You can not select more than 25 topics
Topics must start with a letter or number, can include dashes ('-') and can be up to 35 characters long.
79 lines
21 KiB
79 lines
21 KiB
id&qtp&qim&qil&qtx&qca&qia&qrm&qnxt&qprv&qalb&subj&wght&pts&flr&ded&layout&qfixed&qptsbyans&flags
|
|
wlmtest.001&tf&0&&A Borrower who is currently protected by a bankruptcy action is a candidate for a workout.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.002&tf&0&&As a Servicer, according to the Guide, you can approve a 6 month forbearance plan with reduced payments as long as the loan is current within 12 months from DDLPI.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.003&tf&0&&The Borrower who is incarcerated is considered to have Involuntary Inability to Pay.&FALSE&TRUE&&&&&lm1.0&&&&
|
|
wlmtest.004&tf&0&&Freddie Mac may require that a Borrower attempt to reduce the payments on unsecured debt in order to qualify for a loan modification.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.005&tf&0&&Freddie Mac must approve all make-whole pre-foreclosure sales.&FALSE&TRUE&&&&&lm1.0&&&&
|
|
wlmtest.006&tf&0&&Freddie Mac requires Borrowers to pay the 1st month's payment, $300 processing fee and applicable closing costs of a modification upon returning the documents.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.007&mcs&0&&If a Borrower wants to negotiate an alternative to foreclosure on a 2-4 unit property, you must:&Refer the borrower to the FHLMC 2-4 unit borrower assistance counselor working with your organization&Negotiate only modification with the borrower;Negotiate all workout types with the borrower;Negotiate only short sales with the borrower;All of the above;None of the above;&&&&a&lm1.0&&&&
|
|
wlmtest.008&mcs&0&N&A Borrower is considered to be in danger of imminent default if&It appears likely that the Borrower will default on the mortgage payments within the next 12 months&There is a decrease in property value;The Borrower has been delinquent twice in the past 12 months;The Borrower is experiencing a seasonal layoff;&&&&a&lm1.0&&&&
|
|
wlmtest.009&mcm&0&N&When modifying a loan, you must do the following (check all that apply)&Waive accrued late charges;Establish an escrow account for payment of real estate taxes and hazard insurance, where allowed by local laws;Determine what fees and costs can be capitalized;&Capitalize the $300 processing fee;&&&&a&lm1.0&&&&
|
|
wlmtest.010&mcs&0&Y&You must receive the signed modification documents back from the Borrower within&25 calendar days of our approval&25 business days of our approval;5 business days after the Borrower receives the documents;25 business days from your completion of the modification documents;&&&&a&lm1.0&&&&&1&&&N.
|
|
wlmtest.011&mcm&0&N&A short payoff transaction must meet which of the following? (check all that apply)&The sale must be an 'arms-length' transaction;If the Borrower is the selling or listing broker, s/he must waive his/her portion of the commission;The Borrower must not receive any proceeds from the sale of the property;&The Borrower must make repairs to the property;The Borrower must sign a promissory note to Freddie Mac;&&&&a&lm1.0&&&&
|
|
wlmtest.012&tf&0&&You should delay foreclosure action every time you consider a workout.&FALSE&TRUE&&&&&lm1.0&&&&
|
|
wlmtest.013&tf&0&N&The Enhanced Short Payoff Program report identifies loans with an EarlyIndicator score of 250 or less.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.014&tf&0&&You must obtain at least 50% of the delinquent loan payments when accepting a partial reinstatement on a loan that is in foreclosure.&FALSE&TRUE&&&&&lm1.0&&&&
|
|
wlmtest.015&esa&0&&Calculate the ITV ratio using the following information: UPB = $100,000, accrued interest = $6,751, advances for taxes and insurance = $3,700, foreclosure fees and costs = $2,700, bankruptcy fees and costs = $650, late charges = $510, property inspections = $192, 90 day as-is BPO = $80,000.<br><em>Please do not include the percent sign (%) in your answer. The answer to this question must be displayed as a percentage carried out and rounded two decimal places ( i.e. 387.49)</em>&142.27&&&&&&lm1.0&&&&
|
|
wlmtest.016&mcs&0&N&When determining the value of a property for a workout, Freddie Mac relies on the&90 day as-is value from the BPO&Value determined by the listing agent;90 day as repaired value from the BPO;120 day as-is value from the BPO;&&&&a&lm1.0&&&&
