An MLO's spouse works as a real estate agent and refers clients to the MLO. The MLO provides a $100 gift card to the spouse for each successful loan closing. Which statement is most accurate regarding this arrangement?
Correct Answer
B) This violates RESPA's anti-kickback provisions regardless of the marital relationship
RESPA Section 8 prohibits kickbacks and referral fees regardless of family relationships. The fact that the MLO and real estate agent are married does not exempt them from RESPA's anti-kickback provisions. Any payment for referrals violates federal law.
Why This Is the Correct Answer
RESPA Section 8 prohibits kickbacks and referral fees regardless of family relationships. The fact that the MLO and real estate agent are married does not exempt them from RESPA's anti-kickback provisions. Any payment for referrals violates federal law.
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During income verification, an MLO discovers that a borrower's pay stubs show consistent gross pay amounts but varying deduction amounts that don't correlate with typical payroll deductions. This pattern MOST likely indicates:
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An MLO working from home accidentally sends an email with borrower financial information to the wrong recipient who has the same first name as the intended recipient. What is the MLO's primary obligation?