RESPA Exam Study Guide Solutions
What is RESPA? - ANSWER-Real Estate Settlement & Procedures Act
What is another term for RESPA? - ANSWER-Regulation X
What is the purpose of RESPA? - ANSWER-To protect consumers by regulating COST and business
DISCLOSURES. RESPA provides consumers with the oppor...
-Business purpose loans including commercial and agricultural
-Temporary (interim) financing such as construction or bridge loans
-Vacant land, unless structure is there within 2 years of settlement date
-Any assumed mortgage loan where the lender did not have the right to approve a successive borrower
on existing loan
-Any conversion of a mortgage loan in which the existing terms are modified and a new note is not
required (i.e. loan modification)
Loans sold in the secondary market to someone other than FNMA, FHLMC, or other non-federally-
regulated entities
What disclosures are all the required disclosures with RESPA? - ANSWER✔✔-(H)ome Ownership
Counseling Disclosure
(F)orce Place Insurance
(F)orced Place Reminder
(L)oss Mitigation
(A)ffiliated Business Arrangement
(A)nnual Escrow
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