Genesis Forbearance And Settlements Quiz
This quiz assesses knowledge on Genesis loan forbearance, settlements, and related financial management practices.
Questions and Answers
- 1.
(Fill in the Blank) A borrower is allowed ____________ Past Due forbearance(s) every 12 months.
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.Rate this question:
- 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. YesExplanation
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.Rate this question:
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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. $25.00Explanation
The correct answer for the late fee for a Genesis Loan is $25.00.Rate this question:
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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 ForbearanceExplanation
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.Rate this question:
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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. $20.00Explanation
During a Partial forbearance, a Genesis borrower is required to make a minimum monthly payment of $20.00.Rate this question:
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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. TrueExplanation
Genesis Lending offers settlements to borrowers who want to fully repay their loan.Rate this question:
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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. NoExplanation
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."Rate this question:
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- 8.
(Fill in the Blank) What does RC stand for? _______________
Correct Answer
Referred to Collections
Referred CollectionsExplanation
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.Rate this question:
- 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. NoExplanation
RC borrowers will not be able to access their account information through the Genesis online account management system.Rate this question:
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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. TrueExplanation
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.Rate this question:
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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. FalseExplanation
Genesis will accept both lump sum payments and other forms of payment from borrowers doing a settlement.Rate this question:
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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. YesExplanation
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.Rate this question:
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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. YesExplanation
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.Rate this question:
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- 14.
(Fill in the Blank) A Partial Forbearance lasts for __________________ months at a time.
Correct Answer
Six
6Explanation
A Partial Forbearance lasts for a period of six months at a time.Rate this question:
- 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.Rate this question:
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Current Version
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Sep 03, 2023Quiz Edited by
ProProfs Editorial Team -
Jan 08, 2014Quiz Created by
Defaultpreventio
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