Respa - Study guides, Class notes & Summaries

Riley's manager had a reasonable basis to believe Ms. Hamilton had failed to maintain hazard insurance and directed Riley to start the force placement procedures. Riley sent the required notices timely. After receiving the second notice, Ms. Hamilton provided a hazard insurance policy declarations page to the bank that verified she had a hazard insurance policy in place 60 days ago. Which option states one of Riley's appropriate next steps? A. Refund all force-placed insurance premium cha...

RESPA exam Review Questions and answers, verified/ R.E.S.P.A - -Real Estate Settlement Procedures Act 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 What is the purpose of RESPA? - -1) Protect consumers from excessive settlement costs and u...

FCRA, ECOA, RESPA

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What is RESPA? Answer Real Estate Settlement & Procedures Act What is another term for RESPA? Answer Regulation X What is the purpose of RESPA? Answer To protect consumers by regulating COST and business DISCLOSURES. RESPA provides consumers with the opportunity to shop for their best possible mortgage solution. It ensures that consumers obtain information on prearranged business agreements, the cost of closing a mortgage loan, and protects against excessive settlement costs and unearned f...

Real Estate Settlement Procedures Act (RESPA) - Answer-This act provides consumer protection for loans on residential properties of 1-4 units. Nothing of Value - Answer-__________ can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allowed to exchange referrals between themselves. Thing of Value - Answer-A __________ may include gift cards, sports tickets, advertising space, marketing material bearing a real etate agent's inform...

Real Estate Settlement Procedures Act (RESPA), Questions and answers, VERIFIED/ RESPA Purpose - -allow consumers to obtain information on the costs of closing so that they can shop for settlement servicers and protect consumers from excessive settlement costs and unearned fees through mandatory disclosure requirements and established prohibited practices. RESPAS regulations are known as... - -Regulation X RESPA applies to.. - -federally-related mortgage loans (virtually every home loa...

RESPA Federal Mortgage-Related Law questions with correct answers