|
|
wlmtest.017&tf&0&N&Involuntary Inability to Pay (IITP) requirements are met when the value of the Borrower's property has depreciated.&FALSE&TRUE&&&&&lm1.0&&&&
|
|
wlmtest.018&mcs&0&N&Mr. Jones has been laid off for 5 months but just found a new job paying 15% less than the previous job. Ms. Jones works part-time. They can't bring the loan current but want to keep the home. The ITV is 80%. What alternative to foreclosure is likely to occur?&Loan modification&Make-whole preforeclosure sale;Short payoff;Deed-in-lieu of foreclosure;Workout mortgage assumption;Chargeoff;&&&&a&lm1.0&&&&
|
|
wlmtest.019&mcs&0&N&Mr. and Mrs. Doe and their 4 children live in an older home, have discovered evidence of lead paint and no longer wish to keep the property. UPB = $30,000BPO value = $2,700. What alternative to foreclosure is likely to occur?&Chargeoff&Make-whole preforeclosure sale;Short payoff;Deed-in-lieu of foreclosure;Loan modification;Workout mortgage assumption;&&&&a&lm1.0&&&&
|
|
wlmtest.020&mcs&0&N&Mr. and Mrs. Gonzales, recently divorced, are physicians at area hospitals. The house has been listed since the separation. An offer, short of the payoff by $6,000, has been received and the MI company is willing to approve the sale. What alternative to foreclosure is likely to occur?&Make-whole preforeclosure sale&Short payoff;Deed-in-lieu of foreclosure;Loan modification;Workout mortgage assumption;Chargeoff;&&&&a&lm1.0&&&&
|
|
wlmtest.021&mcs&0&N&Ms. Lin has developed a serious medical condition prohibiting her employment. Mr. Green has stable income and is interested in Ms. Lin's property. ITV = 100%. What alternative to foreclosure is likely to occur?&Workout mortgage assumption&Make-whole preforeclosure sale;Short payoff;Deed-in-lieu of foreclosure;Loan modification;Chargeoff;&&&&a&lm1.0&&&&
|
|
wlmtest.022&mcs&0&&Mrs. Carlton has been in a nursing home for 6 months. Mr. Carlton has had the property listed at market value for 5 months with no success but he has recently passed away. There are no children. The house is in good condition. What alternative to foreclosure is likely to occur?&Deed-in-lieu of foreclosure&Make-whole preforeclosure sale;Short payoff;Loan modification;Workout mortgage assumption;Chargeoff;&&&&a&lm1.0&&&&
|
|
wlmtest.023&mcm&0&N&To increase the likelihood of a borrower's contribution towards Freddie Mac's loss, you should __________ (check all that apply)&Ask the Borrower to pay the closing costs;Ask the Borrower to contribute rental income received;&Ask the Borrower to contribute towards Freddie Mac's loss;Tell the Borrower to negotiate with the MI company;Start negotiations at the minimum acceptable contribution;&&&&a&lm1.0&&&&
|
|
wlmtest.024&mcs&0&&Freddie Mac will pay Servicers a workout incentive fee for&Settled workouts and partial reinstatements&Approved workouts and repayment plans;Short payoffs only;Modifications only;Settled workouts and forbearance plans;&&&&a&lm1.0&&&&
|
|
wlmtest.025&mcs&0&&When completing a partial reinstatement that includes establishing an escrow account, how long does the Borrower have to complete the repayment plan?&18 months&6 months;24 months;None of the above;&&&&a&lm1.0&&&&
|
|
wlmtest.026&tf&0&&Freddie Mac's policy on low UPB charge-offs states that we will charge off delinquent loans deemed to be uncollectable when the total payoff is $1,000 or less, provided all mortgage payments have been correctly applied.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.027&mcm&0&N&Methods to proactively identify workout candidates include (check all that apply)&Review property inspections;Target delinquent loans with high interest rates;Use reports available on GoldWorks;&Target loans to elderly Borrowers;&&&&a&lm1.0&&&&
|
|
wlmtest.028&tf&0&&When determining the income for a self-employed borrower, you should subtract income that is not stable and durable and add back losses that are not likely to recur.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.029&mcs&0&&When negotiating with a second lienholder for a modification candidate, as a guideline you should __________&Attempt to reduce the interest rate on the second lien&Negotiate the release of the second lien for $.10 on the dollar or $1,000, whichever is less;Require that the Borrower pay off the second lien to avoid future issues;&&&&a&lm1.0&&&&
|
|
