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Terms in this set (142)
A Counseling Agency's failure to follow all basic E.
requirements required by HUD could result in which of
the following: Termination of agency's HUD approval
A. Termination of agency's HUD approval Suspension of agency's HUD approval
B. Suspension of agency's HUD approval Forfeiture of remaining federal grant funds
C. Forfeiture of remaining federal grant funds
D. Fines and or imprisonment
E. a , b , and c
F. all of the above
T/F A counseling agency must offer and provide face- True
to-face counseling to clients that prefer this format
whenever possible.
All of the below statements are requirements that each B
agency must follow EXCEPT:
A .In cases where an agency does not offer unique
services requested by the client, the agency must refer
the client to another participating agency, preferably in
the client's area.
B. An agency must maintain a national license and a
separate license for each state in which services are
provided.
C. An agency must make reasonable efforts to provide
language assistance to persons who are Limited English
Proficiency (LEP).
D. An agency must notify HUD and provide a copy of
the updated Work Plan prior to implementation of any
changes to the agency's Work Plan
, T/F Reverse Mortgage counselors must discuss an False
action plan during each counseling session.
All of the following are true of the client's required D.
"follow up" EXCEPT:
A. The follow-up must be completed by a Certified
HECM Counselor
B. verbal attempts must be made to contact the client
for follow-up
C. A written letter to the client must request the client
contact the agency within 30 days of the date of the
letter.
D. Issuing surveys to assess housing outcomes does not
fully meet the requirement for the client follow-up and
hiring a third party agency to conduct the follow up is
not prohibited.
Which of the follow best defines a Reverse Mortgage: C
A. A federally insured loan that allows borrowers 62
years and older to convert the equity in their home into
available cash and which will be paid by heirs of the
borrowers upon their passing. (HECM)
B. A mortgage available to those with 100% equity and a
home in good condition that requires no repairs.
C. A mortgage product that pays a homeowner loan
proceeds drawn from accumulated home equity and
that requires no repayment until a future time.
D. A refinance of an existing mortgage only for
borrowers 62 years or older.
T/F Agencies are permitted to conduct marketing and True
outreach including providing general information about
housing opportunities and raising awareness about
critical housing topics.
An agency's staff will be required to have an up-to-date F
knowledge of which of the following:
A. All FHA Single Family mortgage programs
B.Lender product availability and rate offerings
C.Mortgagee letters
D. HUD's website for information on products and
guidelines (www.hud.gov)
E. a , b , c
F. a , c , d
T/F To receive a FHA HECM loan, a borrower must first True
receive One-on-One Counseling from a certified
HECM Counselor.
answers || QUESTIONS WITH ACCURATE ANSWERS | GET
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Students also studied
Flashcard sets Study guides
Comprehensive Guide to Syndicate... Series 7 Mock Exam #3 Financial Accounting Flashcards FF
Teacher 105 terms Teacher 125 terms Teacher 352 terms Te
Jay_Ryan69 Preview ain_G Preview Margaret_Wangeshi Preview
Terms in this set (142)
A Counseling Agency's failure to follow all basic E.
requirements required by HUD could result in which of
the following: Termination of agency's HUD approval
A. Termination of agency's HUD approval Suspension of agency's HUD approval
B. Suspension of agency's HUD approval Forfeiture of remaining federal grant funds
C. Forfeiture of remaining federal grant funds
D. Fines and or imprisonment
E. a , b , and c
F. all of the above
T/F A counseling agency must offer and provide face- True
to-face counseling to clients that prefer this format
whenever possible.
All of the below statements are requirements that each B
agency must follow EXCEPT:
A .In cases where an agency does not offer unique
services requested by the client, the agency must refer
the client to another participating agency, preferably in
the client's area.
B. An agency must maintain a national license and a
separate license for each state in which services are
provided.
C. An agency must make reasonable efforts to provide
language assistance to persons who are Limited English
Proficiency (LEP).
D. An agency must notify HUD and provide a copy of
the updated Work Plan prior to implementation of any
changes to the agency's Work Plan
, T/F Reverse Mortgage counselors must discuss an False
action plan during each counseling session.
All of the following are true of the client's required D.
"follow up" EXCEPT:
A. The follow-up must be completed by a Certified
HECM Counselor
B. verbal attempts must be made to contact the client
for follow-up
C. A written letter to the client must request the client
contact the agency within 30 days of the date of the
letter.
D. Issuing surveys to assess housing outcomes does not
fully meet the requirement for the client follow-up and
hiring a third party agency to conduct the follow up is
not prohibited.
Which of the follow best defines a Reverse Mortgage: C
A. A federally insured loan that allows borrowers 62
years and older to convert the equity in their home into
available cash and which will be paid by heirs of the
borrowers upon their passing. (HECM)
B. A mortgage available to those with 100% equity and a
home in good condition that requires no repairs.
C. A mortgage product that pays a homeowner loan
proceeds drawn from accumulated home equity and
that requires no repayment until a future time.
D. A refinance of an existing mortgage only for
borrowers 62 years or older.
T/F Agencies are permitted to conduct marketing and True
outreach including providing general information about
housing opportunities and raising awareness about
critical housing topics.
An agency's staff will be required to have an up-to-date F
knowledge of which of the following:
A. All FHA Single Family mortgage programs
B.Lender product availability and rate offerings
C.Mortgagee letters
D. HUD's website for information on products and
guidelines (www.hud.gov)
E. a , b , c
F. a , c , d
T/F To receive a FHA HECM loan, a borrower must first True
receive One-on-One Counseling from a certified
HECM Counselor.
