Respa regulation x - Study guides, Class notes & Summaries

3 - Answer-Most RESPA disclosures must be sent within ___ days from application Initial Escrow Statement - Answer-What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? X - Answer-RESPA is also known as Regulation ___ 1. Loan Terms 2. Projected Payments 3. Costs at Closing - Answer-List the 3 main sections on page 1 of the Loan Estimate 15 - Answer-The Notice of Transfer of Servicing Rights is due within ___ days prior to trans...

NMLS Study Guide Questions with Correct Answers 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 "mortgag...

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 2024 Exam Questions with Correct A What law deals with credit, APR & advertising of consumer loans? - Answer- TILA/REGULATION Z Which regulation prohibits kickbacks? - Answer-RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - Answer-RESPA Regulation X is the letter used to describe which Law? - Answer-RESPA RESPA is the acronym used to describe which law...

What law deals with credit, APR & Advertising of consumer loans? - Answer-TILA Which regulation prohibits kickbacks? - Answer-RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA-Homeowners Protection Act Which Regulation prohibits fee splitting? - Answer-RESPA Regulation X is the letter used to describe which law? - Answer-RESPA RESPA is the acronym used to describe which law? - Answer-Real Estate Settlement Procedures Act What t...

What does RESPA stand for? - The Real Estate Settlement Procedures Act (Regulation X) What does ECOA stand for? - Equal Credit Opportunity Act (Regulation B) What does TILA stand for? - Truth In Lending Act (Regulation Z) What does TRID stand for? - TILA-RESPA Integrated Disclosure Rule (a.k.a. "Know Before You Owe") What does CFPB stand for? - Consumer Financial Protection Bureau What does NMLS stand for? - Nationwide Mortgage Licensing System and Registry What is SAFE and UST? - Se...

1.The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: 1.Price fixing 2.Redlining 3.Steering 4.Blockbusting - Correct Choice:4 2.You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet - Correct Choice:1 3.How many d...

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....

CFPB correct answers Consumer Financial Protection Bureau What does the CFPB do? correct answers Regulates RESPA, TILA, ECOA, and HMDA FTC correct answers Federal Trade Commission What does the FTC do? correct answers Monitors Red Flag Rules RESPA correct answers Real Estate Settlement Procedures Act What does RESPA do? correct answers •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. •Educates borrowers costs of loan • Eliminates ...

NMLS TEST-Affinity 100% Correct Solved What law deals with credit, APR & Advertising of consumer loans? - Correct Answer️️ -TILA Which regulation prohibits kickbacks? - Correct Answer️️ -RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - Correct Answer️️ -HPA-Homeowners Protection Act Which Regulation prohibits fee splitting? - Correct Answer️️ -RESPA Regulation X is the letter used to describe which law? - Correct Answer️️ -RESPA...