wlmtest.030&mcs&0&&When negotiating with a second lienholder for a short payoff candidate, as a guideline you should __________&Negotiate the release of the second lien for $.10 on the dollar or $1,000, whichever is less&Negotiate to reduce the interest rate on the second lien;Require that the Borrower pay off the second lien to avoid future issues;&&&&a&lm1.0&&&&
|
|
wlmtest.031&mcs&0&&Freddie Mac will not approve which of the following workout options on a property with a risk of property ownership?&Deed-in-lieu of foreclosure&Loan modification;Short payoff;Short term forbearance;&&&&a&lm1.0&&&&
|
|
wlmtest.032&mcm&0&&When processing a partial reinstatement, the Borrower is <B>not</B> required to __________ (check all that apply)&Pay at least 50% of the delinquent payments;Have an IITP;&Pay all outstanding fees and expenses;Sign a repayment plan with a stipulation agreement;&&&&a&lm1.0&&&&
|
|
wlmtest.033&mcs&0&&Which of the following is considered to be a relief option?&All of the above&Repayment plan;Short term forbearance;Long term forbearance;&&&&a&lm1.0&&&&
|
|
wlmtest.034&tf&0&&Servicers can approve a 3 month forbearance plan without an IITP.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.035&esa&0&&Borrowers discover late in the pregnancy that Mrs. is going to have twins. Both incomes are needed to afford the mortgage payment, however Mrs. will now only make enough to cover daycare. Mrs. decides not to go back to work. Do they have IITP?<br><em>Provide only a one word answer, do not explain your answer. If you do, the response will be scored incorrectly. Please spell out the entire word (ex. "Yes", "No", "Maybe").</em>&Yes&&&&&&lm1.0&&&&
|
|
wlmtest.036&tf&0&&An interior BPO is required for a loan modification.&FALSE&TRUE&&&&&lm1.0&&&&
|
|
wlmtest.037&tf&0&N&Freddie Mac will waive the due on transfer clause on a non-assumable loan if there is an Involuntary Inability to Pay (IITP) and the there is a qualified buyer.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.038&tf&0&&A BPO should be ordered from Freddie Mac once you receive a financial package from the Borrower.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.039&mcm&0&&The benefits of relief options and workouts can be which of the following? (check all that apply)&Reduces credit losses;Cures the delinquency and restores your servicing fee income;Helps the Borrower reinstate the mortgage and remain in the home;&Provides the means for a Borrower to simply delay impending foreclosure;&&&&a&lm1.0&&&&
|
|
wlmtest.040&mch&0&&Match the following documentation type to the corresponding IITP<br>Enter the appropriate letter from the right column into the corresponding box in the left column&Death certificate;Itemized credit card statements;Termination notice;Paystubs showing previous and current incomes;&Death of a Borrower;Overextended credit to pay living expenses;Unemployment;Mandatory pay reduction;&&&&a&lm1.0&&&&
|
|
wlmtest.041&mcs&0&&When comparing the Borrower's Form 1126 to the paystubs supplied, you should __________&Verify the Borrower's income and deduction calculations are correct and look for deductions that could be stopped&Assume the Borrower calculated the income correctly and look only for unnecessary deductions;Verify that the Borrower's income calculations are correct and ignore the payroll deductions as they are not within the Borrower's control;&&&&a&lm1.0&&&&
|
|
wlmtest.042&esa&0&&A Borrower's gross pay is $1,200 every two weeks. What is the monthly income?<br><em>Please do not include the dollar sign ($), commas (,), or decimal point (.) in your answer. Enter whole dollars only.</em>&2600&&&&&&lm1.0&&&&
|
|
wlmtest.043&mcs&0&&If you are modifying an investment property, you must prepare __________&An assignment of rents&A due on transfer rider;A truth in lending statement;A subordination agreement;&&&&a&lm1.0&&&&
|
|
wlmtest.044&mcs&0&&Which of the following must a Borrower submit for the Enhanced Short Payoff program&Borrower letter&2-years' tax returns;Paystub;Bank statements;Form 1126;&&&&a&lm1.0&&&&
|
|
wlmtest.045&tf&0&&Before accepting a deed-in-lieu of foreclosure, you should attempt to have the Borrower list the property at market value for 90 days.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.046&tf&0&&When negotiating a short payoff where the buyer is obtaining an FHA or VA loan, Freddie Mac would like to recover at least 89% of the market value.&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.047&tf&0&N&If one of the Borrowers is incarcerated, the remaining Borrower is considered to have an Involuntary Inability to Pay (IITP).&TRUE&FALSE&&&&&lm1.0&&&&
