset if there is a junior lien on the property.&FALSE&TRUE&&&&&.0&&&&
spexam.015&esa&0&N&Can a loan be reset if a borrower is unemployed but current in their monthly mortgage payments? <i>(Answer <b>Yes</b> or <b>No</b>)</i>  &Yes&&&&&&.0&&&&
spexam.016&mch&0&N&Match the disposition codes in column 1 with the appropriate definition in column 2. (Enter the applicable number in the box)&F;D;M;W;Q;&You have previously reported to us that the loan is in foreclosure;The borrower was delinquent in monthly payments within 90 days of the balloon ;The loan has been selected for the alternative balloon loan modification program;The borrower is being considered for a workout;Our calculations indicate that the borrower�s reset interest rate exceeds the current note ;&&&&n&.0&&&&
spexam.017&tf&0&N&You have until 4:30 p.m. Eastern Time on the 44th day prior to the balloon maturity date to transmit a �N�o Response disposition code.&TRUE&FALSE&&&&&.0&&&&
spexam.018&mcm&0&N&Which elements are NOT used to calculate the reset note rate?  <br><i>(Check all that apply)</i>&The borrower�s payment history;The current servicing history;&spread (fee);The required net yield (FNMA or FHLMC, as applicable);Rounding the subtotal to the nearest 1/8 of 1%;&&&&a&.0&&&&
spexam.019&mcs&0&&How is the new servicing spread (fee) calculated?&By subtracting the Freddie Mac required net yield from the reset note rate&By subtracting the required net yield used from the reset note rate;By adding the existing servicing spread to the required net yield used;By subtracting the existing servicing spread from the required net yield;&&&&a&.0&&&&
spexam.020&mcs&0&N&Which reset conditions must be met for a borrower to be considered �eligible�?&All of the above&The borrower is current in monthly payments and was not more than 30 days late on any of the 12 payments prior to the balloon maturity date;The borrower�s request to reset must be received by the 45th day prior to the balloon maturity date;The borrower must still be the owner and occupant of the property (primary or secondary residence);The reset note rate must not be more than 5% above the original note rate;Title to the property must be free from liens, defects, encumbrances or other adverse matters;&&&&a&.0&&&&
spexam.021&tf&0&&Freddie Mac�s and Fannie Mae�s required net yields are always the same.&FALSE&TRUE&&&&&.0&&&&
spexam.022&tf&0&&The time period for the borrower to respond to the required notice is the same between Freddie Mac�s and Fannie Mae�s documents.&FALSE&TRUE&&&&&.0&&&&
spexam.023&mch&0&N&Match the document descriptions in the left column with the appropriate institution in the right column. (Enter the applicable number in the box)&Borrower�s notification to reset must be received by you between the 60th and 45th day prior to the maturity date;Required net yield is Fannie Mae�s 30-year, fixed-rate mortgage with 60-day mandatory delivery;Required net yield is Freddie Mac�s 30-year, fixed-rate mortgage with 60-day mandatory delivery;&Freddie Mac;Fannie Mae;Either Freddie Mac or Fannie Mae;&&&&n&.0&&&&
spexam.024&mcm&0&N&What steps do you perform to reset a loan for an eligible borrower whose response is received 67 days prior to the balloon maturity date if the mortgage was originated on Fannie Mae documents requiring the use of Fannie Mae�s required net yield?  <br><i>(Check all that apply)</i>&Obtain the Fannie Mae required net yield on the date and time you receive the borrower�s election to reset;Calculate the reset note rate by adding .50% to the Fannie Mae required net yield and round to the nearest 1/8% (.125);Calculate the reset servicing spread by subtracting the Freddie Mac required net yield from the reset note rate;Report and remit the reset accounting net yield (ANY) in the accounting cycle following the balloon maturity date;&Obtain and rate lock the Freddie Mac required net yield on the date and time you receive the borrower�s election to reset;All of the above;&&&&a&.0&&&&
