Payment Deferrals
Name all mortgage payment deferral methods in order of convenience/flexibility
Vacation, Pause, Extension
STOP THE CAP
Sam the guarantor on a mortgage was told that he can change the payment account on a mortgage, that is in arrears by a small amount due to mortgagor oversight, within 1 full business day.
Cap 1: Sam cannot make any changes.
Cap 2: Account must be in good standing.
Cap 3: SLA for payment account change is 2 full business days.
Define Trigger Rate and Trigger Point.
As interest rates on Variable Interest Rate Mortgages (VIRM) and TD Home Equity FlexLine/HELOC Variable Rate Term Portions (VRTP) increase, there will be a point where the principal and interest payments can no longer cover the interest accrued.
VIRM- Conventional
Since the deferred interest is added to the principal amount, once the principal amount exceeds 80% of the fair market value of the property, the account has reached TP.
VIRM- Insured
The Trigger Point is when the principal amount (including deferred interest) exceeds 105% of the original principal amount of the mortgage loan.
VRTP
The Trigger Point is when the outstanding principal amount + any deferred interest exceeds the original principal amount. The VRTP is not currently showing an increasing principal balance.
You have a weekly rapid frequency on your mortgage. How many payments do you make in a year?
52
What is the indicator of Flexline vs Heloc?
Plan Limit on CPA CRL
What are the maximum numbers of weekly payment deferrals for payment pause and vacation?
(100 bonus points for flexline term extension rules)
Pause: 4 payments
Vacation: 16 payments
Payment frequencies cannot be updated if the Term Portion is within --- calendar days of Rate Renewal Date
34
What is Deferred Interest?
The accrued interest not collected from the regular scheduled payment
You use this host screen to make partial arrears payments on a mortgage.
MTG A03
What is the maximum Loan to Value ratio on a Flexline?
(
80%
True or False:
Payment Extensions requests can be completed after:
* the request is ACTIVE on MTG A25 History
* There are no RESL COVID-19 Deferrals between 03.17.2020 and 09.30.2020
FALSE
Request must be PND APPROVAL
True or False:
You can cancel a pending frequency change on a term portion on MTG A15
False
In order to find deferred interest amount on Flexlines, you must go to -------------- on Host and plug in ----------------- into the Effective Date field, and you will find the balance in the -------------------------- field.
CCS EPAYT
Date of the last payment
Interest to date/close
Today is September 15th 2024. You receive a call from cx who is in URGENT need to know the interest they paid on their fixed mortgage in 2023. What do you do?
( 50 Creativity Bonus points)
Offer to order Interest paid information statement for previous year.
Offer to tell them interest per payment as shown on MTGE 5.
Where can you find the address of the property which a Heloc/Flexline is secured against?
CPA CRL page 3
Explain the Financial Hardship criteria and the alternative course of action if the cx does not meet this criteria.
Severe Illness
Temporary Loss of Employment
TD Helps Referral Form
What are the most common scenarios where a customers incur catch-up payments? Can the customer opt out of these payments?
What is the fastest way to calculate deferred interest per payment on a Flexline Term Portion.
Accrued Interest (per diem * frq days) - Payment Amount
STOP THE CAP
You were told by Dwight Schrute, the assistant regional manager, the following:
In order for co-mortgagors to get their own copies of documents, you must go to CIF EAMC and change the preference to "Group Status" after reading a black bold in green box.
(25 creativity bonus points)
* Go to CIF MDMP
* Individual Status
* Blue Bold
Assistant TO the regional manager
What is the maximum number of term portions on a FLexline?
40
True or False:
The estate representative of a mortgagor cannot request a payment deferral if the mortgagor is deceased.
True
Payment extension is not available where a borrower is deceased.
In what scenarios can a customer switch from a rapid to regular payment but have a lower payment amount?
Name 2
1) Cx is in a variable term and the interest rates are now lower than when they locked into a rapid paydown option.
2) Cx is ahead of their amortization schedule due to their rapid payments and/or LSPs. This allows them to have a lower payment amount.
What transaction code (T/C) is used to identify deferred interest being added to principle?
166 - Debit Towards Principle
POV: Your customer wants to pay more than their annual LSP allotment. You quote them the penalty amount. They ask for confirmation. What info do you paste in the additional information field of the OPC?
True or False?
Customers have the option to pay their property taxes within their term portion payments.
False