Respa disclosures Study guides, Class notes & Summaries

Section 32 of TILA correct answers Deals with consumer protection triggered by high cost loan scenarios. Deals with added provisions and protections that are required if a loan trips one of two thresholds, or both. 1) Points of fee thresholds 2) APR thresholds Section 10 of RESPA correct answers 1) Includes provisions so that the borrower is informed about the amounts taken for an escrow account and also protects the borrower from being overcharged by requiring an escrow amount analysis ...

When must a seller's agent or subagent initially disclose agency status to a buyer? - before buyer and buyer's agent discuss motivation and financial information In dual agency, the agent's duties are _____ to being a facilitator - reduced What statement would require full disclosure of all financing terms in compliance with TILA, Reg Z and RESPA - any number amount triggers full disclosure: 4.5% APR or $2000 down A _____foreclosure is material fact and it must be______. - filed foreclo...

what is RESPA Answer Real Estate Settlement Procedures Act; provides consumer protection for loans on residential properties (1-4 units) RESPA: Regulation ? Answer X; primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise the amount of closing costs to the consumer RESPA = 4 pre settlement disclosures Answer ***sent 3 business days after borrower signs loan application** 1. Special info booklet; 2. Good Faith Estimate aka GFE of settleme...

SOUTH CAROLINA EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ What are licensee not allowed to do - -misrepresent or conceal material facts or makes promises likely to influence, persuade or induce an applicant for a mortgage False Issue Loan Satisfaction - -Improper refusal or failure to issue a satisfaction of a mortgage Failure to practice due dilligence - -the act requiring licensees o use due diligence and make reasonable efforts in procuring a loan Failing to account funds - -faili...

3 correct answers Most RESPA disclosures must be sent within ___ days from application Initial Escrow Statement correct answers What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? X correct answers RESPA is also known as Regulation ___ 1. Loan Terms 2. Projected Payments 3. Costs at Closing correct answers List the 3 main sections on page 1 of the Loan Estimate 15 correct answers The Notice of Transfer of Servicing Rights is...

Fiscal Policy - ANSWER Treasury Department Monetary Policy - ANSWER Federal Reserve Bond Truth In Lending Act - ANSWER To provide standard disclosure procedures that all lenders must follow. Required so consumers will know exactly what they are paying for credit so they can compare Annual Percentage Rate (APR) - ANSWER The relationship between the cost of borrowing money and the total amount financed, represented by a percentage Usury Lending Law - ANSWER Charging an interest rate th...

Fiscal Policy - Treasury Department Monetary Policy - Federal Reserve Bond Truth In Lending Act - To provide standard disclosure procedures that all lenders must follow. Required so consumers will know exactly what they are paying for credit so they can compare Annual Percentage Rate (APR) - The relationship between the cost of borrowing money and the total amount financed, represented by a percentage Usury Lending Law - Charging an interest rate that exceeds the legal limit (set by state)...

Fair Housing DC Latest Update Graded A+ Additional Penalties for Real Estate Licensees revoked, suspended, denied, or otherwise restricted. Civil Rights Act of 1866 Gave civil rights to newly freed slave Separate but Equal 1896 Decision made by congress to Plessy vs Ferguson Civil Rights Act of 1964 outlawed discrimination based on race, color, religion, sex, or national origin 7 protected classes race, color, religion, national origin, sex, familial status, handicap FHEO ...

NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS 2022- 2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND ABOVE PASSRATE GUARANTEE MUST NOT MISS  FEDERAL MORTGAGE RELATED LAW  UNIFORM STATE CONTENT  GENERAL MORTGAGE LAW  MORTGAGE LOAN ORIGINATION  ETHICS An annual escrow analysis is used to do which of the following? A. Ensure the loan is properly amortized B. Prevent escrow overages C. Reduce burden on the servi...

RESPA Exam Review Questions and answers, rated A+ What is RESPA? - -Law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships RESPA is overseen (regulated) by - -CFPB What is the purpose of RESPA? - -1. Ensures that consumers receive information on pre-arranged business agreements, costs of closing a mortgage loan and be protected from excessive settlement costs ...