Title Charges - correct answer Cost of title search, title
insurance, notary fee,
Government Charges - correct answer Municipal and
government charges vary between states and municipalities.
Prepaid items and deposits - correct answer Paid by the
borrower at the time of closing even though the payments are
not due until a point in the future. Real estate taxes, hazard
insurance, PMI, interim interest
GFE charges - correct answer Interest rates must be
available for at least ten days. These charges cannot exceed
those listed on the GFE origination, charges for locking the
interest rate, adjusted origination charge, state and local
property tax
, GFE estimated cost by more than 10% - correct answer
Lender required settlement services, title services, title
insurance, government recording charges
Initial Escrow Statement - correct answer Typically given at
settlement however lender has 45 days from settlement to
deliver it. Reg X prohibits overcharging by the lender.
RESPA Record retention - correct answer Five Years for the
mortgage servicing disclosure statement, HUD 1 HUD1A, ABA
Section 8 of RESPA - correct answer Prohibits Kickbacks,
Referral fees, things of value
Markup - correct answer Is a unilateral increase by a
settlement service provider of a charge for a service that was
completed by another provider.
YSP or Borrower Credit - correct answer Is calculated by
determine the difference between the best rate for which
borrower qualifies and the interest rate the borrower accepts.
Section 6 of RESPA - correct answer Addresses loan
services and allows consumer to file individual or class actions
against loan servicers
Reg X - correct answer May not exceed $1k. Total damages
may not exceed $500k or 1% of the net worth of the servicer
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