|
|
wlmtest.048&mcs&0&&Mr. Jones has lost his job and can no longer afford the mortgage payments and has no other assets. There is a good offer for the property. The ITV ratio is 125%. What alternative to foreclosure is likely to occur?&Short payoff&Make-whole preforeclosure sale;Deed-in-lieu of foreclosure;Loan modification;Workout mortgage assumption;Chargeoff;&&&&a&lm1.0&&&&
|
|
wlmtest.049&tf&0&&Freddie Mac does NOT need to approve a long term forbearance?&FALSE&TRUE&&&&&lm1.0&&&&
|
|
wlmtest.050&mcs&0&&Alternatives to foreclosure benefit who on the following list?&All of the above&Borrowers;Servicers;Freddie Mac;MI companies;&&&&a&lm2.0&&&&
|
|
wlmtest.051&tf&0&&Freddie Mac may negotiate with a second lien holder to reduce those payments before considering a Borrower for a modification that would reduce their interest rate?&TRUE&FALSE&&&&&lm2.0&&&&
|
|
wlmtest.052&tf&0&&If a Borrower wants a short payoff in order to move only 3 blocks, Freddie Mac will consider approval provided the borrower contributes cash and signs a note equivalent to the total loss?&TRUE&FALSE&&&&&.0&&&&
|
|
wlmtest.053&mcm&0&&To analyze the Borrowers assets, you must review the: (check all that apply)&Information the Borrower supplied on form 1126;Borrowers tax returns and/or bank statements, if supplied;&BPO;Borrowers pay stub;&&&&a&lm2.0&&&&
|
|
wlmtest.054&mcs&0&N&If you are modifying a loan that was assumable, you must prepare:&A due on transfer rider&An assignment of rents;A truth in lending statement;A subordination agreement;&&&&a&lm2.0&&&&
|
|
wlmtest.055&mcs&0&&When calculating the potential MI claim payment you should&Multiply the percentage of coverage by the total indebtedness.&Multiply the percentage of coverage by the principal balance.;Divide the percentage of coverage by the total indebtedness.;Divide the percentage of coverage by the principal balance;&&&&a&lm2.0&&&&
|
|
wlmtest.056&mcs&0&N&The term 'recourse' refers to:&A condition of sale of a mortgage to Freddie Mac, by which a seller bears all risks and costs of a Borrower default.&The Borrowers right to redeem a property after the foreclosure sale.;A property that is acquired through foreclosure or deed in lieu of foreclosure.;&&&&a&lm2.0&&&&
|
|
wlmtest.057&mcm&0&&Freddie Mac will consider a workout with a Borrower who DOES NOT have an IITP when (check all that apply)&There is risk of property ownership.;There is no loss to Freddie Mac.;&ITV is greater than 100%.;&&&&a&lm2.0&&&&
|
|
wlmtest.058&mcs&0&&If a property is affected by a Natural Disaster you should:&All of the Above.&Refer the Borrower to all available assistances such as FEMA, SBA, REd cross etc.;Determine how the disaster has affected the Borrowers ability to pay the mortgage.;Offer the Borrower a 3 month Forebearance.;&&&&a&lm2.0&&&&
|
|
wlmtest.059&tf&0&&Freddie Mac reserves the right to negotiate the final terms of a workout.&TRUE&FALSE&&&&&lm2.0&&&&
|
|
wlmtest.060&mch&0&&Match the following technology to its purpose<br>Enter the appropriate letter from the right column into the corresponding box in the left column&Workout Prospector II;Servicer Performance Profile;Workout Manager;&Helps you analyze and structure individual workouts;Provides info rating your performance to our criteria;Enables you to analyze your portfolio of workouts;&&&&a&lm2.0&&&&
|
|
wlmtest.061&tf&0&&The Loan Modification Re-Default Pilot allows you to proactively pursue an alternative to foreclosure using a streamlined documentation approach.&TRUE&FALSE&&&&&lm2.0&&&&
|
|
wlmtest.062&mcm&0&&To determine if a borrower qualifies for the Enhanced Short Payoff Program, you must (check all that apply)&Review the credit report to determine if the Borrower has taken out a new mortgage.;Review the credit report to determine if our mortgage is the only delinquent account.;Determine if the borrower is willing to contribute $3000. in cash or note.;&Gather a complete financial package from the Borrower;&&&&a&lm2.0&&&&
|
|
wlmtest.063&tf&0&&Once you have received the financial package form the borrower you should assume you have a complete understanding of the entire situation.&FALSE&TRUE&&&&&lm2.0&&&&
|
|