spexam.025&tf&0&&If an ineligible borrower whose mortgage was originated on Fannie Mae�s documents is approved for a reset, you will use Freddie Mac�s required net yield to calculate the reset note rate.&TRUE&FALSE&&&&&.0&&&&
spexam.026&mcm&0&N&If you receive a borrower request for an extension to exceed the balloon maturity date to payoff the loan, what type of extension may you grant?  <br><i>(Check all that apply)</i>&A temporary forbearance for up to 90 days after the balloon maturity date if the borrower provides proof of refinance loan approval;A temporary forbearance for up to 90 days after the balloon maturity date if the borrower provides an executed sales contract;&A temporary forbearance for up to 120 days after the balloon maturity date if the borrower provides proof of refinance loan approval;A temporary forbearance for up to 120 days after the balloon maturity date if the borrower provides an executed sales contract;No extension may be granted for any reason;&&&&a&.0&&&&
spexam.027&tf&0&&You cannot report an �N�o Response code until the 45th day prior to the balloon maturity date and have until 4:30 p.m. Eastern time on the following business day to be complete.&TRUE&FALSE&&&&&.0&&&&
spexam.028&mcs&0&N&If the 44th day prior to the balloon maturity date falls on a weekend or Freddie Mac holiday, you must report by the&Next business day&Following Tuesday;Next day;Previous day;&&&&a&.0&&&&
spexam.029&mcs&0&N&What does an �M� disposition code on MIDANET mean?&Freddie Mac has identified the balloon/reset mortgage as being in danger of imminent default and targeted for the Alternative Balloon Loan Modification Program&Freddie Mac has targeted the balloon/reset mortgage for a workout;Freddie Mac is monitoring the balloon/reset over the next 30 days;&&&&a&.0&&&&
spexam.030&mcm&0&&What do you do when you find a loan with a disposition code of �M�?  <br><i>(Check all that apply)</i>&Send a solicitation letter to the borrower by the 40th day prior to the balloon maturity date;Leave the disposition code alone;Work with the Freddie Mac Non-performing Loans Department;&Send a solicitation letter to the borrower by the balloon maturity date;&&&&a&.0&&&&
spexam.031&tf&0&&We will assess you a late disposition code penalty since an �M� code precludes you from transmitting another disposition code.&FALSE&TRUE&&&&&.0&&&&
spexam.032&mcs&0&N&Will your MIDANET file be updated if you call either (800) FREDDIE or a member of the Performing Loans Balloon Team to report a disposition code?&No, only loans reported via MIDANET are updated in MIDANET&Yes, loans reported by calling either (800) FREDDIE or a member of the Performing Loans Balloon Team will be updated in MIDANET;None of the above;&&&&a&.0&&&&
spexam.033&mcs&0&&How can you correct a data error on a transmitted Form 1074 before the loan resets?&All of the above&Notify a Performing Loans balloon/reset team member;Receive the Form 1074 via MIDANET;Access, update and retransmit the 1074 the next business day;&&&&a&.0&&&&
spexam.034&mcs&0&N&When can you expect to be charged a late fee of $100 per loan (up to $10,000 per occurrence)?&All of the above&When you fail to report a disposition code by 4:30 p.m. Eastern Time on the business following day the 45th day prior to the balloon  maturity date;When the required reset documents, Form 3293 and/or Form 1034B, are received by Document Custodial Services later than 10 calendar day after the balloon maturity date;When the required reset documents, Form 3293 and/or Form 1034B, are not received by Document Custodial Services by the second business day prior to the accounting cutoff in the month following the balloon maturity date;&&&&a&.0&&&&
spexam.035&mcs&0&N&You can be charged all three late fees on one loan for a total of $300 if you...&All of the above&Reported the disposition code late;Did not deliver the documents by the 10th calendar day after the balloon maturity date;Delivered the documents after the 2nd business day prior to the accounting cutoff in the month following the balloon maturity date;None of the above;&&&&a&.0&&&&
