Real Estate Settlement Procedures Act (RESPA) Exam Study Guide Solutions
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Course
RESPA
Institution
RESPA
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 ...
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
Settlement Services - ANSWER✔✔-services by providers borrowers depend on to prepare for closing.
Includes any service provided in connection with a real estate settlement.
Third Party Services - ANSWER✔✔-appraisers, inspectors, credit, reporting agencies, title insurers, and
loan processors
Agreement or Understanding - ANSWER✔✔-Written or verbal agreement or agreement established
through a practice, pattern, or course of conduct. Offering things of value in exchange for the referral of
settlement business.
Fee Splitting/Kickbacks - ANSWER✔✔-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.
Markups - ANSWER✔✔-unilateral increase in the cost of a settlement service and retention of the
additional fee by the party making the markup
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