Real estate settlem - Study guides, Class notes & Summaries

RESPA Exempt Loans - ️️Loans for 25 acres or more Loans for business, commercial, or agricultural purposes Temporary financing, such as bridge loans Loans secured by vacant land. Section 8 RESPA - ️️The sharing of fees among settlement service providers. No person shall give or accept any split, or percentage of any charge other than for services actually performed. RESPA Covers - ️️Most realestate transactions and both first and subordinate liens Who regulates RESPA - ️️...

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) (CFPB) QUESTIONS AND ANSWES WITH SOLUTIONS 2024

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...

Exempt loans from RESPA (7) - ️️1. loans for 25 acres or more 2. loans for business, commercial or agricultural 3. temporary financing such as bridge loans 4. loans secured by vacant land. 5. loan assumptions which are permissible without lender approval 6. sale of loan into secondary market 7. loan conversions, when a new note is not required and the provisions are consistent with those of original mortgage RESPAS regulations are known as... - ️️Regulation X RESPA applies to.. ...

Real Estate Settlement Procedures Act (RESPA) Questions and answers, VERIFIED/ True or False, RESPA applies to: Home purchase loans - -True True or False, RESPA applies to: All cash sales - -False True or False, RESPA applies to: Sale where the individual seller takes back a mortgage - -False True or False, RESPA applies to: Refinance - -True True or False, RESPA applies to: Rental Property Transaction - -False True or False, RESPA applies to: Equity line of credit - -True True or Fal...

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...

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...

Real Estate Settlement Procedures Act Exam Study Guide Solutions RESPA purpose - ANSWER-Real Estate Settlement Procedures Act Regulation X 1974 Allows consumers to obtain information on the costs of closing so that they can shop for settlement services. RESPA Covers - ANSWER-Most realestate transactions and both first and subordinate liens Who regulates RESPA - ANSWER-CFPB Consumer Financial Protection Bureau RESPA Applies to - ANSWER-Federally regualted loans Virtually all residential ...

Real Estate Settlement Procedures Act (RESPA) Exam Study Guide Solutions RESPA Purpose - ANSWER-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... - ANSWER-Regulation X RESPA applies to.. - ANSWER-federally-related mortgage loans (virtually every ho...

Real Estate Settlement Procedures Act (RESPA) - Questions/Answers Exam Questions and Answers Which of the following would most likely not be considered a federally-regulated mortgage loan as defined by RESPA? A. Hard money, privately-placed loan B. Subprime loan C. FHA loan D. Conventional loan - ANSWER-The answer is: A. hard money, privately-placed loan. Federally- related mortgage loans include FHA, VA, or other government-sponsored loans and most conventional loans, purchase loans, ...