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Questions and Answers
What does servicing mean in relation to a federally related mortgage loan?
What does servicing mean in relation to a federally related mortgage loan?
- Receiving payments from a borrower and making payments to the owner of the loan or other third parties (correct)
- Receiving payments from a borrower and keeping the money
- Receiving payments from a borrower and investing the money
- Receiving payments from a borrower and using the money for personal expenses
What is included in servicing for a home equity conversion mortgage or reverse mortgage?
What is included in servicing for a home equity conversion mortgage or reverse mortgage?
- Making payments to the borrower (correct)
- Keeping the money received from the borrower
- Investing the money received from the borrower
- Using the money received from the borrower for personal expenses
What other payments may be required to be made by the servicer pursuant to the terms of the mortgage servicing loan documents or servicing contract?
What other payments may be required to be made by the servicer pursuant to the terms of the mortgage servicing loan documents or servicing contract?
- Payments for the borrower's personal expenses
- Payments to the servicer's family members
- Payments for the borrower's insurance premiums (correct)
- Payments for the servicer's vacation expenses
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Description
Sure, what is the topic of the quiz? Servicing under RESPA
