NMLS Exam Study Guide: RESPA Exam Study Guide Solutions
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Course
RESPA
Institution
RESPA
NMLS Exam Study Guide: RESPA Exam
Study Guide Solutions
This act provides consumer protection for loans on residential properties of 1-4 units. - ANSWER-
Real Estate Settlement Procedures Act (RESPA)
__________ can be given in exchange for the referral of business with the exception of real est...
Enforces the RESPA regulations. HUD was the previous enforcer. - ANSWER✔✔-Consumer Financial
Protection Bureau
True or False: RESPA applies to loans secured by commercial properties. - ANSWER✔✔-False (RESPA does
NOT apply to loans secured by commercial properties)
RESPA does not apply to __________ (unless a dwelling is intended to be constructed on the land within
two years): - ANSWER✔✔-Vacant Land
RESPA does not apply to properties containing __________ or more acres: - ANSWER✔✔-25 or more
acres
True or False: RESPA does not apply to temporary financing, such as bridge loans and construction loans.
- ANSWER✔✔-True
Which section of RESPA deals with the mortgage servicer and the mortgage servicing abuses? -
ANSWER✔✔-Section 6
According to RESPA Section 6, if the servicer receives the loss mitigation application __________ days
before a foreclosure sale, the borrower's situation must be evaluated for all applicable options
(modification, short sale, etc, within __________ days. - ANSWER✔✔-37 days, and 30 days
The borrower may appeal a decision if the complete application package was submitted at least
__________ days before a scheduled foreclosure sale - ANSWER✔✔-90 Days
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