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| Which of the following documents is used to establish right of ownership |
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Definition
| Bankruptcy is a process in which consumers and businesses can eliminate or repay their debts. |
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| What happens after a loan modification has been approved? |
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Definition
| Trial payment plan is set |
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| An escrow shortage is defined as: |
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Definition
| The negative difference between the escrow balance and the minimum required balance |
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Term
| Where can you find previous servicer information in iAssist |
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Definition
| Summary tab -> General Information |
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| Mrs. Daniels calls in and wants to know her payment amount on her second loan she has with Mr. CooperWhere would you be able to access this information? |
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| Workout options are also known as |
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Definition
| Foreclosure prevention options |
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Term
| What is the difference between a purchase and refinance? |
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Definition
| Purchase allows you to become a homeowner, and refinance allows you to change the terms of your original mortgage |
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| Ms. Jones needs to know how many years she has left before her mortgage is paid off. . Where do you navigate within iAssist. |
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Definition
| Summary tab -> General Information |
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Definition
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| The Customer tab is used to access which of the following? |
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Definition
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Term
| Which of the following is a major credit bureau? |
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Definition
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| 13. What kinds of changes that affect a customer’s payment can you find in the Payment Changes tab of iAssist? |
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Definition
| Escrow, Interest rate, and P&I |
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Term
| Which of the following documents itemizes closing costs and is given to the customer at closing? |
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Definition
| Closing Disclosure. Closing Disclosure |
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Term
| What are the benefits of having an escrow account? |
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Definition
| Having an escrow account helps manage funds and ensures that items such as taxes and insurance are paid on time each year. |
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Term
| Mrs. Smith would like to know how much interest she paid last year. Where would you find that information? |
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Definition
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| Where can you locate loan history information in iAssist |
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Definition
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| Under the Payment Change tab in iAssist, you can see historical payment changes by clicking? |
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Definition
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Term
| What does HELOC stand for? |
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Definition
| Home Equity Line of Credit |
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Term
| mr. Cooks calls in and needs to know how much his monthly late charge is in the event he cannot make his payment before the grace period ends. Where do you navigate within iAssist? |
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Definition
| Summary tab -> General Information |
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Term
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Definition
| The daily interest on a loan |
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Term
| A Cease and Desist is enforced by which act? |
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Definition
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| Ms. Miller calls in and is confused about her payment increase, as she has a fixed-rate loan. Which tab in iAssist would help you figure out why her payment increased? |
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Definition
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Term
| What is the typical range for a down payment on a conventional loan? |
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Definition
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| Mr. Lincoln calls in and wants to know how much of his last payment was applied to principal. Select one area in iAssist where you can find this information |
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Definition
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Term
| What does SF stand for in the Transaction History tab of iAssist? |
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Term
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Definition
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Term
| Which of the following is a common type of mortgage loan? |
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Definition
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| 29. Mr. Johnson is 90 days delinquent on his account and is afraid he may lose his home. He wants to bring the account current and pay all the necessary amounts and fees. What tab would assist you in providing him the most accurate amount due to bring the account current? |
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Definition
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Term
| Which button in iAssist informs you if the customer receives paper statements or electronic statements? |
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Term
| Which of the following Comment Codes are used to record authorizations on the Comment tab? |
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Definition
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Term
| What IRS form is used to report mortgage interest? |
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Definition
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Term
| A customer can be foreclosed on when the account is how many days past due? |
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Term
| Mr. Freeman calls into inquire about the lender paid expense on his billing statement. Where could you verify what type of lender expense was assessed to his account? |
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Definition
| Corporate Advance History Tab |
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Term
| What does the acronym CFPB stand for? |
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Definition
| Consumer Financial Protection Bureau |
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Term
| When was the CFPB created? |
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Term
| Which of the following terms signifies a Release of Lien? |
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Definition
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Term
| Which of the following groups of items can be included in an escrow account? |
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Definition
| Property taxes, hazard insurance, flood insurance, mortgage insurance |
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Term
| To document a comment on the Comment tab, you must: |
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Definition
| Enter the appropriate Comment Code, type the pertinent details in the text box provided and click Submit |
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Term
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Definition
| A loan from a bank or other financial institution used to purchase a home |
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Term
| The Voice of Customer tab is where you can: |
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Definition
| Record and monitor customer complaints |
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Term
| What are basic workout options available for customers who have delinquent mortgage payments? |
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Definition
| Reinstatement, Repayment, Modification, and Short Sale |
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Term
| Ms. Barrett owes $200,000 on her home. It’s valued at $300,000, so she has $100,000 in equity. Ms. Barrett also has $45,000 in high-interest credit card debt. |
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Definition
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Term
| Which of the following is NOT an example of a lender paid expense? |
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Definition
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Term
| Mr. Tyler has a HELOC and is currently in his draw period. What does that mean? |
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Definition
| Mr. Tyler can withdraw funds from his line of credit. |
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Term
| Mr. Whitty calls in and is wondering if flood insurance is required for his property. Which section in iAssist can help you determine if his property is in a flood zone? |
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Definition
| Escrow tab -> Hazard SFR -> Flood Insurance |
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Term
| A Successor in Interest is |
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Definition
| someone who gains ownership rights to another person’s property. |
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Term
| Which of the following iAssist screens is used to view the name of the customer’s homeowner’s insurance company? |
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Definition
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Term
| What is the best reasoning for a customer to opt for an ARM loan rather than a fixed-rate loan? |
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Definition
| The customer wants a property they can invest in and sell soon after. |
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Term
| Mr. Jones is 120 days past due on his mortgage. Mr. Jones files for Chapter 13 Bankruptcy. Which of the following is a true statement? |
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Definition
| Mr. Jones’ servicer cannot proceed with foreclosure or any collection efforts. |
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