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P5-7 Quiz

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Question 1 of 7

1. Question

What does “redlining” involve?

A) Offering special discounts to certain neighborhoods
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B) Providing loans only for commercial properties
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C) Marketing low-cost loans to low-income borrowers
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D) Identifying specific geographic areas to deny real estate loans or vary terms in a discriminatory pattern
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Question 2 of 7

2. Question

Why is redlining viewed as an unethical practice?

A) It always results in higher interest rates for all borrowers
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B) It denies or changes loan terms even when borrowers have good credit, income, and overall qualifications
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C) It requires lenders to follow federal fair lending laws
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D) It only affects commercial loan applicants
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Question 3 of 7

3. Question

What does Section 6 of RESPA provide to borrowers?

A) Protections relating only to loan origination fees
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B) Protections relating only to appraisal ordering
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C) Consumer protections relating to the servicing of their loans
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D) Protections relating only to advertising practices
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Question 4 of 7

4. Question

If a borrower sends a “qualified written request” to the servicer, when must the servicer provide a written acknowledgment?

A) Within 24 hours of receipt
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B) Within 10 calendar days of receipt
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C) Within 15 business days of receipt
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D) Within 5 business days of receipt
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Question 5 of 7

5. Question

Within what time frame must the servicer make appropriate corrections and provide a written clarification after receiving a qualified written request?

A) Within 5–10 business days
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B) Within 15–20 calendar days
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C) Within 30–45 business days after receiving the request
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D) Within 90 calendar days of loan closing
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Question 6 of 7

6. Question

During the 60-day period after a qualified written request, what is the servicer prohibited from doing?

A) Provide information to a consumer reporting agency about any overdue payment related to that period or request
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B) Accept monthly payments from the borrower
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C) Communicate in writing with the borrower
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D) Adjust the borrower’s escrow account
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Question 7 of 7

7. Question

In addition to consumer protections, what else does Section 6 of RESPA provide when servicers violate its requirements?

A) Tax deductions for servicers
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B) Automatic loan forgiveness for borrowers
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C) Higher late-fee limits for servicers
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D) Damages and costs for individuals or classes of individuals when servicers violate Section 6 requirements
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