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Questions and Answers
What is the primary purpose of the Flex Modification program?
What is the primary purpose of the Flex Modification program?
- To provide a more stringent way of qualifying for a loan modification
- To provide an easier, flexible way of helping more borrowers qualify for a loan modification (correct)
- To offer a more complex process for evaluating borrower eligibility
- To prioritize borrowers who are already 90 days delinquent
Which of the following is a key eligibility requirement for the Flex Modification program?
Which of the following is a key eligibility requirement for the Flex Modification program?
- The borrower must have a minimum credit score of 700
- The borrower must be less than 30 days delinquent
- The borrower must occupy the property as a primary residence (correct)
- The borrower must have been previously modified at least three times
What is the minimum delinquency period required for borrowers to be eligible for the Flex Modification program?
What is the minimum delinquency period required for borrowers to be eligible for the Flex Modification program?
- 30 days
- 90 days
- 120 days
- 60 days (correct)
Which of the following types of mortgages is not eligible for the Flex Modification program?
Which of the following types of mortgages is not eligible for the Flex Modification program?
What is the maximum number of previous modifications allowed for a loan to be eligible for the Flex Modification program?
What is the maximum number of previous modifications allowed for a loan to be eligible for the Flex Modification program?
Which of the following statements is true about borrowers who are 90 days delinquent?
Which of the following statements is true about borrowers who are 90 days delinquent?
What is a GSE loan or mortgage?
What is a GSE loan or mortgage?
What was the primary goal of the Making Home Affordable initiative?
What was the primary goal of the Making Home Affordable initiative?
What type of homeowners were assisted by the Home Affordable Refinance Program (HARP)?
What type of homeowners were assisted by the Home Affordable Refinance Program (HARP)?
What organization encouraged government-sponsored enterprises to offer products similar to HARP?
What organization encouraged government-sponsored enterprises to offer products similar to HARP?
What type of refinance options were offered by Fannie Mae and Freddie Mac?
What type of refinance options were offered by Fannie Mae and Freddie Mac?
What program assisted homeowners who modified mortgages and needed additional assistance?
What program assisted homeowners who modified mortgages and needed additional assistance?
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