QFA - LOANS QUESTIONS & ANSWERS
SOLVED 100% CORRECT!!
1 of 79
Term
Sarah wishes to advertise her services as an independent broker. To
comply with the
Consumer Protection Code, Sarah MUST:
Give this one a try later!
, allow her customers
the option to pay in It is the total projected loan
full repayments over the term of
for the services provided by the mortgage less the capital
means of a borrowed.
fee.
allow Janice a reduction in the total a duty of care is imposed by
cost of common law and will not be found
the credit. in the policy conditions.
Don't know?
2 of 79
Term
Which legislation requires lenders to arrange group mortgage
protection cover for borrowers in certain circumstances?
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Consumer Protection Act, 2010. Consumer Credit Act, 1995.
Financial Services Act, 2005. Banking Regulation Act, 2001.
Don't know?
3 of 79
,Term
A borrower would be deemed to be noncooperating if they:
(i)refuse to engage with the lender.
(ii)fail to make an honest disclosure of
their financial situation.
(iii) refuse to accept an alternative repayment arrangement.
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(ii) and (iii) only (i) and (iii) only
'average clause' (i) and (ii) only.
Don't know?
4 of 79
Term
Niall and Glenda were unable to afford their mortgage payments
because Glenda was made redundant. They have moved in with
Niall's parents and have let out their property in order to generate
income to meet mortgage payments.
With regard to protection offered by the Code of Conduct on
Mortgage Arrears (CCMA), which ONE of the following statements is
true?
Give this one a try later!
, A In these circumstances,
Niall and Glenda are entitled A duty of care is imposed by
to the protection offered by common law and will not be found
the Code. in the policy conditions.
The lender can exercise the
power of sale thus avoiding the
additional expenses which would 10 business days after the arrears
be charged to Bernard to obtain a first arose.
repossession order.
Don't know?
5 of 79
Term
Under the Consumer Protection Code, when recommending a
financial product to a consumer, a Reasons Why Statement MUST be
provided by:
(i)home reversion firms.
(ii)mortgage lenders.
(iii) retail credit firms.
Give this one a try later!
the borrower is not co-operating (i) and (ii) only
(i), (ii) and (iii). (i) (iii) only
SOLVED 100% CORRECT!!
1 of 79
Term
Sarah wishes to advertise her services as an independent broker. To
comply with the
Consumer Protection Code, Sarah MUST:
Give this one a try later!
, allow her customers
the option to pay in It is the total projected loan
full repayments over the term of
for the services provided by the mortgage less the capital
means of a borrowed.
fee.
allow Janice a reduction in the total a duty of care is imposed by
cost of common law and will not be found
the credit. in the policy conditions.
Don't know?
2 of 79
Term
Which legislation requires lenders to arrange group mortgage
protection cover for borrowers in certain circumstances?
Give this one a try later!
Consumer Protection Act, 2010. Consumer Credit Act, 1995.
Financial Services Act, 2005. Banking Regulation Act, 2001.
Don't know?
3 of 79
,Term
A borrower would be deemed to be noncooperating if they:
(i)refuse to engage with the lender.
(ii)fail to make an honest disclosure of
their financial situation.
(iii) refuse to accept an alternative repayment arrangement.
Give this one a try later!
(ii) and (iii) only (i) and (iii) only
'average clause' (i) and (ii) only.
Don't know?
4 of 79
Term
Niall and Glenda were unable to afford their mortgage payments
because Glenda was made redundant. They have moved in with
Niall's parents and have let out their property in order to generate
income to meet mortgage payments.
With regard to protection offered by the Code of Conduct on
Mortgage Arrears (CCMA), which ONE of the following statements is
true?
Give this one a try later!
, A In these circumstances,
Niall and Glenda are entitled A duty of care is imposed by
to the protection offered by common law and will not be found
the Code. in the policy conditions.
The lender can exercise the
power of sale thus avoiding the
additional expenses which would 10 business days after the arrears
be charged to Bernard to obtain a first arose.
repossession order.
Don't know?
5 of 79
Term
Under the Consumer Protection Code, when recommending a
financial product to a consumer, a Reasons Why Statement MUST be
provided by:
(i)home reversion firms.
(ii)mortgage lenders.
(iii) retail credit firms.
Give this one a try later!
the borrower is not co-operating (i) and (ii) only
(i), (ii) and (iii). (i) (iii) only