wlmtest.064&mcs&0&&If the Borrowers have substantial unsecured debt and are seeking a loan modification you should&Advise them to seek credit counseling.&Advise them to file bankruptcy first;Suggest they request a short sale instead;&&&&a&lm2.0&&&&
|
|
wlmtest.065&tf&0&&It is usually NOT in the Borrower's best interest to pay towards the arrearage to reduce the capitalized amount even when they have the ability.&FALSE&TRUE&&&&&lm2.0&&&&
|
|
wlmtest.066&mcs&0&N&Freddie Mac requires that the Borrower meet our requirement for an Involuntary Inability to Pay (IITP) or an allowable exception in order to do a workout because&We are obligated to protect the mortgages that back our securities.&We want to take as many loans to foreclosure as possible.;We don't want to make 'business' decisions;&&&&a&lm2.0&&&&
|
|
wlmtest.067&tf&0&&You should always consider a reinstatement or relief option before pursuing a workout or chargeoff.&TRUE&FALSE&&&&&lm2.0&&&&
|
|
wlmtest.068&mcs&0&&The Pre-Qualification Program&Allows you to prequalify a borrower for IITP by gathering completed financials.&Uses Early Indicator scores to proactively identify borrowers who may qualify for a short payoff.;Identifies borrowers with a 5-7 year balloon reset mortgage who are in imminent danger of default;&&&&a&lm2.0&&&&
|
|
wlmtest.069&mcs&0&&When negotiating a short payoff with a borrower you should&Negotiate to the bottom line. For conventional buyers, attempt to negotiate a 92% net to value recovery.&Review the estimated net sheet to eliminate costs on a line-by-line basis;Always cut the realtors commission to 5%.;&&&&a&lm2.0&&&&
|
|
wlmtest.070&tf&0&N&A borrower whose property has depreciated in value has an IITP.&FALSE&TRUE&&&&&lm2.0&&&&
|
|
wlmtest.071&mcs&0&Y&You must receive the signed modification documents back from the Borrower within&25 calendar days of our approval&25 business days of our approval;5 business days after the Borrower receives the documents;25 business days from your completion of the modification documents;&&11&9&a&lm1.0&&&&&1&&&N.
|
|
wlmtest.072&mcs&0&Y&You must receive the signed modification documents back from the Borrower within&25 calendar days of our approval&25 business days of our approval;5 business days after the Borrower receives the documents;25 business days from your completion of the modification documents;&&11&9&a&lm1.0&&&&&1&&&N.
|
|
wlmtest.073&mcs&0&Y&You must receive the signed modification documents back from the Borrower within&25 calendar days of our approval&25 business days of our approval;5 business days after the Borrower receives the documents;25 business days from your completion of the modification documents;&&11&9&a&lm1.0&&&&&1&&&N.
|
|
wlmtest.074&mcs&0&Y&You must receive the signed modification documents back from the Borrower within&25 calendar days of our approval&25 business days of our approval;5 business days after the Borrower receives the documents;25 business days from your completion of the modification documents;&&11&9&a&lm1.0&&&&&1&&&N.
|
|
wlmtest.075&mcs&0&Y&You must receive the signed modification documents back from the Borrower within&25 calendar days of our approval&25 business days of our approval;5 business days after the Borrower receives the documents;25 business days from your completion of the modification documents;&&11&9&a&lm1.0&&&&&1&&&N.
|
|
wlmtest.076&mcs&0&Y&You must receive the signed modification documents back from the Borrower within&25 calendar days of our approval&25 business days of our approval;5 business days after the Borrower receives the documents;25 business days from your completion of the modification documents;&&74&72&a&lm1.0&&&&&1&&&N.
|
|
wlmtest.077&mcm&0&N&A short payoff transaction must meet which of the following? (check all that apply)&The sale must be an 'arms-length' transaction;If the Borrower is the selling or listing broker, s/he must waive his/her portion of the commission;The Borrower must not receive any proceeds from the sale of the property;&The Borrower must make repairs to the property;The Borrower must sign a promissory note to Freddie Mac;&&12&10&a&lm1.0&&&&&1&&&N.
|
|
wlmtest.078&mcs&0&N&You must receive the signed modification documents back from the Borrower within&25 calendar days of our approval&25 business days of our approval;5 business days after the Borrower receives the documents;25 business days from your completion of the modification documents;&&&&a&lm1.0&&&&&1&&&N.
|
|
|