Quiz for Mortgage Servicing: Overview and Expectations in a Post-COVID-19 World

1. Which of the following are within the scope of the 2021 Mortgage Servicing COVID-19 Final Rule?

2. Which of the following amendments from the 2021 Mortgage Servicing COVID-19 Final Rule has not expired as of the date of this Webinar?

3. Fill in the blank in the following sentence. Under the resumption of reasonable diligence requirement within the 2021 Final Rule, servicers are required to contact borrowers participating in a short-term forbearance program ____________ before the scheduled end of the forbearance period.

4. The Early Intervention requirements of the mortgage servicing rules apply only when the property securing the loan is the borrower’s principal residence:

5. As the COVID-19 pandemic remains to be considered a national emergency, the regulatory agencies continue not to apply any supervisory or enforcement authority against non-compliant mortgage servicers.

6. Under the official definition of “COVID-19-related hardship” to receive the protections within the 2021 Final Rule, a borrower must have been experiencing financial hardship as a result of the COVID-19 pandemic prior to the Final Rule’s effective date of August 31, 2021:

7. Fill in the blank in the following sentence. The 2021 Final Rule ___________ servicers to conduct a short year escrow analysis in connection with a loss mitigation review.

8. Which of the following was not found to be an “unfair or abusive act or practice” in the 2022 Fall Supervisory Highlights offered by the Consumer Financial Protection Bureau?

9. Which of the following is not a requirement for an eligible loan modification when offering such based on the evaluation of a borrower’s incomplete loss mitigation application?

10. When providing borrowers with loss mitigation options available, a mortgage servicer is required to provide information about every loss mitigation option available, regardless of whether the individual borrower is ultimately eligible for any particular loss mitigation option.