RESPA
RESPA - Answer✔️
✔️Real Estate Settlement Procedures Act
RESPA is Regulation - Answer✔️
✔️X
RESPA - (Violation) - Answer✔️
✔️Prohibiting kickbacks $10,000 fine and all one year in prison
RESPA Disclosure Requirements - Answer✔️ ✔️ GFE - Good Faith Estimate - booklet given to loan
applicant by lender with info so they can use to compare loans. Only fee lender can collect prior to GFE is
for credit report
HUD-1 (Uniform Settlement Statement) - our form is Closing worksheet - shows all charges paid by
borrower and seller at closing
HOEPA - meaning - Answer✔️
✔️Home ownership and equality protection act
HOEPA - (is Regulation) - Answer✔️
✔️Z
HOEPA - Definition - Answer✔️ ✔️Disclosures and limitations on long-term apply to certain loans with
high interest rates and or high loan fees.
GFE & HUD 1 Has been replaced by: - Answer✔️
✔️Loan Estimate and Closing Disclosure
Regulation of escrow accounts - Answer✔️ ✔️ The maximum cushion on the escrow account is two
months (1/6 of the year) of taxes and insurance payment over the maximum amount needed to satisfy
these charges when they become due.
, RESPA and title insurance - Answer✔️ ✔️ Under RESPA, it is illegal for properties sellers to require the
buyer to use a particular title insurance company.
It's referred to as TREBLE DAMAGE.
CHARM Booklet - Answer✔️ ✔️ A disclosure booklet used to educate consumers on the risks associated
with adjustable-rate mortgages.
CHARM - meaning - Answer✔️
✔️Consumer Handbook on Adjustable Rate Mortgage
CHARM -is Regulation - Answer✔️
✔️Z
Advertising and trigger terms - Answer✔️
✔️Covered under RESPA, Reg Z. TILA
Trigger terms set forth an advertisement,
• The amount of percentage or down payment.
• The number of payments or period of repayment.
• The amount of any payment.
• The amount of any Finance charge
Transfer of ownership disclosure - Answer✔️
✔️Covered under RESPA. Reg Z. TILA
-TILA Requires entities that purchase or acquire mortgage loans to notify the buyers and provide the
name address and telephone number of the new owner as well as the location where the transfer of
ownership in the mortgage loan is recorded, within 30 days after acquisition.
Right of recession purchasers - Answer✔️
✔️Covered under -TILA - Reg Z
RESPA - Answer✔️
✔️Real Estate Settlement Procedures Act
RESPA is Regulation - Answer✔️
✔️X
RESPA - (Violation) - Answer✔️
✔️Prohibiting kickbacks $10,000 fine and all one year in prison
RESPA Disclosure Requirements - Answer✔️ ✔️ GFE - Good Faith Estimate - booklet given to loan
applicant by lender with info so they can use to compare loans. Only fee lender can collect prior to GFE is
for credit report
HUD-1 (Uniform Settlement Statement) - our form is Closing worksheet - shows all charges paid by
borrower and seller at closing
HOEPA - meaning - Answer✔️
✔️Home ownership and equality protection act
HOEPA - (is Regulation) - Answer✔️
✔️Z
HOEPA - Definition - Answer✔️ ✔️Disclosures and limitations on long-term apply to certain loans with
high interest rates and or high loan fees.
GFE & HUD 1 Has been replaced by: - Answer✔️
✔️Loan Estimate and Closing Disclosure
Regulation of escrow accounts - Answer✔️ ✔️ The maximum cushion on the escrow account is two
months (1/6 of the year) of taxes and insurance payment over the maximum amount needed to satisfy
these charges when they become due.
, RESPA and title insurance - Answer✔️ ✔️ Under RESPA, it is illegal for properties sellers to require the
buyer to use a particular title insurance company.
It's referred to as TREBLE DAMAGE.
CHARM Booklet - Answer✔️ ✔️ A disclosure booklet used to educate consumers on the risks associated
with adjustable-rate mortgages.
CHARM - meaning - Answer✔️
✔️Consumer Handbook on Adjustable Rate Mortgage
CHARM -is Regulation - Answer✔️
✔️Z
Advertising and trigger terms - Answer✔️
✔️Covered under RESPA, Reg Z. TILA
Trigger terms set forth an advertisement,
• The amount of percentage or down payment.
• The number of payments or period of repayment.
• The amount of any payment.
• The amount of any Finance charge
Transfer of ownership disclosure - Answer✔️
✔️Covered under RESPA. Reg Z. TILA
-TILA Requires entities that purchase or acquire mortgage loans to notify the buyers and provide the
name address and telephone number of the new owner as well as the location where the transfer of
ownership in the mortgage loan is recorded, within 30 days after acquisition.
Right of recession purchasers - Answer✔️
✔️Covered under -TILA - Reg Z