spexam.036&mcs&0&&Who should you contact when trying to reset a loan in the Alternative Balloon Loan Modification Program?&Non-performing Loans&(800) FREDDIE;Performing Loans;&&&&a&.0&&&&
spexam.037&ord&0&N&Put the following steps in the correct order for resetting a loan in the Alternative Balloon Loan Modification Program. <i>(Enter the applicable step # in the box)</i>&Receive a report identifying the loan as having danger of imminent default and send out the solicitation letter to the borrower;The borrower submits a current copy of their pay-stub(s) and the completed Form 1126;Once Non-performing Loans receives the information, they will determine if the loan can be approved for a step-rate or reset;If the loan is approved for reset, Non-performing Loans will lock the rate and you will receive, update and transmit the Form 1074 and submit the Form 1034B to Document Custodial Services to certify;&&&&&o&.0&&&&
spexam.038&mcs&0&N&When do you first report the new rate to Freddie Mac if the reset had a maturity date of 8/1/xx and was reset on time?&The 9/15/xx accounting cutoff&The 10/15/xx accounting cutoff;The 8/15/xx accounting cutoff;None of the above;&&&&a&.0&&&&
spexam.039&tf&0&N&You should treat all balloon/reset loans that you service for ineligible borrowers in the same manner.&TRUE&FALSE&&&&&.0&&&&
spexam.040&tf&0&N&You can include refinancing advertising in the required notices to borrowers if the notification is not targeted only to Freddie Mac�s borrowers and your portfolio balloon/reset loans are treated the same.&TRUE&FALSE&&&&&.0&&&&
spexam.041&tf&0&&You may use your own modification form(s) in lieu of Freddie Mac�s forms when completing resets.&FALSE&TRUE&&&&&.0&&&&
spexam.042&mcm&0&N&What must you do if the borrowers are now divorced, no quit claim deed was executed/recorded, but only the party still in the property wishes to reset?  <br><i>(Check all that apply)</i>&Require a quit claim deed from the borrower not wishing to reset the mortgage;Qualify the remaining borrower for a loan assumption;&Commence foreclosure since all parties can�t agree;Reset with only one party and don�t worry about title;&&&&a&.0&&&&
spexam.043&tf&0&N&You can automatically reset a loan that is identified for the Alternative Balloon Loan Modification Program.&FALSE&TRUE&&&&&.0&&&&
spexam.044&tf&0&&You should NOT send a borrower whose loan has an �M� disposition code a solicitation letter along with a Form 1126 for completion.&FALSE&TRUE&&&&&.0&&&&
spexam.045&mcs&0&&Do you have the authority to make an exception and reset a loan with a �D� disposition code?&No&Yes;Under certain circumstances;&&&&a&.0&&&&
spexam.046&tf&0&&You need to submit Form 1130 and 12 month payment history for Freddie Mac to grant a rate lock if a loan has a �D� disposition code.&TRUE&FALSE&&&&&.0&&&&
spexam.047&tf&0&&You must have a subordination agreement in all cases if you are able to use the Special Reset Mortgage Title Insurance coverage.&FALSE&TRUE&&&&&.0&&&&
spexam.048&tf&0&&If you use traditional title, the insurer may approve an endorsement to title without getting a subordination agreement.&TRUE&FALSE&&&&&.0&&&&
spexam.049&mcs&0&N&Can you approve a reset if a loan matured six months ago and the borrower contacts you to request a reset?&No&Yes;Under certain circumstances;&&&&a&.0&&&&
spexam.050&mcs&0&&Can you obtain your own rate lock for an ineligible borrower?&Under certain circumstances&Yes;No;&&&&a&.0&&&&
spexam.051&esa&0&&Are there resets for ineligible borrowers where you cannot obtain your own rate lock? <i>(Answer <b>Yes</b> or <b>No</b>)</i>&Yes&&&&&&.0&&&&
spexam.052&esa&0&N&What disposition code would you transmit to obtain a rate lock for an ineligible borrower?&S&&&&&&.0&&&&
spexam.053&mcs&0&&Must you send a required notice if a loan is in foreclosure?&No&Yes;Under certain circumstances;&&&&a&.0&&&&
