RMLO EXAM STUDY GUIDE QUESTIONS AND ANSWERS A+ GRADED. Buy Quality Materials!
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Module
RMLO
Institution
RMLO
RMLO EXAM STUDY GUIDE QUESTIONS AND ANSWERS A+ GRADED. Buy Quality Materials!
RESPA includes what regulation
REG X
RESPA
Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement
RESPA
Enforced by C...
RMLO EXAM STUDY GUIDE QUESTIONS AND
ANSWERS A+ GRADED. Buy Quality Materials!
RESPA includes what regulation
REG X
RESPA
Real Estate Settlement Procedures Act - requires special information booklet, requires
good faith estimate, requires uniform settlement statement
RESPA
Enforced by CFPB
RESPA Covers
-applies to- federally related mortgages either existing or to be placed on the real
property, using loan proceeds. (1-4 family, TH, condo, manufactured homes for
purchase/refinance)
RESPA Exempts
exempts- 25 acres or more, business/commercial/agricultural use, temporary loans
(<2yrs & not converting to permanent terms with same bank), vacant lot where none of
loan will be used to build, assumptions of loans, conversion of existing loan where no
new note Is requires
RESPA Section 6
-Section 6 - requires the servicer to acknowledge the receipt of a consumer complaint in
writing within 20 business days of receipt. Within 60 business days thereafter, the
servicer must resolve the complaint, either by taking action to address the issues raised
in the complaint or giving the reasons for its refusal to do so
RESPA Section 8
Section 8-no kickbacks/referrals/unearned fees of anything of value (have to do 7/13
things to get RMLO compensation)
RESPA Section 9 Title Insurance Rules
*Prohibits seller from requiring the home buyer to use a particular title insurance
company, either directly or indirectly, as a condition of sale
*Buyers can sue for 3 times charges for the title insur.
RESPA Section 10 Escrow Account Limits
escrow account analysis required initially and annually. Only collect 1/12 month at a
time and only retain up to 1/6 yr cushion. If >$50 over allowance, must refund
RESPA Notice of Transfer of Loan Servicing
- new and old servicer must inform borrower 15 days before effective date when loan
servicing is sold/assigned/transferred, and old company must accept payments 60 days
after effective date
RESPA Force-Placed Insurance
- servicer must mail or deliver an initial written notice to the borrower at least 45 days
before assessing a charge or fee related to force-placed insurance. Must send a
reminder notice at least 30 days after the initial notice is mailed or delivered and at least
15 days before the servicer assesses charges or fees.
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