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?
Correct Answer
B) Give the AFBA disclosure and avoid required use
RESPA/Regulation X limits referral value and sets servicing disclosure and response duties. The best answer is "Give the AFBA disclosure and avoid required use".
Why This Is the Correct Answer
RESPA/Regulation X limits referral value and sets servicing disclosure and response duties. The best answer is "Give the AFBA disclosure and avoid required use".
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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?
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Before the team acts on a production meeting, a risk reviewer must address HOEPA Points and Fees. Which response is most defensible?