ABA - Real Estate Settlement Procedures Act (RESPA) | Questions with 100% Correct Answers | Verified | Latest Update 2024

Riley's manager had a reasonable basis to believe Ms. Hamilton had failed to maintain hazard insurance and directed Riley to start the force placement procedures. Riley sent the required notices timely. After receiving the second notice, Ms. Hamilton provided a hazard insurance policy declarations page to the bank that verified she had a hazard insurance policy in place 60 days ago. Which option states one of Riley's appropriate next steps? A. Refund all force-placed insurance premium charges and related fees paid by the borrower within 15 days of receiving evidence that Ms. Hamilton has hazard insurance B. Cancel the force-placed insurance within 60 days of receiving evidence that Ms. Hamilton has hazard insurance C. Refund Ms. Hamilton's overlapping force-placed insurance premium charges by the end of the escrow account computation year D. Offer Ms. Hamilton the force-placed insurance at a discount price as an - A. Refund all forceplaced insurance premium charges and related fees paid by the borrower within 15 days of receiving evidence that Ms. Hamilton has hazard insurance Marci is eager to increase her business referrals as a mortgage loan officer. She has been studying Real Estate Settlement Procedures Act (RESPA) and knows that certain referral activities are prohibited. What is one activity that Marci is allowed to do under RESPA? A. Marci may pay a fee to a realtor that refers her business B. Marci may pay for a seminar for brokers as long as they refer mortgage business to her C. Marci may provide normal promotional brochures to builders not conditioned on the referral of business