RESPA Exam Study Guide Solutions
RESPA origins and purpose - ANSWER-1974
To allow consumers:
-to obtain information on the cost of closing services
-protect consumes from excessive settlement costs and unearned fees.
Only fees for services performed and
No Unearned fees or Fee splitting (kick...
Origination of a loan, including taking applications, loan processing, and underwriting and funding
Rendering of services by a mortgage broker, including counseling, taking applications, obtaining
verifications and appraisals, loan processing and origination services, and communicating with a
borrower/lender
Providing services related to origination, processing, or funding of a mortgage
Providing title services
Rendering of services by an attorney
Preparation of documents (notarization, delivery, recordation)
Rendering of:
Credit reports
Appraisals
Inspections
Conducting settlement by a settlement agent and related services
Providing services involving:
Mortgage insurance
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