The branch manager is resolving RESPA Servicing Requirements during a loan setup review. Which action best fits the rule?
Correct Answer
A) Do not exchange value for settlement-service referrals
RESPA/Regulation X limits referral value and sets servicing disclosure and response duties. The best answer is "Do not exchange value for settlement-service referrals".
Why This Is the Correct Answer
RESPA/Regulation X limits referral value and sets servicing disclosure and response duties. The best answer is "Do not exchange value for settlement-service referrals".
More Federal Laws Questions
A mortgage team asks a branch supervisor about TILA APR and finance-charge rules during a renewal checklist. Which answer should guide the file?
A mortgage file is paused during a risk-control review because of TILA QM DTI Calculation. Which answer should choose the most defensible file action?
A disciplinary-risk review raises a question about TILA APR and finance-charge rules. Which action should the renewal specialist recommend?
Before the loan advances, a quality-control reviewer must resolve a ATR/QM repayment-ability rules issue in a supervisory file review. What should happen?
A policy analyst is resolving Flood Disaster Protection Act during a quality-control sample. Which action best fits the rule?
A compliance exception review raises an ECOA Prohibited Basis question for a policy analyst. What answer should guide the file?
A consumer complaint response raises a question about GLBA privacy requirements. Which action should the state compliance officer recommend?
A company policy update raises a question about flood-insurance requirements. Which action should the state compliance officer recommend?
An operations lead is resolving HMDA Reporting Requirements during a quality-control sample. Which action best fits the rule?
During a company policy update, a policy analyst identifies an issue involving ATR/QM repayment-ability rules. Which response is most compliant?
People Also Study
General Mortgage Knowledge
20% of exam
Mortgage Loan Origination Activities
27% of exam
Ethics, Fraud & Consumer Protection
18% of exam
Uniform State Test Content
11% of exam
Related Study Resources
Previous Question
A compliance review finds that an MLO wants to pull a consumer report for curiosity before an application purpose exists. What should the MLO do next?
Next Question
A borrower-facing employee is unsure what to do when an MLO wants to pull a consumer report for curiosity before an application purpose exists. What is the correct response?