A title company gives an MLO a $75 gift card for each closed loan the MLO refers to it. Both parties argue no cash changed hands and the amount is small. Under RESPA, this arrangement is: A A prohibited kickback, because a thing of value was given for the referral of settlement service business B Permitted, because non-cash items of nominal value are exempt from Section 8 C Permitted, so long as the arrangement is disclosed on the Closing Disclosure D Permitted, because the title company is not the creditor on the loan
Practice questions written to the published NMLS content outline for the SAFE MLO National Test Component with Uniform State Content, and to the underlying federal regulations (TILA/Regulation Z, RESPA/Regulation X, ECOA/Regulation B, HMDA, FCRA, GLBA, the Fair Housing Act, and the S.A.F.E. Mortgage Licensing Act). NMLS is a service of the Conference of State Bank Supervisors; this site is not affiliated with or endorsed by NMLS, the CSBS, the CFPB, or any state regulator. Dollar thresholds, loan limits, mortgage insurance factors, funding fees, license fees and bond amounts are adjusted periodically and are deliberately not tested here — confirm current figures and your own state's requirements with your state regulator before testing. Nothing here is legal or financial advice.
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