A servicemember's spouse wants to obtain SCRA protections on a joint mortgage. Which statement is correct?
Correct Answer
C) Spouses receive limited protections on joint obligations
Under SCRA, spouses receive limited protections, primarily on joint obligations with the servicemember. For example, joint mortgages may qualify for interest rate reductions and foreclosure stays, but spouses don't receive all individual servicemember protections.
Why This Is the Correct Answer
Under SCRA, spouses receive limited protections, primarily on joint obligations with the servicemember. For example, joint mortgages may qualify for interest rate reductions and foreclosure stays, but spouses don't receive all individual servicemember protections.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
People Also Study
General Mortgage Knowledge
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam
Uniform State Test Content
12% of exam
Previous Question
An applicant's loan is denied, and the lender sends an adverse action notice 35 days after the decision. The applicant claims this violates Regulation B. The lender's timing:
Next Question
A mortgage lender plans to sell a portfolio of loans to another institution and wants to provide detailed borrower information to help the buyer evaluate the portfolio. Under GLBA, this transfer of information is: