RESPA PACKAGE DEAL (COMPILED) WITH GRADED A+ SOLUTIONS

What is a Settlement Cost Booklet? - ️️It explains the settlement process and advises borrowers the have the right to negotiate loan terms, reviews RESPA. It also warns borrowers that a borrower's use of false information can lead to loss of home, credit damage, and criminal prosecution fo...

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 marke...

When can the transaction proceed following initial disclosure of APR? - ️️The transaction can proceed to closing after seven business day have elapsed from disclosures What is the purpose of RESPA? - ️️1) Protect consumers from excessive settlement costs and unearned fees 2) Limit the a...

Primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise the closing costs to the consumer: - ️️RESPA (Regulation X) Enforces the RESPA regulations. HUD was the previous enforcer. - ️️Consumer Financial Protection Bureau __________ can be g...

Made with funds insured by the federal government (e.g., FHA loans) Made with collateral insured by the federal government (e.g., flood insurance) Made with funds from a lender regulated by the federal government or that has deposits insured by the federal government (e.g., depository institution...