B2B: Understanding RESPA Section 8

2. What is the maximum penalty to the CFPB for violations of RESPA Sec. 8?

3. What are the document retention requirements for RESPA Sec. 8?

4. Banks may pay referral fees to employees.

5. Which of the following is a permissible Marketing Services Agreement?

A. An MLO and a real estate agent agreeing to host an open house together splitting the cost equally
B. A bank sponsoring a State Association of Realtors event.
C. Agreeing to split a billboard with a builder 60/40.
D. None of the above

6. An MLO providing lunch to a group of realtors is not viewed by examiners as “things of value.”

7. Which of the following are not prohibited under RESPA?

8. To prove an agreement or understanding, the bank must have a formal agreement with a settlement service provider.

9. A bank paying an attorney a fee to draft loan documents would be a violation of RESPA.

10. Which of the following transactions would be covered under RESPA?

Quiz for B2B: Understanding RESPA Section 8