A branch supervisor asks Cameron how to handle RESPA servicing and affiliated-business rules. What should Cameron recommend?
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".
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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?
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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?