Genesis Forbearance And Settlements Quiz

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Quizzes Created: 9 | Total Attempts: 1,973
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Genesis Forbearance And Settlements Quiz - Quiz


Questions and Answers
  • 1. 

    (Fill in the Blank) A borrower is allowed ____________ Past Due forbearance(s) every 12 months. 

    Correct Answer
    one
    1
    Explanation
    The borrower is allowed a maximum of one Past Due forbearance every 12 months. This means that they can request a forbearance on their past due payments only once within a 12-month period.

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  • 2. 

    (Mulitple Choice) Janet is delinquent on her Genesis Loan. Genesis has also applied a late fee to her account. Janet has applied a Past-Due Forbearance to her Genesis Account. Can her late fee be waived?

    • A.

      Yes

    • B.

      No

    Correct Answer
    A. Yes
    Explanation
    Janet can have her late fee waived because she has applied a Past-Due Forbearance to her Genesis Account. This forbearance allows her to temporarily suspend or reduce her loan payments, including any associated fees. Therefore, her late fee can be waived.

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  • 3. 

    (Multiple Choice) The late fee for a Genesis Loan is $______________.

    • A.

      $10.00

    • B.

      $15.00

    • C.

      $20.00

    • D.

      $25.00

    Correct Answer
    D. $25.00
    Explanation
    The correct answer for the late fee for a Genesis Loan is $25.00.

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  • 4. 

    (Multiple Choice) What type of Genesis forbearance requires the borrower to have experienced a financial hardship?

    • A.

      Past-Due Forbearance

    • B.

      Partial Forbearance

    • C.

      Full Forbearance

    Correct Answer
    B. Partial Forbearance
    Explanation
    Partial forbearance is the type of Genesis forbearance that requires the borrower to have experienced a financial hardship. This means that the borrower is allowed to make reduced payments or no payments for a specific period of time, but is still required to make some payments. This type of forbearance is often granted to borrowers who are experiencing temporary financial difficulties and need some relief, but are still able to make partial payments towards their loan.

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  • 5. 

    (Multiple Choice) The minimum monthly payment a Genesis borrower can make during a Partial forbearance is $___________.

    • A.

      $10.00

    • B.

      $15.00

    • C.

      $20.00

    • D.

      $25.00

    Correct Answer
    C. $20.00
    Explanation
    During a Partial forbearance, a Genesis borrower is required to make a minimum monthly payment of $20.00.

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  • 6. 

    (True or False) Genesis Lending offers settlements to those borrowers interested in paying their loan in full.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Genesis Lending offers settlements to borrowers who want to fully repay their loan.

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  • 7. 

    (Multiple Choice) Lori's Genesis loan is currently 120 days delinquent. Is she eligible for a Settlement offer? 

    • A.

      Yes

    • B.

      No

    Correct Answer
    B. No
    Explanation
    Lori's Genesis loan is currently 120 days delinquent, which means she has not made payments for the past four months. Typically, lenders offer settlement offers to borrowers who are facing financial difficulties and are behind on their payments. However, since Lori's loan is already 120 days delinquent, it is likely that she has already missed the opportunity for a settlement offer. Therefore, the answer is "No."

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  • 8. 

    (Fill in the Blank) What does RC stand for? _______________

    Correct Answer
    Referred to Collections
    Referred Collections
    Explanation
    The acronym RC stands for "Referred to Collections" or "Referred Collections." This term is commonly used in the context of debt collection, where it indicates that a delinquent account has been transferred or referred to a collections agency for further action.

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  • 9. 

    (Multiple Choice) Will RC borrowers be able to access their account information through the Genesis online account management system?

    • A.

      Yes

    • B.

      No

    Correct Answer
    B. No
    Explanation
    RC borrowers will not be able to access their account information through the Genesis online account management system.

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  • 10. 

    (True or False) RC borrowers will most likely NOT have used up their 3 forbearances.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement suggests that RC borrowers will most likely not have used up their 3 forbearances. This means that it is likely that RC borrowers have not exhausted all of their available forbearances. Therefore, the correct answer is True.

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  • 11. 

    (True or False) Genesis will only accept a lump sum payment from borrowers doing a settlement.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Genesis will accept both lump sum payments and other forms of payment from borrowers doing a settlement.

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  • 12. 

    (Multiple Choice) Are both RC and Charge Off borrowers eligible for a settlement offer?

    • A.

      Yes

    • B.

      No

    Correct Answer
    A. Yes
    Explanation
    Both RC (Recovery Chance) and Charge Off borrowers are eligible for a settlement offer. This means that regardless of whether the borrower's account has been charged off or is currently in recovery, they can still be considered for a settlement offer. The fact that both types of borrowers are eligible suggests that the settlement offer is not limited to a specific category or status of borrowers.

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  • 13. 

    (Multiple Choice) Bob's Genesis loan is currently 145 days delinquent. Based on the number of days delinquent, is Bob eligible for one of the Genesis forbearances?

    • A.

      Yes

    • B.

      No

    Correct Answer
    A. Yes
    Explanation
    Based on the information provided, Bob's Genesis loan is currently 145 days delinquent. The question asks if Bob is eligible for one of the Genesis forbearances based on the number of days delinquent. Since the answer is "Yes," it implies that Bob is indeed eligible for one of the forbearances offered by Genesis.

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  • 14. 

    (Fill in the Blank) A Partial Forbearance lasts for __________________ months at a time.

    Correct Answer
    Six
    6
    Explanation
    A Partial Forbearance lasts for a period of six months at a time.

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  • 15. 

    (Multiple Choice) You are counseling a Genesis borrower on their options. They decide that they would like to do a settlement but they won't have any money until next week. What should you do?

    • A.

      Transfer the call to Genesis.

    • B.

      Schedule a call back.

    • C.

      Thank them for their time and hang up.

    Correct Answer
    A. Transfer the call to Genesis.
    Explanation
    The correct answer is to transfer the call to Genesis. Since the borrower wants to do a settlement but doesn't have any money until next week, it is best to transfer the call to Genesis, who can provide further assistance and guidance on how to proceed with the settlement process.

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  • Current Version
  • Sep 03, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 08, 2014
    Quiz Created by
    Defaultpreventio
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