An audit analyst finds a settlement-service referral involving a possible thing-of-value exchange. Which RESPA response is required?
Correct Answer
C) Pay only for actual services performed
RESPA prohibits kickbacks and regulates escrow, servicing, and settlement-service practices. The best answer is "Pay only for actual services performed".
Why This Is the Correct Answer
RESPA prohibits kickbacks and regulates escrow, servicing, and settlement-service practices. The best answer is "Pay only for actual services performed".
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A processor asks how to handle a file where a borrower sends a written request for information to the servicer-designated address. Which response is most accurate?
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A pre-closing checklist raises a TILA APR Finance Charge question for the loan team. What answer should guide the file?