a California compliance file raises a records and reporting question involving Under RESPA, which applies to CRMLA servicers, a qualified written request must be acknowledged in writing within 5. Which statement is supported by the state rule?
Correct Answer
C) Under RESPA, which applies to CRMLA servicers, a qualified written request must be acknowledged in writing within 5 business days of receipt.
Under RESPA, which applies to CRMLA servicers, a qualified written request must be acknowledged in writing within 5 business days of receipt. The servicer must then provide a substantive response within 30 business days.
Why This Is the Correct Answer
The correct response is "Under RESPA, which applies to CRMLA servicers, a qualified written request must be acknowledged in writing within 5 business days of receipt." because Under RESPA, which applies to CRMLA servicers, a qualified written request must be acknowledged in writing within 5 business days of receipt.
Why the Other Options Are Wrong
Option A: Use a verbal explanation instead of the required disclosure, record, or filing.
Use a verbal explanation instead of the required disclosure, record, or filing. is not correct because it does not apply the rule tested by this file scenario.
Option B: Keep only informal notes instead of the required state records or notices.
Keep only informal notes instead of the required state records or notices. is not correct because it does not apply the rule tested by this file scenario.
Option D: Apply a generic federal shortcut and ignore the state-specific condition.
Apply a generic federal shortcut and ignore the state-specific condition. is not correct because it does not apply the rule tested by this file scenario.
Memory Technique
California records and reporting: 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 California records and reporting; 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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