Homeownership Counseling Flashcards
To which homeowners must a bank give homeownership counseling disclosures and a SCRA notice?
A. All borrowers at the time of application
B. Only borrowers who are servicemembers
C. All borrowers who are more than 45 days delinquent on their mortgage loan secured by a principal dwelling
D. All borrowers who are no more than 45 days delinquent on their mortgage loan secured by a principal dwelling
D. All borrowers who are no more than 45 days delinquent on their mortgage loan secured by a principal dwelling
Elliot Pierce a borrower at ACME Bank defaulted on his home loan. It is the seventh home he has owned in his life. Elliot defaulted because, although his job is stable, he decided that he overpaid for the house and e could rent an apartment and save more money. Elliot has defaulted on mortgages in the past and believes his credit will recover. The bank is planning on sending Elliot a default letter. Does the bank need to send Elliot a homeownership counseling disclosure too?
A. Yes because it is Elliot’s principal dwelling
B. No, because it is not Elliot’s principal dwelling
C. No, because Elliot’s reason for default makes him ineligible
D. No because Elliot has defaulted on loans before this one
C. No, because Elliot’s reason for default makes him ineligible
Juanita Brown has her home loan at ACME bank. Her payment was due on December 1. It is now January 7. Must ACME send her a homeownership counseling notice?
A. Yes, all eligible borrowers must receive a notice before the loan is delinquent for 45 days unless a payment is made within that time.
B. No, the loan has not been delinquent for 45 days
C. No, the notice is optional
D. Yes, eligible borrowers should receive a notice when the loan is delinquent by 30 days.
A. Yes, all eligible borrowers must receive a notice before the loan is delinquent for 45 days unless a payment is made within that time.
