A mortgage broker refers a borrower to a title company in which the broker owns a 15% interest. Which RESPA requirement applies?
Correct Answer
B) AfBA disclosure must be provided
RESPA requires AfBA disclosure when there is any ownership interest of more than 1% in an affiliated business, regardless of the percentage owned.
Why This Is the Correct Answer
RESPA requires AfBA disclosure when there is any ownership interest of more than 1% in an affiliated business, regardless of the percentage owned.
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A mortgage company sends an adverse action notice that includes all required FCRA elements but fails to include the numerical credit score. The company claims they don't provide credit scores in adverse action notices as a matter of policy. This practice is:
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A mortgage originator receives a subpoena requesting customer financial information in a civil lawsuit between two private parties, neither of which is the customer. The customer has not consented to the disclosure. Under GLBA, the originator should: