NMLS Exam Study Guide: RESPA Questions And Answers Rated 100% Correct
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NMLS : RESPA
Institution
NMLS : RESPA
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 ...
NMLS Exam Study Guide: RESPA
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 given in exchange for the referral of business with the exception of
real estate brokerage firms that are allowed to exchange referrals between themselves.
- ✔️✔️Nothing of Value
A __________ may include gift cards, sports tickets, advertising space, marketing
material bearing a real etate agent's information to give to his/her client, etc. -
✔️✔️Thing of Value
True or False: Promotional items with the company logo are permitted to be given. -
✔️✔️True (Promotional items with the company logo are permitted to be given)
What regulation is RESPA? - ✔️✔️Regulation X
True or False: RESPA applies to loans secured by commercial properties. - ✔️✔️False
(RESPA does NOT apply to loans secured by commercial properties)
RESPA does not apply to __________ (unless a dwelling is intended to be constructed
on the land within two years): - ✔️✔️Vacant Land
RESPA does not apply to properties containing __________ or more acres: - ✔️✔️25
or more acres
True or False: RESPA does not apply to temporary financing, such as bridge loans and
construction loans. - ✔️✔️True
Which section of RESPA deals with the mortgage servicer and the mortgage servicing
abuses? - ✔️✔️Section 6
According to RESPA Section 6, if the servicer receives the loss mitigation application
__________ days before a foreclosure sale, the borrower's situation must be evaluated
for all applicable options (modification, short sale, etc, within __________ days. -
✔️✔️37 days, and 30 days
, The borrower may appeal a decision if the complete application package was submitted
at least __________ days before a scheduled foreclosure sale - ✔️✔️90 Days
(A foreclosure sale is delayed until a loan modification is denied, appealed, or canceled
due to nonperformance)
This act provides consumer protection for loans on residential properties of 1-4 units. -
✔️✔️Real Estate Settlement Procedures Act (RESPA)
Which section of RESPA prohibits kickbacks, fee splitting, and unearned fees? -
✔️✔️Section 8
Illegal referring fees are known as: - ✔️✔️Kickbacks
RESPA Section 8 prohibits giving or accepting a __________ in exchange for the
referral of settlement services. - ✔️✔️Thing of Value
True or False: RESPA does NOT prohibit payment of fair market value for goods or
services that were actually received or performed. - ✔️✔️True
If RESPA Section 9 is violated, the seller could be sued for __________ the amount
paid for the service. - ✔️✔️3x the amount paid for the service
(Also known as "Treble Damages")
Which section of RESPA requires lenders to conduct an annual escrow analysis if the
account has impounds(escrow account/reserve account)? - ✔️✔️Section 10
What summarizes the activity in the impound account? - ✔️✔️Annual Escrow Analysis
Which section of RESPA states that the lender can take no more than 1/12 the annual
amount of property taxes and insurance premiums for the purpose of the escrow
account? - ✔️✔️Section 10
Which section of RESPA states that in order to protect itself from escrow shortages, the
lender may require a CUSHION that doesn't exceed an amount equal to 1/6 (2 months)
of the total disbursements for the year. - ✔️✔️Section 10
Overages of __________ discovered in a borrower's escrow account during the annual
audit analysis must be refunded to the borrower. - ✔️✔️$50 or More
RESPA states that a __________ is required if the loan servicer sells or assigns the
SERVICING RIGHTS to a borrower's loan to another loan servicer. - ✔️✔️Servicing
Transfer Statement
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