Under RESPA, what is the maximum civil penalty per violation for kickbacks or unearned fees?
Correct Answer
D) $25,000
RESPA Section 8 provides for civil penalties of up to $25,000 per violation for kickbacks and unearned fees. This penalty can be imposed by regulatory agencies in addition to other enforcement actions.
Why This Is the Correct Answer
RESPA Section 8 provides for civil penalties of up to $25,000 per violation for kickbacks and unearned fees. This penalty can be imposed by regulatory agencies in addition to other enforcement actions.
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A borrower has a credit score of 640 and applies for a loan with a 5% interest rate when the APOR for comparable transactions is 4.5%. What additional ATR documentation is required?
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