CA Real Estate Finance Course » 2021 » Sec 7 Unit 3 Exam

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Question #1
Denzel’s loan payments have been reduced because his lender agreed to extend the amortization schedule stated on his note. This is the result of a ______.
A.   Loan modification agreement
B.   Refinance
C.   New home equity loan
D.   Carryback loan
Question #2
Stephanie was having trouble making her mortgage payments. Now her payments are lower than they were, and she’s able to pay them each month. This is because her lender ______.
A.   Is preparing to foreclose and doesn't care if her loan is in default
B.   Gave her a loan modification
C.   Told her to pay whatever she could afford
D.   Is supplementing her payments with a grant fund
Question #3
Suzy has lost her job and wasn’t able to make last month’s mortgage payment. How is her lender most likely to help Suzy stay in her home?
A.   Foreclosing on her loan
B.   Enrolling her in a home loan forgiveness program
C.   Giving her a job at its bank
D.   Agreeing to modify her loan
Question #4
Which of the following is one a way a loan may be modified when a borrower is having difficulty making payments?
A.   Replace the maker of the promissory note with a new borrower.
B.   Get the bank to write off a portion of the principal amount.
C.   Extend the amortization schedule.
D.   Use some of the insurance money for the mortgage.

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