MMC
Mortgage Misconduct Cases Quiz
Test your knowledge on the Mortgage Misconduct Cases (MMC) and the legal frameworks surrounding SVR and interest rates. This quiz features a series of questions designed to enhance your understanding and application of MMC principles.
- 10 multiple choice questions
- Assess your understanding of key legal cases
- Learn about required documents and interest rate calculations
What is the basis for the SVR/MMC argument?
Banks not following a tracker rate
Banks changing from a fixed rate to a standard variable rate without informing the customer
Banks not following the standard variable rate
Banks charging secret commission which goes to mortgage brokers
Which documents are required to run an MMC case?
Complete offers and applications
Only statements
Complete offers, applications and PPI redresses
Complete offers, statements and any deeds of variation
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
The lender's SVR + 2.5%
None of the above because the interest is set at 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% surcharge
BOE + 2.2% surcharge
BOE + 6.2% surcharge
Which two legal cases are integral to the MMC argument?
Rutherford-Roberts v Blackhorse Ltd (2018) and Plevin v Paragon Personal Finance (2014)
Jarndyce v Jardynce (1852) and United States v Nixon (1982)
Jones v Northern Rock (2009) and Garcia v Roof Top Mortgages (1922)
Nash v Paragon Personal Finance (2001) and Briganza v BP Shipping (2015)
If a mortgage was taken out on 12 December 2004 and redeemed on 12 July 2009, can we accept this case?
Yes
No
If a mortgage was taken out on 5 May 2006 and redeemed on 4 July 2011, can we accept this case?
Yes
No
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?
Mortgage Split
Early Settlement
Mortgage 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 5.0%, BOE + 3.75%, BOE + 7.5%
Fixed rate 4.99%, BOE – 3.75%, BOE + 3.5%
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