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Question 1 of 8
1. Question
A mortgage lender employs a loan officer who takes residential mortgage applications, coordinates underwriting conditions, processes documentation, and schedules the final funding of mortgage loans. During a RESPA compliance audit, the lender argues these activities are merely internal banking operations and not settlement services.
Which statement best reflects RESPA requirements?
CorrectIncorrect -
Question 2 of 8
2. Question
A mortgage broker assists borrowers by counseling applicants, collecting documentation, obtaining appraisals and verifications, and communicating between the borrower and lender throughout the loan approval process. During a regulatory examination, the broker claims these activities are not settlement services because the broker never directly funds the loan.
Which statement best reflects RESPA requirements?
CorrectIncorrect -
Question 3 of 8
3. Question
A lender hires a third-party company to coordinate multiple loan-processing activities connected with federally related mortgage loans, including document review, underwriting support, and funding coordination. The company argues its activities are administrative only and therefore outside RESPA settlement service rules.
Which statement best reflects RESPA coverage?
CorrectIncorrect -
Question 4 of 8
4. Question
A title company performs title searches, title examinations, abstract preparation, insurability determinations, and issues title insurance commitments for residential mortgage transactions. During a CFPB review, the company argues these activities are insurance functions rather than settlement services.
Which statement best reflects RESPA requirements?
CorrectIncorrect -
Question 5 of 8
5. Question
A real estate attorney prepares loan documents and represents parties during a residential mortgage closing. The attorney later claims RESPA kickback rules do not apply because attorneys are regulated separately by state bar associations.
Which statement best reflects RESPA requirements?
CorrectIncorrect -
Question 6 of 8
6. Question
A settlement company prepares closing documents, notarizes signatures, records legal instruments, and coordinates delivery of mortgage paperwork to the appropriate parties. During a compliance review, the company argues these clerical activities are not covered by RESPA settlement service rules.
Which statement best reflects RESPA requirements?
CorrectIncorrect -
Question 7 of 8
7. Question
A lender orders a borrower credit report and property appraisal during the underwriting process for a federally related mortgage loan. During an internal audit, a compliance trainee asks whether these services qualify as settlement services under RESPA.
Which statement best reflects federal requirements?
CorrectIncorrect -
Question 8 of 8
8. Question
Prior to closing, a lender requires a termite inspection and property condition inspection pursuant to both the sales contract and underwriting guidelines. The inspection company later argues RESPA settlement service rules do not apply because inspections occur before transfer of title.
Which statement best reflects RESPA requirements?
CorrectIncorrect