Under RESPA servicing transfer rules, the new servicer must send a notice to the borrower within how many days after the effective date of transfer?
Correct Answer
A) 15 days
RESPA Section 6 requires the new servicer to send a notice to the borrower within 15 days after the effective date of the servicing transfer, providing contact information and other required details.
Why This Is the Correct Answer
RESPA Section 6 requires the new servicer to send a notice to the borrower within 15 days after the effective date of the servicing transfer, providing contact information and other required details.
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Which of the following must be included in an adverse action notice when a mortgage application is denied based on credit report information?
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An MLO obtains a credit report for a borrower's mortgage application using the permissible purpose of 'credit transaction.' The borrower is denied, but asks the MLO to reconsider based on a co-signer. To evaluate the co-signer's creditworthiness, the MLO: