HUD Exam (Avoiding Foreclosure) 2023 Questions and Answers complete
0 view 0 purchase
Course
HUD
Institution
HUD
HUD Exam (Avoiding Foreclosure) 2023 Questions and Answers complete
The following contributed to the increase in foreclosure rates, except:
A. Subprime lending
B. Risky loan products with feature like negative amortization
C. Demand from the secondary market
D. Homeowners paying off mortgage...
hud exam avoiding foreclosure 2023 questions and answers complete the following contributed to the increase in foreclosure rates
except a subprime lending b risky loan products with feature lik
Written for
HUD
All documents for this subject (938)
Seller
Follow
magdamwikash23
Reviews received
Content preview
HUD Exam (Avoiding Foreclosure) 2023 Questions and
Answers complete
The following contributed to the increase in foreclosure rates, except:
A. Subprime lending
B. Risky loan products with feature like negative amortization
C. Demand from the secondary market
D. Homeowners paying off mortgages early
E. Using teaser rates to qualify more borrowers.
D. Homeowners paying off mortgages early.
Making Home Affordable was created in order:
A. To make it easier for borrowers to understand loan terms, to require homeownership
counseling for some mortgages, and to expand protection
B. To help homeowners avoid foreclosure, stabilize the housing market, and improve
the economy.
C. To enable 18 states and the District of Columbia to develop locally tailored programs
to assist struggling homeowners in their communities.
D. To penalize five financial institutions for deceptive lending and foreclosure practices
B. To help homeowners avoid foreclosure, stabilize the housing market, and improve
the economy.
The Consumer Finance Protection Bureau was created:
A. To penalize five financial institutions for deceptive lending and foreclosure practices.
B. To make it easier for borrowers to understand loan terms, to require homeownership
counseling for some mortgages, and to expand protections
C. To create a federal agency charged with addressing failures of consumer protection
D. To help homeowners avoid foreclosure, stabilize the housing market, and improve
the economy
C. To create a federal agency charged with addressing failures of consumer protections
The National Mortgage Settlement was created:
A. To make it easier for borrowers to understand loan terms, to require homeownership
counseling for some mortgages, and to expand protections
B. To enable 18 states and the District of Columbia to develop locally tailored programs
to assist struggling homeowners in their communities
C. To help homeowners avoid foreclosure, stabilize the housing market, and improve
the economy
D. To penalize five financial institutions for deceptive lending and foreclosure practices.
D. To penalize five financial institutions for deceptive lending and foreclosure practices
Issuance of New Morgage Rules was created in order:
A. To make it easier for borrowers to understand loan terms, to require homeownership
counseling for some mortgages, and to expand protections.
B. To enable 18 states and the District of Columbia to develop locally tailored programs
to assist struggling homeowners in their communities.
C. To create a federal agency charged with addressing failures of consumer protection.
D. To penalize five financial institutions for deceptive lending and foreclosure practices
, A. To make it easier for borrowers to understand loan terms, to require homeownership
counseling for some mortgages, and to expand protections.
The Hardest-Hit Fund was created in order:
A. To make it easier for borrowers to understand loan terms, to require homeownership
counseling for some mortgages, and to expand protections.
B. To enable 18 states and the District of Columbia to develop locally tailored programs
to assist struggling homeowners in their communities.
C. To create a federal agency charged with addressing failures of consumer protection.
D. To help homeowners avoid foreclosure, stabilize the housing market, and improve
the economy.
B. To enable 18 states and the District of Columbia to develop locally tailored programs
to assist struggling homeowners in their communities.
Since receiving a loan modification several years ago, a borrower had been current on
his mortgage until he recently suffered a severe reduction in income. A housing
counselor advised the client to seek assistance from the servicer to prevent foreclosure.
The servicer claimed it could not evaluate the borrower for further relief due to the prior
modification. Is the servicer in compliance?
A. Yes
B. No
B. No.
-Servicers are required to provide certain borrowers with foreclosure protections more
than once over the life of the loan, provided that borrowers become current on
payments at any time between completed prior and subsequent loss mitigation
applications.
A counselor must know the foreclosure processes. The following state agencies are
typically where counselors can look for information on their states' processes except:
A. Housing Department
B. Attorney General's Office
C. State Housing Finance Agency
D. Department of Community Affairs
E. All of the above
E. All of the above
-Depending on the state, any one of these offices could have information on your state's
foreclosure process
Which actions below typically occur during a judicial foreclosure process?
A. The client receives a Notice of Default in the mail.
B. The client's opportunity to fight a foreclosure takes place in court.
C. Communication occurs between the servicer and the homeowner
D. Both A and B
B. The client's opportunity to fight a foreclosure takes place in court.
Which actions belowe typically occur during a non-judicial foreclosure process?
A. The client receives a Notice of Default in the mail.
B. The servicer can't take any foreclosure action against a client until a judge grants
them permission.
C. The client has until five days before a foreclosure sale to cure a delinquency and
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller magdamwikash23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
