RESPA Exam (v3)

In October 2015, Brian Levy, a representative of Katten @ Temple, LLP conducted the training "The CFPB's New Take on RESPA" for our staff. This presentation and the short open book exam that follows is now required for all incoming Ruoff employees.

Please listen to the video and review the handout below.

RESPA Training Video Recording and Presentation Handout is located within the Ruoff Knowledge Base/Ruoff RESPA Training Event Oct

Important Note:
It is required that you achieve a passing score (79% or better) on an open-book RESPA exam. Most of the exam questions can be answered with the information in the slides.

The exam link follows along with the material that was discussed during the training video. Your results will be tracked and recorded. You have three attempts to pass.

Name
Email
What section of the Real Estate Settlement Procedures Act (RESPA), which was first passed in 1974, relates to kickbacks, fee-splitting, unearned fees? This is also the section that was the focus of the Ruoff RESPA training course.

What section of the Real Estate Settlement Procedures Act (RESPA), which was first passed in 1974, relates to kickbacks, fee-splitting, unearned fees? This is also the section that was the focus of the Ruoff RESPA training course. Section 8 Section 9 Section 1 Section 7
RESPA’s referral fee prohibitions apply to all of the following EXCEPT:

RESPA’s referral fee prohibitions apply to all of the following EXCEPT: The Mortgage Company employing the loan officer Financial Planners Title Companies Realtors
Some key phrases identified in the RESPA Section discussed during the training were _____:

Some key phrases identified in the RESPA Section discussed during the training were _____: Person, Thing of Value, Agreement or Understanding Referral, Compensation, RESPA Person, Thing of Value, Goods and Services Referral, Compensation, Thing of Value
Which of the following is a blatant RESPA violation and something to avoid when interacting with known real estate settlement service providers?

Which of the following is a blatant RESPA violation and something to avoid when interacting with known real estate settlement service providers? Hand-written thank you card Gift Cards Business lunch with Realtor Free ticket Mortgage Company-hosted training class
Under RESPA, joint marketing is permitted as long as costs are ______?

Under RESPA, joint marketing is permitted as long as costs are ______? Absorbed fully by the mortgage company Absorbed fully by the real estate company Proportionally Split Absorbed fully by the title company
Ruoff Home Mortgage is holding a contest at a local Realtor Association event that is attended by Realtors, Loan Officers and the public at large and the prize is a new iPAD. What specific detail about this contest makes it exempt from being a RESPA violation?

Ruoff Home Mortgage is holding a contest at a local Realtor Association event that is attended by Realtors, Loan Officers and the public at large and the prize is a new iPAD. What specific detail about this contest makes it exempt from being a RESPA violation? We didn’t require a referral from the contest winner The prize is not considered lavish The loan officer was present and marketing Ruoff’s name and products while the contest was being administered Anyone can enter, anyone can win
What does MSA stand for?

What does MSA stand for? Marketing Services Agreement Mortgage Solicitation Act Mortgage Selection Agreement Marketing Settlement Act
Who is the “new sheriff in town” when it comes to MSAs that is referenced in our training?

Who is the “new sheriff in town” when it comes to MSAs that is referenced in our training? HUD CFPB DFI DOJ
What well-known national Mortgage Company came under RESPA scrutiny for their captive mortgage reinsurance company agreement?

What well-known national Mortgage Company came under RESPA scrutiny for their captive mortgage reinsurance company agreement? Bank of America Prospect Mortgage Wells Fargo PHH Mortgage
Ruoff Home Mortgage does what to ensure their MSAs are compliant and not a violation of RESPA?

Ruoff Home Mortgage does what to ensure their MSAs are compliant and not a violation of RESPA? Require that the Real Estate Brokerage put Ruoff signage on the exterior of their building Obtain independent third-party valuations for ongoing MSA activity to ensure that only a reasonable, fair market value for goods and services performed is paid We are not presently engaged in any MSAs Only partner with the top producing Real Estate offices and Builders in the area
The primary goal of Ruoff Home Mortgage when entering into a MSA is what?

The primary goal of Ruoff Home Mortgage when entering into a MSA is what? Only partner with the top producing Real Estate offices and Builders in the area Pay fair market value for the referrals given To market and advertise Ruoff’s loan product offerings, and to expand Ruoff’s brand name in locations other than Ruoff branches or traditional advertising portals Increase the number of referrals from that Real Estate Brokerage
Which of the following is NOT a bad word when it comes to MSAs?

Which of the following is NOT a bad word when it comes to MSAs? Exclusivity Payment for Access Endorsements Advertising
If Ruoff provides food for an event or tickets for a sporting event to a referral partner/settlement service provider we make sure that what is occurring?

If Ruoff provides food for an event or tickets for a sporting event to a referral partner/settlement service provider we make sure that what is occurring? A referral is given to a Ruoff loan officer at a later date The cost of the food/item is not worth more than $200 A Ruoff employee is in attendance and conducting on-site marketing/advertising The food or event is not lavish in nature
Who is the current director of the CFPB?

Who is the current director of the CFPB? Richard Branson Richard Cordray Richard Lewis Richard Pryor
The Consent Orders issued by the CFPB to Wells Fargo and Chase proved what?

The Consent Orders issued by the CFPB to Wells Fargo and Chase proved what? It is a bad idea for title companies and mortgage companies to co-advertise to prospective refinance customers Only major retail banks are at risk under RESPA CFPB enforcement is nothing for the industry to worry about Loan Officers, not just their employers, can be assessed penalties, fines, and be held accountable for RESPA violations.