spexam.054&tf&0&&As a best practice, you may send a borrower whose loan is in foreclosure a required notice stating that if the loan is brought current before the balloon maturity date then a reset may be possible.&TRUE&FALSE&&&&&.0&&&&
spexam.055&tf&0&&If Freddie Mac is your document custodian and a reset with a maturity date of 3/1/xx closes, Document Custodial Services must receive the Form 3293 and Form 1034B no later than 3/11/xx  (assuming 3/11/xx is a business day).&TRUE&FALSE&&&&&.0&&&&
spexam.056&tf&0&&If Freddie Mac is your document custodian and a reset with a maturity date of 12/1/xx closes, you will be charged a $100 late fee if Document Custodial Services does not receive the Form 3293 and Form 1074B by 12/10/xx.&FALSE&TRUE&&&&&.0&&&&
spexam.057&mcs&0&&Can you complete your own rate lock if the borrower�s mortgage payments are current on the 90th day prior to the balloon maturity date but had been 30 or more days delinquent in the previous 12 months?&Yes&No;Under certain circumstances;&&&&a&.0&&&&
spexam.058&tf&0&&You should refer the loan to our Non-performing Loans department if the borrower cannot afford the new payments resulting from the reset note rate.&TRUE&FALSE&&&&&.0&&&&
spexam.059&mcs&0&N&Who do you contact to lock the rates for your loan(s) if you are having troubles with MIDANET?&All of the above&(800) FREDDIE;Someone on the Performing Loans Balloon Team;None of the above;&&&&a&.0&&&&
spexam.060&tf&0&&A borrower whose loan has an �M� disposition code must send you the executed Form 1126 and a copy of their pay-stubs in order to obtain a reset.&TRUE&FALSE&&&&&.0&&&&
spexam.061&mch&0&N&Match the eligibility situation in the first column with the appropriate eligibility status in the second column. (Enter the applicable lower case letter in the box)&No delinquency in the previous 24 months;There is a home equity mortgage;Borrower has filed for bankruptcy;&Eligible;Ineligible;Not an eligibility issue;&&&&a&a.0&.0&&&
spexam.062&mcm&0&N&Which of the following methods may a borrower use to notify you of his/her request for a reset?  <br><i>(Check all that apply)</i>&Letter;Fax;Email;&Phone;Telepathy;&&&&a&.0&&&&
spexam.063&mcs&0&&By what date/time prior to the balloon maturity date must you have transmitted at least one disposition code for each loan record in order to NOT be assessed a penalty?&By 4:30 p.m. Eastern Time on the 44th day&By 2 p.m. Eastern Time on the 45th day;By 7:00 p.m. Central Time on the 44th day;By 4:30 p.m. Eastern Time on the 30th day;&&&&a&.0&&&&
spexam.064&mcs&0&&When do you order traditional title work (if necessary) for a reset?&When you receive the borrower�s election to reset&When you mail the early notification letter;When you mail the required notice letter;When the reset closing papers are being drawn;&&&&a&.0&&&&
spexam.065&mch&0&N&Match the disposition code in the first column with the short description in the second column. (Enter the applicable small case letter in the box)&P;N;S;R;I;&Ineligible borrower requiring Freddie Mac�s approval to reset;Borrower has not responded by the 45th day prior to the balloon maturity date;Ineligible borrower and the Servicer can obtain its own rate lock;Borrower meets all five reset conditions;Borrower responded that the mortgage will be paid in full;&&&&a&.0&&&&
spexam.066&tf&0&&If a loan pays off prior to the 45th day before the balloon maturity date, you need to transmit a disposition code of �I� by the 45th day.&TRUE&FALSE&&&&&.0&&&&
spexam.067&tf&0&&Freddie Mac requires a subordination agreement anytime the property for a balloon/reset mortgage has a second mortgage.&FALSE&TRUE&&&&&.0&&&&
spexam.068&tf&0&&As a �best practice� you should attempt to ensure that a borrower whose mortgage payments have been delinquent in the previous 12 months can afford the payment after the reset.&TRUE&FALSE&&&&&.0&&&&
