The purposes of respa are - Study guides, Class notes & Summaries

Sally and Dan must pay 2 points on their new $65,000 loan. What will they have to pay at closing for the points? - Answer-$1,300 Nancy bought her home last year for $425,000. Her property taxes would be assessed at a maximum of: - Answer-$4,250 Patrick has a written independent contractor agreement with his broker Tami. Last year, about 25% of his income came from sales commissions. The other 75% came from an hourly wage paid by Tami. For income tax purposes, the IRS would probably classif...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Exam Questions With Verified Answers What does UST stand for? - answerUniform State Test Who does the CFPB protect? - answerThe Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - answerCFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for,...

NMLS Exam Questions with All Correct A Requirement 2 of Safeguard Rule (IARCIEECR) - Answer-Identify and access the risks to customer information as well as evaluate the effectiveness of controlling the risks. EXPA (RESPA) - Answer-Applies to federally related mortgage loans Funds insured by the government Funds from a lender REGULATED by the government Intended for sale to Fannie or Freddie Made by a creditor regulated under TILA RESPA - Answer-Real Estate Settlement Procedures Act HUD ...

NMLS Study Guide Questions with Correct A The purposes of RESPA are - Answer-To help consumer become better shoppers for settlement (closing) services AND to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services The origins of RESPA - Answer-Enacted in 1974 and became effective in June 1975. HUD administered and enforced RESPA and Regulation X until July 21, 2011 when CFPB took control under the Dodd-Frank Act. Define "mortgage broke...

Virginia Final Exam Questions with Correct Answers 2024 A void contract is one that is A. not in writing. B. voidable by only one of the parties. C. rescindable by agreement. D. not legally enforceable. - answerD. not legally enforceable. In order to be enforceable, real estate contracts must meet the legal requirements for contracts in general. For example, a contract signed by a minor or a "seller" who doesn't own the property in question was never legal to begin with and is thus ...

What does UST stand for? correct answers Uniform State Test Who does the CFPB protect? correct answers The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? correct answers CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for, securing, and paying off mortgages. What is the purpose of RESPA? (3 things) correct answers a....

Virginia Final Exam Questions with Correct Answers 2024 A void contract is one that is A. not in writing. B. voidable by only one of the parties. C. rescindable by agreement. D. not legally enforceable. - answerD. not legally enforceable. In order to be enforceable, real estate contracts must meet the legal requirements for contracts in general. For example, a contract signed by a minor or a "seller" who doesn't own the property in question was never legal to begin with and is thus ...

SAFE Mortgage Loan Originator Test - National Component with Uniform State. Exam Questions and answers, Verified/ What does UST stand for? - -Uniform State Test Who does the CFPB protect? - -The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - -CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for, securing, and pay...

(Fair and Accurate Credit Transactions Act of 2003) FACTA Purpose is to... - ... address the problem of identity theft. To facilitate consumer's access to information retained by the CRAs, and to improve the accuracy of consumer reports. (FCRA) The National Consumer Assistance Plan (NCAP) aims to... - ...improve consumer experience, data accuracy, and quality. (HMDA) In addition to originations, reportable HMDA data includes... - - Loan Applications - Loan Denials - Loan Approvals - Loa...

__________ occurs if the lender chooses the hazard insurance company when the borrower allows the policy to lapse. - Forced-placed insurance "APR" means? - Annual percentage rate. This is the cost of credit expressed as a percentage. A borrower is refinancing his home. How much time does Reg Z give him to change his mind? - 3 days A co-borrower whose income is used to qualify must sign the: - Mortgage and the note A deed is: - A legal instrument that conveys title to real property. A fu...