Under Florida's Mortgage Lender Servicer Act, what is the consequence if a mortgage servicer fails to pay a borrower's property taxes from the escrow account in a timely manner?
Correct Answer
D) The servicer must pay any penalties, interest, or late charges resulting from the failure
When a servicer fails to make timely escrow disbursements, the servicer is responsible for paying any resulting penalties, interest, or late charges — the borrower is not liable for the servicer's failure.
Why This Is the Correct Answer
When a servicer fails to make timely escrow disbursements, the servicer is responsible for paying any resulting penalties, interest, or late charges — the borrower is not liable for the servicer's failure.
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Under the Georgia Fair Lending Act, a subordinate-lien home loan is classified as high-cost if the APR exceeds the comparable Treasury yield by how many percentage points?
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