B2B: Intro to Mortgage Servicing | Compliance Alliance

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Question 1 of 10

1. Question
1. A small servicer is not required to comply with:
a. The servicing transfer rules at 1024.33
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b. The periodic statement requirements at 1026.41
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c. The error resolution procedures at 1024.35
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d. All of the above
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Question 2 of 10

2. Question
1. What is considered a periodic payment under the prompt crediting provisions at 1026.36?
a. The amount required to cover principal, interest, and escrow for the period
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b. The amount required to cover principal, interest, escrow, and late fees for the period
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c. The amount required to bring the account current
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d. None of the above
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Question 3 of 10

3. Question
1. Which of the following is NOT an explicit purpose of the general servicing policies and procedures required under 1024.38?
a. Ensuring that the servicer can properly evaluate loss mitigation applications
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b. Facilitating transfers of information during servicing transfers
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c. Facilitating oversight of third party service providers
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d. Ensuring timely cancellation of PMI
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Question 4 of 10

4. Question
1. The record retention provisions at 1024.38 require the servicing file to be retained for how long after the loan is discharged or transferred to another servicer?
a. One year
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b. Two years
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c. Three years
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d. None of the above
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Question 5 of 10

5. Question
1. Which of the following transactions may result in a property being transferred to a successor-in-interest?.
a. An inheritance
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b. A divorce settlement
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c. A grant to an inter vivos trust
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d. All of the above
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Question 6 of 10

6. Question
1. Payments made to the prior servicer after a transfer of service:
a. Must be rejected and returned
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b. Must be treated as timely if timely received by the prior servicer within the first 60 days after the transfer
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c. Are not subject to the prompt crediting requirements if received more than 10 days after the transfer
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d. None of the above
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Question 7 of 10

7. Question
1. The timing requirements for interest rate adjustment notices:
a. Refer to business days
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b. Are calculated based on the date of the rate change
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c. Are calculated based on the due date of the first payment at the new rate
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d. Do not apply to small servicers
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Question 8 of 10

8. Question
1. Which of the following is NOT required to be disclosed in a periodic statement?
a. A breakdown of year-to-date payment application
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b. Any prepayment penalty that may be imposed
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c. The payoff amount as of the statement date
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d. The date of the next rate change, if any
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Question 9 of 10

9. Question
1. The force placement procedures at 1024.37:
a. Apply to the force placement of flood and other hazard insurance
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b. Set out the requirements for when a servicer must force place hazard insurance
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c. Allow the servicer to force place insurance in some situations where it is not required by the loan agreement
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d. Set out the procedures that a servicer must follow when force placing hazard/homeowner’s insurance
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Question 10 of 10

10. Question
1. The early intervention requirements:
a. Apply to small servicers
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b. Require written notice to be sent to the borrower every 45 days for the duration of the delinquency
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c. Require the servicer to make three live contact attempts per month for the duration of the delinquency
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d. None of the above
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