Final answer:
A mortgage broker can give or accept gifts of nominal value ($25 or less) without violating Section 8 of RESPA, focusing on the prohibition against unearned fees and kickbacks in the home buying and mortgage process. Therefore The statement is true.
Step-by-step explanation:
The statement is true: a mortgage broker is not in violation of Section 8 of RESPA (Real Estate Settlement Procedures Act) if he or she gives or accepts a gift of nominal value ($25 or less). A mortgage broker can give or accept gifts of nominal value ($25 or less) without violating Section 8 of RESPA, focusing on the prohibition against unearned fees and kickbacks in the home buying and mortgage process.
Section 8 of RESPA prohibits kickbacks and unearned fees in the home buying and mortgage process. However, it allows for non-monetary gifts or gifts of nominal value without constituting a violation. Changes in federal government bank regulations that make it cheaper and easier for banks to make home loans are intended to encourage the process but do not alter the guidelines regarding nominal value gifts under RESPA.