HUD CORRECT ANS-Department of Housing and Urban Development
, NMLS Exam with Complete Solutions
Section 6 (RESPA) CORRECT ANS-Deals with mortgage servicing, protecting from abuses.
Example: not applying payments on time or not paying taxes or insurance.
Mortgage Servicers CORRECT ANS-Deal with the payments being made, taking payments.
Dealing with taxes and insurance. Notify client about late fees
Section 8 (RESPA) CORRECT ANS-Prohibits kickback fees fee splitting and unearned fees, it
prohibits giving or accepting fees of value , prohibits splitting or accepting fees for services
not performed
Section 9 (RESPA) CORRECT ANS-States the seller cannot require the use of a particular
title company as a condition of the sale
Title Insurance CORRECT ANS-Title insurance is insurance policy for the loss of ownership
interest in the property due to legal defects
If section 9 is violated CORRECT ANS-Buyer may sue a seller who violates this provision for
an amount three times all title insurance charges
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