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6.4.14 Flashcard Review

Amanda Ukasick

Created on September 12, 2025

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Transcript

In the PalmView case study, what should Shanice ensure when she notices Kristen’s mortgage applications are missing HMDA demographic data during face-to-face interactions?

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Shanice should ensure Kristen makes a visual observation or uses the borrower’s surname to complete the required fields if the borrower declines to provide the data. Leaving them blank or misclassifying as “not provided” violates HMDA rules.

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Why was Liam’s co-marketing arrangement with real estate agent Alicia considered a RESPA Section 8 violation?

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Because Liam failed to document that payments were for actual services rendered at fair market value, creating the appearance of a kickback in exchange for referrals.

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What compliance risks did the PalmView case study illustrate for MLOs like Shanice, Kristen, and Liam?

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Risks included misreporting HMDA data, engaging in undocumented referral payments, and creating compensation incentives that could encourage steering borrowers toward higher-cost products, all of which can trigger regulatory action.

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