During a disclosure desk review, the loan team encounters an RESPA Servicing Transfer issue. Which response should avoid a shortcut that would misapply the rule?
Correct Answer
C) 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 exception review raises a TILA Finance Charge question for the branch manager. What answer should guide the file?
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A mortgage file is paused during a secondary-market screen because of RESPA AfBA Provisions. Which answer should select the answer that fits the governing requirement?