spexam.069&tf&0&N&If you do not find out about a Chapter 13 bankruptcy until after the plan is confirmed and the balloon maturity date will occur before completion of the repayment period, Freddie Mac recommends that you contact the borrower�s attorney to discuss a modification under our Alternative Balloon Loan Modification Program.&TRUE&FALSE&&&&&.0&&&&
spexam.070&mcs&0&&Who is required to execute the Balloon Loan Modification Form 3293?&All borrowers who signed the Note and all parties who executed the Deed of Trust/Mortgage&Only one of the multiple borrowers who signed the Note, but all parties who executed the Deed of Trust/Mortgage;All borrowers who signed the Note;&&&&a&.0&&&&
spexam.071&mcs&0&&What do you report to Freddie Mac on the 8/15/xx accounting cutoff if the balloon maturity date was 8/1/xx?&Interest only at the old rate&Interest only at the new rate;Principal and interest at the new rate;Principal and interest at the old rate;&&&&a&.0&&&&
spexam.072&esa&0&&The ____________ net yield is used to report and remit interest to Freddie Mac each month.  &accounting&&&&&&.0&&&&
spexam.073&esa&0&N&A _______ report reflects the current status of a property as it pertains to any defects or encumbrances.  &title&&&&&&.0&&&&
spexam.074&esa&0&N&An ___________ property is one that is non-owner occupied where the borrower may or may not be collecting rent.  &investment&&&&&&.0&&&&
spexam.075&mch&0&N&Match the following list of Freddie Mac reports from column 1 with the timing of your receipt in column 2.  (Enter the appropriate # in the box)&Download of reset mortgages;Rate-lock Rejection Notice;One time report;Alternative Balloon Loan Modification Program Borrower Eligibility Report;Transfer of Servicing Report;& 90 days prior to the balloon maturity date; Daily after the 60th day prior to the balloon maturity date;18 months prior to the first balloon maturity date;44th day prior to the balloon maturity date;Beginning at 6 months prior to the balloon maturity date;&&&&n&.0&&&&
spexam.076&mcs&0&&If a balloon maturity date is September 1, when must you send the early notification letter to the borrower?&Between July 1 and August 1 of the previous year&Between August 3 and September 1 of the previous year;Between July 3 and August 3 of the current year;&&&&a&.0&&&&
spexam.077&mcs&0&&If the borrower has filed for protection in a bankruptcy action, which version of the required notice will you mail?&A customized version&The monthly payments are delinquent version;The monthly payments are current but were delinquent version;The mortgage payments are current and was never delinquent version;&&&&a&.0&&&&
spexam.078&mcs&0&&If the balloon maturity date is December 1, 1999, the required notice must be mailed between &August 1, 1999 and August 23, 1999&August 3, 1998 and August 23, 1998;August 1, 1999 and August 17, 1999;October 1, 1998 and November 1, 1998;&&&&a&.0&&&&
spexam.079&mcs&0&&The type of title insurance that is available for properties located in the state of Texas is&Traditional Title Insurance only&Special Reset Mortgage Title Insurance only;All of the above;&&&&a&.0&&&&
spexam.080&mcs&0&&If a balloon maturity date is February 1, 2002 and the borrower�s January 1, 2001 monthly mortgage payment was more than 30 days delinquent, which required notice letter is sent to the borrower?&The mortgage payments are current, was not delinquent version&The mortgage payment are current, but was delinquent version;Customized required notice version;&&&&a&.0&&&&
spexam.081&esa&0&N&As a best practice, Freddie Mac recommends that you send the borrowers� required notices by ________ mail. (Do not capitalize any letters)&certified&&&&&&.0&&&&
spexam.082&mcs&0&N&If the balloon maturity date is December 1, 2001, between which dates should the borrower�s election to reset be received by you?&October 2, 2001 and October 17, 2001&October 1, 2001 and October 18, 2001;October 1, 2001 and October 15, 2001;&&&&a&.0&&&&
spexam.083&tf&0&&Fannie Mae�s Uniform Instruments require the borrower to respond between the 60th and 45th day prior to the balloon maturity date.&FALSE&TRUE&&&&&.0&&&&
