RESL

Payment Deferrals

100

Name all mortgage payment deferral methods in order of convenience/flexibility

Vacation, Pause, Extension

200

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

300

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

400

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

• Death in the Immediate Family 

TD Helps Referral Form

500

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. 

Payment Changes

100

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.

200

Payment frequencies cannot be updated if the Term Portion is within --- calendar days of Rate Renewal Date

34

300

True or False:

You can cancel a pending frequency change on a term portion on MTG A15 

False

400

What are the most common scenarios where a customers incur catch-up payments? Can the customer opt out of these payments? 

• The most likely occurrence of a catch up payment will be the change from a monthly to a weekly when the request is made late into the existing monthly payment cycle
• In order to allow for the payment change, but also keep the customer with in the terms of their Agreement, the customer has two options:
  • Agree to the new, increased payment amount
  • Make a catch up payment
    Note: If the customer accepts the higher payment amount this becomes the permanent regular payment; this payment cannot be reduced because any reduction will extend the maturity date, which is not permitted

500

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.

Trigger Rate / Trigger Point

100

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.

200

What is Deferred Interest? 

The accrued interest not collected from the regular scheduled payment

300

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

400

What is the fastest way to calculate deferred interest per payment on a Flexline Term Portion. 

Accrued Interest (per diem * frq days) - Payment Amount

500

What transaction code (T/C) is used to identify deferred interest being added to principle? 

166 - Debit Towards Principle

Mortgage

100

You have a weekly rapid frequency on your mortgage. How many payments do you make in a year? 

52

200

You use this host screen to make partial arrears payments on a mortgage.

MTG A03

300

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.

400

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

500

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?

• Please mail the Statement directly to the customer
• Paste the details copied from HOST into the OPC ticket: MTG MTGE (4) and copy all the mortgage payout details.

HELOC/Flexline

100

What is the indicator of Flexline vs Heloc?

Plan Limit on CPA CRL

200

What is the maximum Loan to Value ratio on a Flexline?

(

80%

300

Where can you find the address of the property which a Heloc/Flexline is secured against? 

CPA CRL page 3

400

What is the maximum number of term portions on a FLexline? 

40

500

True or False?

Customers have the option to pay their property taxes within their term portion payments.

False