MMC Quiz
Mortgage Management Compliance Quiz
Test your knowledge on Mortgage Management Compliance (MMC) and the nuances of SVR contracts with our engaging quiz. Designed for professionals in the mortgage industry, this quiz challenges your understanding of relevant guidelines and practices.
- 10 carefully crafted questions
- Multiple choice format for interactive learning
- Score your performance to track your knowledge progression
What is the basis for the SVR/MMC argument?
Banks increasing the surcharge on the Base Rate
Banks changing from a fixed rate to a standard variable rate without informing the customer
Banks charging secret commission which goes to mortgage brokers
Bank of England increasing the Base Rate without telling banks
What documents are required to run am MMC case?
Offer(s) and application only
Complete statements, offer(s) and any deeds of variation
Statements only
Deed of variation, application and PPI redress
If a lender’s interest was contractually set at the Bank of England's base rate (BOE) plus a product margin of 2.5%, what would you write in the interest column of the MMC details sheet?
BOE + 5% surcharge
BOE + 2.5% surcharge
Lender's SVR + 2.5% surcharge
None of the above as the interest rate is set as a fixed rate
If Northern Rock’s interest was contractually set at their own SVR (NRAM), what would you write in the interest column of the MMC details sheet? At the time the contract was written, the NRAM SVR was 6.2% and the BOE base rate was 4%.
NRAM SVR + no surcharge
BOE +10.2%
BOE +6.2%
BOE +2.2%
If a mortgage was taken out on 3rd February 2015, can we accept this case?
Accept
Reject
If a mortgage was taken out on 12 December 2004 and redeemed on 12 July 2009, can we accept this case?
Accept
Reject
If a mortgage was taken out on 5 May 2006 and redeemed on 4 July 2011, can we accept this case?
Accept
Reject
In the data entry process, which transaction type would you assign to a monthly direct debit paid by the debtor?
Credit - Debtor Initiated
Credit - Review
Consolidated Debt
Credit - Lender Initiated
While scrolling through an MMC case DSAR you find a mortgage advance labelled "repayment" and another advance labelled "interest only". What is this an example of?
Early settlement
Mortgage split
Conversion
Deed of variation
Halifax has offered a buyer a fixed interest rate of 4.99% for the first year of their contract, followed by their own SVR with a discount of -0.25% for a year, followed by their own SVR for the remainder of the contract term. At the time of the contract, the BoE rate was 4% and the Halifax SVR was 7.75%. What would you write in the interest column of the MMC details sheet?
Fixed rate (4.99%), BOE (7.5%), BOE (7.75%)
Fixed rate (4.99%), BOE (3.5%), BOE (3.75%)
Fixed rate (5%), BOE (3.75%), BOE (7.5%)
Fixed rate (4.99%), BOE (3.75%), BOE (3.5%)
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