Posted by Belinda/CA on 8/19/13 5:13pm
Msg #481058

Yet another test to be taken to stay active with an SS. Here

is a sample question. There were more errors but these give you an idea.

1. The Truth in Lending Disclosure Statement discloses all of the following, except:
o 1) Annual percentage rate
o 2) The interest rate
o 3) Finance charge
o 4) Amount financed

Question 16 was where it was supposed to be right after 15 and before 17.
Then there was a different 16 right after 30 and before 31.

A couple of times it said 'country' instead of 'county'.

My mind automatically proof reads while I am reading things like this. I had to shut it off to keep taking the test.

Reply by Moneyman/TX on 8/19/13 6:00pm
Msg #481070

Reminds me of the errors in the "certification" test on the #'s site.

Reply by Belinda/CA on 8/20/13 12:07am
Msg #481122

Why would they ask a question with no answer as in #1? n/m

Reply by ReneeK_MI on 8/20/13 4:42am
Msg #481127

There is an answer in #1. n/m

Reply by Linda_H/FL on 8/20/13 9:19am
Msg #481133

Re: There is an answer in #1....there is?

If there is I don't see it - all the TIL's I see have all that info in them.

Reply by ReneeK_MI on 8/20/13 9:55am
Msg #481142

Perhaps on a technicality, but yes ...

I've been trying to find if the interest rate is a new requirement for the TIL, since a lot has changed/is changing/will change with the CFPB's involvement - but I can't nail it down. It might just be proprietary editing by the lenders, or preparation for a lot of changes coming into effect in '14. I don't know ...

... But here is the Model Loan Form for the TIL from the FDIC: http://www.fdic.gov/regulations/laws/rules/6500-3480.html

- no interest rate, and that at least used to be the norm. This is why we always had to shift/point back to the Note for that, because it wasn't on the TIL.

Reply by MW/VA on 8/20/13 9:28am
Msg #481137

You need to let them know there are errors in the test. n/m

Reply by Belinda/CA on 8/20/13 12:23pm
Msg #481180

Re: You need to let them know there are errors in the test.

I did let them know. The gal that answered the phone checked with someone and came back to the phone and said just put the most correct answer. I said all options are correct. She left the phone and they looked at a TIL and I was indeed correct. All the info is on the TIL. She said no one has ever caught that. All the information is indeed on the TIL. (Think I'll get a raise?)

I asked her, then, what do I put as an answer since I can not progress through the test until I answer it. She checked with someone and said to put the most correct answer. What? Bless their hearts.

Reply by Belinda/CA on 8/20/13 12:24pm
Msg #481181

Re: You need to let them know there are errors in the test.

I don't think these people are talking about future/new TILs. They are talking about the ones they are sending our right now. I can't imagine they are testing us on any new information or requirements. They don't even know that stuff yet.

Reply by Belinda/CA on 8/21/13 10:40am
Msg #481371

Co said there is no answer; their error. They were surprised

to have this pointed out. How did this get past them and others who have taken the test?

Reply by ReneeK_MI on 8/21/13 11:23am
Msg #481379

Linda & Belinda ...

I found the date of this change - Jan 30, 2011. Two and 1/2 years and I never noticed the addition of the interest rate on the TIL - rote behavior, still pointing to the Note for that clarification. Even the Model Loan Form doesn't show it on there, which is pretty confusing.

I guess that makes the test 'answers' as out-dated as I am!