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Question 1 of 6

1. Question
A borrower applying for a conventional mortgage loan asks the loan officer when the Mortgage Servicing Transfer Disclosure will be provided because the borrower remembers receiving a separate disclosure form during a previous mortgage transaction several years ago.

Which statement best reflects current disclosure requirements?
- A) The Mortgage Servicing Transfer Disclosure was eliminated and is no longer required
- B) The disclosure is now contained on Page 3 of the Loan Estimate rather than provided as a separate disclosure
- C) Servicing disclosures are required only after closing
- D) The disclosure applies only to refinance transactions
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Question 2 of 6

2. Question
A borrower applies for a reverse mortgage transaction and reviews the Loan Estimate disclosures. The borrower asks whether a separate Servicing Transfer Disclosure Statement is still required for reverse mortgages.

Which statement best reflects current requirements?
- A) Reverse mortgages are exempt from all servicing transfer disclosures
- B) Reverse mortgages use only the standard Loan Estimate servicing disclosure
- C) Reverse mortgages still require a separate Servicing Transfer Disclosure Statement
- D) Servicing disclosures are required only after loan consummation for reverse mortgages
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Question 3 of 6

3. Question
A mortgage servicer sells servicing rights for a residential mortgage loan effective July 1. The transferor servicer mails a servicing transfer notice to the borrower on June 10.

Under Regulation X servicing transfer rules, how is this timing generally treated?
- A) The notice is untimely because it must be sent after the effective transfer date
- B) The notice satisfies timing requirements because the transferor servicer provided notice at least 15 days before the effective transfer date
- C) Transfer notices are required only from the transferee servicer
- D) Transfer notices must always be delivered at loan consummation
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Question 4 of 6

4. Question
A mortgage loan servicing transfer is scheduled to occur next month. The transferor and transferee servicers decide to send borrowers a single combined servicing transfer notice before the transfer becomes effective.

Under Regulation X, when may combined servicing transfer notices satisfy disclosure requirements?
- A) Combined notices are prohibited under servicing transfer rules
- B) Combined notices satisfy requirements only if mailed after the transfer date
- C) Combined notices may satisfy requirements if delivered at least 15 days before the effective transfer date
- D) Separate notices are always required from both servicers
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Question 5 of 6

5. Question
A borrower timely mails a mortgage payment to the former servicer within 30 days after servicing rights are transferred to a new servicer. The former servicer receives the payment after the transfer effective date.

Under Regulation X servicing transfer protections, which statement best reflects the borrower’s rights?
- A) The borrower may be charged a late fee because payments must immediately be sent to the new servicer
- B) No late fee or penalty may be imposed during the 60-day transfer period if the borrower made a timely payment to the former servicer
- C) Late fees are waived only during the first 15 days after transfer
- D) Borrowers lose payment protections once servicing rights officially transfer
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Question 6 of 6

6. Question
After a servicing transfer becomes effective, a borrower accidentally sends a mortgage payment to the former servicer instead of the new servicer.

Under Regulation X requirements, what must the former servicer generally do with the payment?
- A) Reject the payment without notifying the borrower
- B) Deposit the payment and hold the funds until the borrower submits a written correction request
- C) Either transfer the payment to the new servicer or return the payment while informing the borrower of the proper payment recipient
- D) Charge the borrower a servicing transfer processing fee
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