A quality-control sample of forty information requests finds acknowledgments going out between six and nine calendar days after receipt, none of which spanned a holiday. What does the sample show?
Correct Answer
D) Acknowledge receipt within five business days
Why this is correct: As per 12 CFR 1024.36(c), when a borrower sends a qualified written request for information to a servicer's designated address, the servicer must acknowledge receipt within five business days. A quality-control correction must ensure this procedural step is completed. Why the other choices are wrong: "Use a generic national checklist instead of the requirement in this file documentation check" is wrong because a generic checklist might omit this specific RESPA requirement; the correction must address the precise rule violation. "Document that RESPA reg x was reviewed, but take no required corrective action" is wrong because documenting a review without fixing the missed acknowledgment fails to correct the error. "Use an informal exception and leave the required record unchanged" is wrong because there is no valid exception to this acknowledgment rule; the record must be corrected to show compliance. Exam tip: In quality-control scenarios, the appropriate correction is always to perform the missed regulatory step, not just to note that it was missed.
Why This Is the Correct Answer
The correct response is "Acknowledge receipt within five business days" because Lines 33-41; 12 CFR 1024.36(c).
Why the Other Options Are Wrong
Option A: Use a generic national checklist instead of the requirement in this file documentation check.
Use a generic national checklist instead of the requirement in this file documentation check. is not correct because it does not apply the rule tested by this file scenario.
Option B: Document that RESPA reg x was reviewed, but take no required corrective action.
Document that RESPA reg x was reviewed, but take no required corrective action. is not correct because it does not apply the rule tested by this file scenario.
Option C: Use an informal exception and leave the required record unchanged.
Use an informal exception and leave the required record unchanged. is not correct because it does not apply the rule tested by this file scenario.
Memory Technique
RESPA and Regulation X: identify the rule being tested, then choose the action that documents or applies that rule before the file moves forward.
Exam Tip
Match the file facts to RESPA and Regulation X; do not choose an exception or shortcut that skips the required rule.
Common Mistakes to Avoid
- -Choosing an internal exception instead of the governing rule
- -Treating preliminary or informal facts as a substitute for required documentation
- -Answering from a familiar but unrelated mortgage topic
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