When can the transaction proceed following initial disclosure of APR? - ️️The
transaction can proceed to closing after seven business day have elapsed from
disclosures
What is the purpose of RESPA? - ️️1) Protect consumers from excessive
settlement costs and unearned fees
2) Limit the ...
RESPA EXAM
When can the transaction proceed following initial disclosure of APR? - ✔️✔️The
transaction can proceed to closing after seven business day have elapsed from
disclosures
What is the purpose of RESPA? - ✔️✔️1) Protect consumers from excessive
settlement costs and unearned fees
2) Limit the amount of funds that creditors can require consumers to deposit in escrow
accounts
3) Establish disclosures, policies, and procedures to facilitate timely communications
between loan servicers and consumers
What agency administers and enforces the rules and regulations established under
RESPA? - ✔️✔️Consumer Financial Protection Bureau
Section 8 - ✔️✔️Prohibits giving or receiving a fee, kickback, or anything of value
Loans that RESPA apply to - ✔️✔️Federally Mortage-related mortgage loans
Regulation - ✔️✔️X
The Loan Estimate must be provided - ✔️✔️No later than three business days after
receiving a completed application. No later than seven business days prior to
consummation.
The Closing Disclosure must be provided - ✔️✔️At least three business days prior to
consummation
When is fee splitting illegal? - ✔️✔️One or both settlement service providers fail to
perform enough work to earn the fee.
Borrow Credit - ✔️✔️An amount paid to a third-party originator by a lender for locking a
loan in at an interest rate above the par rate
Section 10 - ✔️✔️The cushion of funds maintained in the escrow account cannot
exceed 1/6 of the annual cost of taxes and insuarance
Purpose of Escrow Analysis - ✔️✔️To prevent escrow overages
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