spexam.084&tf&0&&The borrower must provide proof of occupancy at the same time as requesting a reset.&FALSE&TRUE&&&&&.0&&&
spexam.085&mcs&0&N&What will you do if a borrower�s response is received by you 73 days prior to the balloon maturity date and you will only be using Freddie Mac�s required net yield?&Begin verifying the borrower�s eligibility but wait until the 60th day prior to the balloon maturity date to obtain a rate lock &Notify Freddie Mac and obtain a rate lock on the date the borrower�s response is received;Begin verifying the borrower�s eligibility but wait until the 45th day prior to the balloon maturity date to obtain a rate lock ;&&&&a&.0&&&&
spexam.086&mch&0&N&Match the times that you request a rate lock from Freddie Mac in the first column and when you will receive the Form 1074 in the second column. (Enter the applicable lower case letter in the box)&Via MIDANET at 1:00 p.m. Eastern Time; You aren�t a licensed holder of MIDANET so you contacted (800) FREDDIE <br>to obtain a ratelock at 9:30 a.m. Eastern Time;Via MIDANET at 5:00 p.m. Eastern Time;&The next business day;Will be mailed or faxed to you within 2 business days;The second business day;&&&&a&.0&&&&
spexam.087&esa&0&N&Calculate the borrower�s reset note rate if the required net yield to use is 7.83%. <br><i> (State your response as a whole number and three decimal places without the % sign. Example 1.123)</i>&8.375&&&&&&.0&&&&
spexam.088&esa&0&&You must use Fannie Mae�s required net yield of 7.92.  Freddie Mac�s required net yield is 7.87.  Calculate the reset servicing spread.  <br><i>(State your response with three decimal places without the % sign)</i>&.505&&&&&&.0&&&&
spexam.089&mcm&0&N&What components are used to calculate the new principal and interest payment?  <br><i>(Check all that apply)</i>&The reset note rate;The remaining term of the mortgage;The unpaid principal balance at maturity;&The required net yield;The maturity date;The current unpaid principal balance;&&&&a&.0&&&&
spexam.090&tf&0&&Servicers can make an exception and approve a reset if the borrower transferred ownership to his/her brother.&TRUE&FALSE&&&&&.0&&&&
spexam.091&mcs&0&&What is the form number used to submit packages to Freddie Mac for review?&Form 1130&Form 1074;Form 1126;&&&&a&.0&&&&
spexam.092&mcm&0&N&Which bankruptcy filing must you refer to counsel if the loan is a balloon/reset?<br><i>(Check all that apply)<i>&Chapter 13;Chapter 11;&Chapter 12;Chapter 7;&&&&a&.0&&&&
spexam.093&tf&0&&You do not need to object to a Chapter 13 bankruptcy plan since the courts can extend the maturity date.&FALSE&TRUE&&&&&.0&&&&
spexam.094&tf&0&&You can collect an assumption fee in addition to the reset fee when you process an assumption during the reset.&TRUE&FALSE&&&&&.0&&&&
spexam.095&tf&0&&You must complete an assumption if one of the borrowers is deceased and the remaining borrower wishes to reset the loan.&FALSE&TRUE&&&&&.0&&&&
spexam.096&mcs&0&&Which Freddie Mac application is used to score loans for the Alternative Balloon Loan Modification Program?&Loan Prospector&Workout Prospector;Workout Manager;&&&&a&.0&&&&
spexam.097&mcs&0&&The type of title insurance that is available for properties located in the state of Virginia is&All of the above&Special Reset Mortgage Title Insurance only;Traditional Title Insurance only;&&&&a&.0&&&&
spexam.098&mch&0&N&Match the eligibility situation in the first column with the appropriate eligibility status in the second column. (Enter the applicable lower case letter in the box)&Borrower responds on the 34th day prior to the balloon maturity date;Property is used as a second home;Borrower responds on the 67th day prior to the balloon maturity date;&Ineligible;Eligible;Not an eligibility issue;&&&&a&.0&&&&
spexam.099&mcs&0&N&Which eligibility applies: Reset note rate is 6% greater than the existing note rate&Ineliglble&Not an eligibility issue;Eligible;&&&&a&.0&&&&